Market crashes as it soars: Big disappointment!

Gala Games CEO announced that a hacker stole GALA worth 23 million dollars.

Ethereum spot ETFs ignited the crypto market with positive news, bringing smiles to investors' faces. However, the situation was the opposite for GALA investors. Shaken by the hacking incident, GALA experienced a significant decline while all other altcoins were rising.

Reports on the settlement saw GALA drop to its lowest level in 24 hours at $0.038, a 20% drop from the daily high just an hour ago. Gala Games co-founder and CEO Eric Schiermeyer wrote in an X post on May 20th: "We experienced an event resulting in the unauthorized sale of 600 million [...] GALA tokens and the burning of 4.4 billion tokens."

Official statements have been made by authorized persons!

Schiermeyer said Gala identified the "compromise" and removed "unauthorized access to the GALA contract". He added that Ethereum contract is "secure" and "never compromised".

Schiermeyer, Gala wrote that he believes the responsible person's identity has been determined and that the FBI is working with the United States Department of Justice and an "international network of authorities."

Gala Games, in its X post, added that the security incident involving GALA has been brought under control and the affected wallet has been frozen.

Gala and Schiermeyer did not disclose who is responsible for the incident or how this person gained access to the GALA contract. Gala Games did not respond to the comment request. In August, Schiermeyer and his co-founder Wright Thurston filed lawsuits against each other on behalf of Gala Games.

Thurston claimed that Schiermeyer caused Gala to "sell and waste millions of dollars worth of company assets," and Schiermeyer claimed that Thurston stole GALA worth 130 million dollars.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risk, and readers should conduct their own research when making decisions.