DeFi
Gala Games’ $212M Hack Unveils Key Benefits of This DeFi Platform
It is not news that Gala Games recently suffered a security breach. Many cryptocurrency holders suggest this is an inside job, while others believe it is a rogue hacker.
However, this incident caused Gala Games to lose $212 million due to the unauthorized sale and minting of its native token, GALA.
Although this DeFi trading platform addresses this security issue, the token has seen a significant price drop. This is not surprising since investors joined Gala Games to maximize its profits.
However, with the recent security incident, its stakeholders want a Defi platform like RCO Finance (RCOF) which would use blockchain technology to protect against fraud. Let’s see how this hack highlights 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 allows users to access crypto assets and NTFs. It contains the GALA token, which players can use to buy and sell in-game assets.
On May 20, a massive amount of 5 billion GALA the chips came out of nowhere. The hacker immediately sold over 600 million of these tokens across multiple decentralized exchanges, raising $21 million.
Gala Games arrived in less than an hour, freezing the responsible wallet. This would prevent the hacker from further selling the unauthorized tokens.
Although the Defi platform is working with law enforcement to remedy the situation, the damage has already been done.
After the incident, Gala Games saw a 20% drop, falling to $0.039. This also propelled its trading volume to drop to $875.93 million.
Gala Games struggles to maintain its reputation
The Gala Games token value increased by 19.48% in the last 24 hours and is currently trading at $0.04933. Its transaction volume also saw a slight increase and is estimated at $746 million.
This recovery is due to investors like DWF Laboratories, which purchased around 28 million $GALA tokens, reducing the selling pressure of the market. As a result, Gala Games saw a rebound and surged to $0.0426.
Additionally, the hacker returned $23 million in Ethereum (ETH) tokens the day after the incident. According to Eric Schiermeyer, CEO of Gala Games on X (Twitter), the remaining compromised tokens will be burned. This involves using ETH to purchase $GALA and removing these tokens from circulation.
To reassure stakeholders, the Defi platform also noted on security issues have been resolved. 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 combat network vulnerabilities via blockchain technology in a league of its own. It would prioritize transparency and security by recording and verifying all user transactions on an immutable ledger.
This way, investors can rest assured that their transactions are safe from fraudulent activity and unauthorized changes. 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 cuts out middlemen, giving investors more control over their financial assets. This would increase overall security and trust because users don’t have to worry about hackers since fewer parties are involved.
Indeed, the security features of RCO Finance (RCOF) could disrupt the protection of administrative wallets and minimize financial losses.
In addition to its security prowess, the DeFi platform offers innovative features, such as DeFi maps, a native crypto-fiat on-ramp, and a way to buy stocks with crypto. Additionally, users can take leveraged positions (50x and more) to increase their income.
All of this, along with the first token presale, makes RCO Finance (RCOF) an opportunity for crypto investors to get on board a DeFi Bluechip before it hits 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 pre-sale debut, it has demonstrated fantastic performance as a promising project in the crypto industry. Notably, the Defi platform has sold more than 6 million tokens.
Currently, each token is sold at $0.0127. In the second stage, it will likely reach $0.0343, experiencing over 100% growth and providing early investors with the opportunity to generate 3,000% ROI and much more.
This increase would give investors who prioritize safety more confidence to participate in a wider range of investment opportunities and enjoy tempting gains.
For more information on the RCO Finance presale: