Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
Gala Games has received nearly $23 million worth of ETH tokens from the hacker who on Monday minted and then sold hundreds of millions worth of its nativeThe change of fortunes leaves Gala with an unexpected $23 million windfall in ETH tokens."We will probably buy and burn on galaswap," said the project's CEO Eric Schiermeyer, also known as Benefactor, in its Discord server. That means using the ETH to buy GALA tokens and then taking those tokens out of circulation.
Gala Games is a blockchain gaming platform with a variety of video games where players hold NFTs and other crypto assets. The GALA token is the platform's currency for buying and selling in-game assets.Gala's internal controls to mint 5 billion new GALA tokens. The individual then sold 600 million of those tokens on decentralized exchanges and netted nearly 6,000 ETH tokens.
The exploit caused GALA's price to drop as much as 19% on Monday as traders fretted over the implications of the increased circulating supply and the hackers' selling pressure. Earlier Tuesday, Gala investor DWF Labs said it had purchased 28 million GALA tokens"to alleviate market selling pressures."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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