Gala Games Community Votes on Token Burn Following Exploit
CryptoNewsTerminal Staff22 May, 2024
Gala Games Community Votes on Token Burn Following Exploit
The Gala Games community is currently in the midst of voting on a critical governance proposal to respond to a recent $21 million exploit on the Gala Games blockchain gaming platform. The proposed measure, if approved, will burn an additional amount of Gala Games tokens (GALA) equal to the number that was stolen and burned in the attack. The exploit, which occurred on February 23, 2023, resulted in the theft and subsequent burning of 1,436,961 GALA tokens. This theft represents approximately 2% of GALA's total token supply. The community response has been swift and decisive, with a team of community members conducting forensic analysis of the activity in conjunction with external experts. Their investigation, which has included coordination with law enforcement agencies like the FBI and DOJ, has identified a suspect and is ongoing. The proposed token burn aims to mitigate the effects of the exploit by removing an equivalent number of tokens from the circulating supply. Proponents of the measure argue that this will provide long-term stability to the GALA token and the Gala Games ecosystem.
