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06 Jul Analysis Of The Gala Games Hack And Theft Of $22M Worth Of Crypto
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This week in cybersecurity from the editors at Cybercrime Magazine
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Sausalito, Calif. – Jul. 6, 2024
The Record reported that more than $22 million worth of cryptocurrency was stolen from Gala Games in May 2024 after someone compromised the blockchain gaming platform.
Eric Schiermeyer, the founder of Gala Games, explained in his own social media post that the hacker was able to trade in 600 million GALA coins for 5,913 Ethereum — amounting to about $22.2 million.
The hacker was able to create even more GALA coins — about 4.4 billion — but the person’s account was frozen by the platform before they could cash out the rest of their stolen loot.
Anoop Nanra, co-founder and CEO at Trugard, recently came on the Cybercrime Magazine Podcast to break down this cyber incident, and how to prevent other Web3 attacks like it from happening in the first place.
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