Gaming Token Gala Drops Amid Suspect $200M Transfer

The native token of crypto gaming project Gala Games (GALA) fell sharply Monday amid fears of a major transfer of over $200 million worth of GALA tokens that traders feared was a hack.

On Monday, an unknown party minted 5 billion Gala tokens and proceeded to sell them on decentralized exchange Uniswap, according to blockchain explorers.

Gala Games representatives had not previously announced the activity nor did they offer a quick explanation in the project’s Discord server, spurring fears that the mass mint and sell was a hack.

GALA’s price sank as low as $0.039 in the aftermath, down 19% from the day’s high set just over an hour earlier.

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.