Crypto:
30253
Bitcoin:
$66.126
% 0.12
BTC Dominance:
%54.0
% 0.46
Market Cap:
$2.41 T
% 1.30
Fear & Greed:
74 / 100
Bitcoin:
$ 66.126
BTC Dominance:
% 54.0
Market Cap:
$2.41 T

GALA Coin Hacked: $200M Lost, Prices Plummet

Gala Coin Hack

Coin investors are going through both fantastic and nightmare-like hours at the same time. There is generally a generally a good mood in the market. But just as one well-liked cryptocurrency was poised for a double-digit increase, it crashed. The explanation is that $200 million was lost as a result of hacking.

Blockchain explorers report that on Monday, an unidentified entity created 5 billion Gala tokens and then sold them on the decentralized exchange Uniswap.

On-chain movements state that GALA Coin was compromised and that tokens valued at $200 million are being traded for ETH. Popular cryptocurrency rose to $0.048 then fell to $0.0395 very fast. What terrible timing! GALA Coin had increased by 8% as the market as a whole was rising on speculations of an ETH ETF approval, but it has since dropped by more than 7%, showing a double-digit loss.

Regarding this on-chain action, the team has not yet provided a logical explanation. The $200 million loss is being reported as breaking news by a lot of sources. We might see faster GALA Coin sales if the team confirms this in the next few minutes. It is suggested that investors exercise caution against possible dump moves and larger losses.

Note: This article does not contain any investment advice.

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