Web3 gaming studio Gala Games has recovered the Ether (ETH) it lost to an exploit Monday that resulted in losses of $200 million, on-chain data revealed.
According to Etherscan data, the exploiter returned around 5,913 ETH worth some $22 million based on current prices to a wallet owned by the crypto gaming firm. The fund recovery has been confirmed by Gala. "The funds from the recent security incident have been recovered," the company said. Gala followed up later, saying user compensation and refunds have started. It also said the recovered funds will be converted back to $GALA.
In a blog post Tuesday, the Gala team expressed gratitude to its partners for their quick response during the incident. It also reiterated its commitment to establishing better guardrails to ensure a hack doesn't take place again. It also reassured users that their GalaChain assets and $GALA Ethereum contract are safe.
Earlier on Tuesday, venture capital and crypto propriety trading firm DWF Labs expressed solidarity with the Gala team, saying it was "saddened" about the news. However, it was committed to supporting its portfolio firms throughout their journeys.
"In response to this incident, we have taken proactive steps to alleviate market selling pressures and have purchased 28 million $GALA tokens on the open market," DWF Labs said. The goal is to help stabilize $GALA's price, which plummeted by 14% shortly after reports of the hacking surfaced.
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