The fear of a billion dollar hack bring down the price of Gala Games in trade by nearly 30%. The cryptocurrency has since recovered slightly, not losing more than 12%. But crypto investors are worried. Hacking or not?
The price of GALA tokens has fallen by more than 27%
The information was revealed by a Tweet from the user trust :
BREAKING: $GALA has been exploited! Someone has minted $1 billion worth of Gala tokens TWICE and is dumping… Drained a pancake swap pool to zero.
— megbzk (@megbzk) November 3, 2022
Information that seems, at first glance, reliable insofar as it seems actually confirmed by the tracking site Bscscan. Only One Blockchain Address Seems To Have Hit over $1 billion worth of GALA tokens.
27,814,200,000 tokens were minted, thus representing a value of $961,283,228.50 (compared to the price of USD$0.02881). A therefore substantial value, which had a significant impact on the price of GALA tokens. Within minutes, the price of HGALA tokens crashed over 27% from $0.0395 to $0.02881 (as seen in the chart below).
Gala Games claims that everything is fine
Gala Games will she join the list of the biggest hacks of the history of cryptocurrency ?
The development team of Gala Games says for its part that everything is fine and that the cryptocurrency has not been hacked or exploited in any way. The Twitter account invites its users to consult the additional information provided by the creator of $pGALA a you pNetwork Bridge.
Reminder: $GALA was not hacked, breached, or exploited in any way.
— Gala Games – Spider Tanks is LIVE! (@GoGalaGames) November 4, 2022
pNetwork thus provides information on its Twitter account which allow a better understanding of the origin of the incident. A bad configuration of the pNetwork bridge would be the cause and a redeployment of pGALA was therefore necessary. According to the technical team, the funds are safebut the team urges users not to initiate transfers to and from pGALA’s pool on PancakeSwap.
Following the publication of this new information, the price of the cryptocurrency $GALA rallied slightly and the token is now trading at a price of USD$0.03498 (down 11.93% in the last 24 hours).
Alternatives to Gala Games in the Play to Earn sector
The setbacks of Gala Games do not call into question, in any case, the attractiveness of the sector Play to Earn. According to an analysis by the agency Brandessence Market Researchthe Play To Earn market is expected to grow from $788.05 million in 2021 to over $2.89 billion by 2028. Applications specializing in this market niche therefore have every chance of benefiting from the development of the market.
The year 2022 has been quite rich in ICOs in this sector. Find above a list of recent ICOs:
The Calvaria Battle Card Game is currently raising funds in the markets. We already talked about it in a previous news, and the trend continues. The P2E game has entered phase 4 of its presale. For 1 USDT spent, you receive in exchange 40 $RIA. The price therefore continues to rise, and it is expected that the listing price will increase to 1 USDT for 30 $RIA in the final phase of the listing of its token. Crypto investors interested in the presale therefore had better hurry.
The roadmap specifies that the launch of the Token on exchange platforms is planned for the end of 2022. You can find an extract of the roadmap below:
The game should thus launch a free version and a premium version where users can earn rewards.
Crypto-assets are a risky investment.
Tamadoge is also a very popular Play-to-Earn game. The game consists of creating your own pet and growing it from a puppy to an adult dog. Once your pet has reached adult size, you will then be able to have it fight in the battle arena. Tamadoge allows you to face other players in an arena. Winners receive TAMAs, which they can then use to create more NFT puppies or purchase accessories to optimize dog growth.
Crypto-assets are a risky investment.
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