Gala Games’ $212 Million Hack Unveils Core Advantages of This DeFi Platform
It’s no news that Gala Games recently suffered a security breach. Many cryptocurrency holders suggest it’s an inside job, while others speculate it’s a rogue hacker. Nonetheless, this incident has caused Gala Games to lose $212 million due to the unauthorized selling and minting of its native token, GALA. While this DeFi trading platform deals [...]
It’s no news that Gala Games recently suffered a security breach. Many cryptocurrency holders suggest it’s an inside job, while others speculate it’s a rogue hacker.
Nonetheless, this incident has caused Gala Games to lose $212 million due to the unauthorized selling and minting of its native token, GALA.
While this DeFi trading platform deals with this security issue, the token has experienced a significant price dump. This is unsurprising as investors joined Gala Games to maximize its profits.
However, with the recent security incident, its stakeholders want a Defi platform like RCO Finance (RCOF) that would use blockchain technology to safeguard against fraud. Let’s see how this hack emphasizes the need for DeFi trading platforms to offer innovative financial products and services.
Unraveling the Gala Games Hack
Gala Games is a Defi platform that offers several video games and enables users to access crypto assets and NTFs. It features the GALA token, which players can use to purchase and sell in-game assets.
On May 20th, a massive amount of 5 billion GALA tokens emerged out of nowhere. The hacker immediately sold over 600 million of these tokens on multiple decentralized exchanges, amassing $21 million.
Gala Games swooped in under an hour by freezing the responsible wallet. This would prevent the hacker from further selling the unauthorized tokens.
Although the Defi platform collaborates with law enforcement authorities to rectify the situation, the damage has already been done.
After the incident, Gala Games witnessed a 20% decline, dipping as low as $0.039. This also propelled its trading volume to drop to $875.93 million.
Gala Games Scrambles to Maintain Its Reputation
Gala Games token’s value has risen by 19.48% within the last 24 hours and is currently trading at $0.04933. Its trading volume has also experienced an uptick and is valued at $746 million.
This recovery is thanks to investors like DWF Labs, who bought about 28 million $GALA tokens, reducing the market’s selling pressure. As a result, Gala Games experienced a rebound and jumped to $0.0426.
Besides, the hacker returned $23 million in Ethereum (ETH) tokens the day after the incident. According to Eric Schiermeyer, Gala Games CEO on X (Twitter), the remaining compromised tokens will be burnt. This involves using the ETH to buy $GALA and removing those tokens from circulation.
To reassure stakeholders, the Defi platform further noted on X that the funds from the recent security issue have been recovered. They will also use GalaSwap to convert Ethereum (ETH) back to $GALA.
RCO Finance: The Next Frontier for A DeFi Trading Platform
RCO Finance (RCOF) aims to tackle network vulnerabilities via blockchain technology in a league of its own. It would prioritize transparency and security by recording and verifying all users’ transactions on an immutable ledger.
This way, investors can rest assured that their transactions are safe from fraudulent activities and unauthorized alterations. Speed and efficiency are crucial when it comes to DeFi platforms. RCO Finance (RCOF) provides users with real-time transaction tracking and faster settlement times.
That’s not all. The Defi platform removes intermediaries, giving investors more control over their financial assets. This would increase overall security and trust, as users need not worry about hackers since fewer parties are involved.
Indeed, RCO Finance’s (RCOF) security features could be disruptive in protecting administrative wallets and minimizing financial loss.
In addition to its security prowess, the DeFi platform offers innovative features, such as DeFi cards, a native crypto-to-fiat onramp, and a way to buy stock with crypto. Furthermore, users can take leverage positions (50x and more) to increase their returns.
All of this, and its early token pre-sale, make RCO Finance (RCOF) an opportunity for crypto investors to get on board a DeFi Bluechip before it enters the mainstream. Early investors always get the biggest rewards in the ever-changing world of cryptocurrencies.
Gala Games Stakeholders Turn to Rising Defi Platforms
With RCO Finance (RCOF) in its early presale stage, it has demonstrated fantastic performance as a promising project in the crypto industry. Notably, the Defi platform has sold over 6 million tokens.
Currently, each token is sold at $0.0127. In the second stage, it will likely rise to $0.0343, seeing over 100% growth and providing early investors with the opportunity to yield a 3,000% ROI and much more.
This increase would give investors who prioritize security more confidence to participate in a broader range of investment opportunities and enjoy mouthwatering gains.
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