Binance Gets Kudos From Gala Games For Help In $200M Hack Investigation

Gala Games GALA/USD expressed gratitude towards Binance BNB/USD for their assistance in identifying the perpetrator behind a recent hack, underscoring their commitment to a more transparent blockchain space.

What Happened: Gala Games took to X, formerly Twitter, to acknowledge Binance for their assistance in identifying the person responsible for a $200 million exploit last week. The Web3 gaming company wrote, “We would like to thank @binance for working with us and with law enforcement to identify the culprit behind the recent hack.”

Gala Games further emphasized its pride in standing alongside Binance to enhance transparency and accountability in the blockchain space.

Binance has worked closely with law enforcement agencies around the world to help them detect cryptocurrency crimes. It has a Global Law Enforcement Training Program in this regard, where its investigations team conducts workshops to impart training to the concerned officials

Why It Matters: This acknowledgment comes following a massive $200 million theft in the popular Web3 game, after a smart contract vulnerability allowed the attacker to mint a whopping 5 billion tokens out of thin air, worth more than $200 million at that time. The attacker moved the fraudulently-produced coins to a personal account and traded them for Ethereum ETH/USD.

The theft was one of the most significant in the cryptocurrency gaming world, highlighting the urgent need for enhanced security measures and transparency within the blockchain industry.

Price Action: At the time of writing, GALA was trading at $0.04553, up 3% in the last 24 hours, according to data from Benzinga Pro. The coin has recovered substantially from the 15% crash immediately following the hack.

Photo by Iryna Budanova on Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.