The Gala Games token, GALA, was a big gainer on Wednesday after recovering funds from a recent security incident and suggesting it be burned in order to stabilize the token.
GALA's price rise comes after it released a report on the hack. The report credits the effective response of the security team and the involvement of federal law enforcement agencies. It said more than $20 million worth of Ethereum (ETH) had been returned to the ecosystem.
Specifically, the team noticed a suspicious transfer of $200 million worth of GALA tokens, but within 45 minutes, all tokens in the unauthorized wallet were frozen. The team stopped additional unauthorized minting and movement of GALA, effectively mitigating the incident.
About 90% of GALA minted stock closed shortly after this event.
To deal with the security incident, the organization Proposal Burning 4.4 billion GALA tokens, along with 600 million from the central Gala treasury, to ensure the stability of the ecosystem. The 5 billion GALA will be permanently burned from circulation by being sent to the copy address.
according to CoinMarketCapGALA price rose 20.6% to reach a peak of $0.04969 at 6:25 AM EST. It is currently priced at $0.04736, with the market capitalization increasing by 6% to $1.67 billion and trading volume down 24% over the past 24 hours.
The post GALA rockets after incident recovery, token burning proposal first appeared on Investorempires.com.
