Blockchain-based gaming platform Gala (GALA) says it recovered over $20 million worth of crypto assets that were stolen during a security breach earlier this week. In a statement, Gala says that a hacker initiated a transfer of $200 million in Gala tokens on May 20th, but the monitoring system flagged the suspicious activity, which allowed […]
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The co-founder of Gala (GALA), Eric Schiermeyer, is revealing the genesis of an exploit that led to the loss of crypto assets worth millions of dollars on the blockchain-based gaming platform. Schiermeyer says that a security incident triggered the “unauthorized SALE of 600 million ($21 million) GALA tokens and the effective BURN of 4.4 billion […]
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On Monday, an attacker minted $200 million worth of GALA tokens but managed to sell only a portion of them. It’s just been returned.
Gala Games has received around $22 million in Ether (ETH) from the person responsible for a May 20 “security incident” where $200 million worth of Gala (GALA) tokens were minted and a small portion sold before the wallet was frozen.
On May 21, the attacker’s wallet sent back 5913.2 ETH worth $22.3 million — close to the market value of the 600 million GALA they sold a day earlier.
Gala said in a May 21 blog post that the ETH’s return came after the team’s “swift, effective response and the involvement of Federal law enforcement agencies.”
Gala Games sees $240M in tokens stolen; swift action taken to secure assets and address the breach.
The post Gala Games CEO admits fault in $240 million token exploit appeared first on Crypto Briefing.
A popular crypto trader is bullish on a blockchain gaming platform. The pseudonymous analyst known as Altcoin Sherpa tells his 213,600 followers on the social media platform X that he sees Gala (GALA) finding support at $0.053 and $0.046, which represent the 0.5 and 0.618 Fibonacci retracement levels. The analyst believes that GALA may bounce […]
The post Trader Bullish on This Gaming Altcoin, Says One AI Crypto Project Will Do Well in Bull Run appeared first on The Daily Hodl.
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-30 altcoin by market cap. The trader pseudonymously known as Altcoin Sherpa tells his 212,600 followers on the social media platform X that Internet Computer (ICP), a blockchain project whose aim is to replicate the internet’s speed, power and scale on decentralized […]
The post Trader Turns Bullish on Altcoin Amid Breakout of Accumulation Range, Maps Path Forward for Sei and Gala appeared first on The Daily Hodl.
A widely followed crypto analyst is suddenly turning bullish on Gala (GALA) and two other altcoins. Pseudonymous crypto trader The Flow Horse tells his 186,500 followers on the social media platform X that the native asset of the blockchain-based gaming platform Gala is in an uptrend. He says that key metrics like the cumulative volume […]
The post Crypto Strategist Flips Bullish on Gala, dYdX and One Red-Hot Altcoin – Here’s His Outlook appeared first on The Daily Hodl.
A widely followed crypto strategist believes big rallies are imminent for a trio of altcoins including Cosmos (ATOM) and Gala (GALA). Pseudonymous analyst Kaleo tells his 608,200 followers on the social media platform X that he believes a strong breakout rally is in sight for the native asset of the interoperable blockchain Cosmos. According to […]
The post Analyst Predicts Rallies for Cosmos, Gala and One Bitcoin Ecosystem Altcoin – Here Are His Targets appeared first on The Daily Hodl.
Gala co-founder Eric Schiermeyer allegedly enriched himself, says his founding peer Wright Thurston, while Schiermeyer says Thurston stole millions.
The co-founders of blockchain gaming platform Gala Games have locked horns in court over two separate lawsuits, one alleging the theft of $130 million worth of Gala (GALA) and the other alleging corporate waste.
On Aug. 31 Gala co-founders Wright Thurston and Eric Schiermeyer, also the firm’s CEO, filed lawsuits against one another in a Utah District Court.
On behalf of Gala, Schiermeyer alleged that in early 2021 Thurston and his investment firm True North United Investments stole around $130 million worth of GALA — a token tied to the Gala Games ecosystem.
Schiermeyer’s suit claims GALA tokens were moved to a wallet under the company’s control but were later moved into 43 other wallets by Thurston who, when confronted about the movements, said he was holding the tokens in secure wallets for Gala.
He later moved the tokens from the wallets and exchanged or sold them in a “complex web of obfuscatory transactions” between September 2022 and May 2023, the suit alleged.
The suit claimed Thurston later feined knowledge of the alleged token sales but now claims the sold GALA belonged to him — which Schiermeyer’s suit rejected.
Thurston is also alleged to have stolen licenses to run Gala ecosystem nodes which can earn GALA tokens — selling the licenses and keeping the proceeds.
The same day, Thurston’s True North filed a lawsuit against Schiermeyer — similarly on behalf of Gala — claiming he caused Gala to “sell off and waste millions of dollars in company assets” and lent millions of Gala’s funds to himself for personal purchases.
Schiermeyer also allegedly created Gala entities in Switzerland and Dubai and made himself the controlling shareholder to pursue business opportunities, according to the lawsuit.
True North claims Schiermeyer operated Gala without input from Thurston — a Gala director — and gave incomplete or incorrect information and corporate records to Thurston “despite repeated requests.”
Related: SEC vs. Coinbase: New lawyer Patrick Kennedy joins fight
Schiermeyer’s suit requested Thurston be removed as a Gala director and seeks various relief and damages payments including the return of the allegedly stolen GALA.
Thurston similarly requested that Schiermeyer be removed from Gala and sought at least $750 million in various damages and relief.
In March, the United States Securities and Exchange Commission sued Thurston, True North and another company he founded called Green United for selling investments in an allegedly fake crypto mining scheme.
Lawyers for Schiermeyer and Thurston were contacted for comment but did not immediately respond.
Magazine: Web3 Gamer: GTA owner joins Web3, Bitcoin casino, Sunflower Land review
New research finds that Twitter bot accounts may have lifted the prices of digital assets listed on embattled crypto exchange FTX and traded by its hedge fund arm, Alameda Research. The study, conducted by the Network Contagion Research Institute (NCRI), examined more than three million tweets between January 1, 2019, to January 27, 2023, that […]
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