The co-founder of Gala, Eric Schiermeyer, is shedding light on the origin of an exploit that resulted in the loss of millions of dollars in crypto assets on the blockchain-based gaming platform. Schiermeyer reveals that a security incident triggered the “unauthorized sale of 600 million ($21 million) GALA tokens and the burning of 4.4 billion tokens.” He emphasizes that while their Ethereum contract for GALA remains secure, their internal controls failed, leading to the incident. Measures are being taken to prevent such incidents in the future. The identity of the culprit may now be known, and Gala is working with the FBI, DOJ, and international authorities. According to a pseudonymous developer who discovered the exploit, the hacker, who had administrator privileges, minted billions of Gala tokens before selling some of them. Although there is a cap on the number of tokens that can be minted, the attacker can still create 12 billion more tokens before reaching the cap. The attacker’s address has been blocked, preventing them from selling or minting more tokens unless they gain access to another admin address. Currently, GALA is trading at $0.0411, experiencing a 5% decline in the last 24 hours.