Gala CEO points to “messed up” internal controls in $200 million exploit

Gala Games CEO Eric Schiermeyer says "messed up" internal controls led to the security breach that saw 5 billion tokens worth over $200 million minted on Monday. The attacker proceeded to sell at least 600 million GALA tokens worth about $23 million via the decentralized exchange Uniswap.

In an update, Schiermeyer said the Gala team managed to secure and remove unauthorized access to its smart contract within 45 minutes of the incident. Measures taken post the exploit included the freezing of 4.4 billion of unsold GALA tokens, which the CEO described as an "effective burn." Commenting on the exploit, Schiermeyer said: "We messed up our internal controls... This shouldn't have happened and we are taking steps to ensure it doesn't ever again. We believe we have identified the culprit and we are currently working with the FBI, DOJ and a network of international authorities." Gala token fell sharply after exploit GALA price fell sharply following the incident, dropping more than 20% to hit lows of $0.038 as selling pressure mounted. The token has however rebounded after Gala said the attack did not compromise its ETH smart contract.