GalaChain Suspends Cross-Chain Bridge Due to $2.9 Million Security Incident, 82% of Funds Linked to CEO's Wallet
Prefer us on GoogleGalaChain experienced an abnormal asset outflow incident on Tuesday, with 1.99 billion GALA (approximately $2.9 million) and other tokens being transferred from five main addresses to a new wallet. The GALA was exchanged for ETH via cross-chain within about an hour. Approximately 82% (1.639 billion GALA) of this amount came from a wallet associated with Gala's CEO and co-founder Eric Schiermeyer, which also transferred around $500,000 worth of other tokens. Hours after the incident, Gala developers submitted a fix on GitHub, classifying it as a vulnerability due to an unsigned field injection in GalaChain EIP-712. Currently, Gala has suspended its Ethereum and Solana cross-chain bridges, stating that maintenance is underway. GalaChain and its CEO have not yet responded to requests for comment. Previously, on August 19, it was reported that a new wallet holding approximately 2 billion GALA caused a significant drop in token prices.
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.
You may also like
"Futures Listing as a Turning Point" - Insights from a Renowned Chinese Economist on the Essence of Bitcoin Assetization
Ezri Konsa Transfer to Arsenal: £51 Million to Replace Saliba and Timber
U.S. Strategic Bitcoin Reserve, ARK Invest Sees BTC at $1.5 Million
ANZ Bank's Stablecoin Opens the Door for Other Banks in Australia?
Company X Considers Introducing Stablecoin USDC for Creator Payments
US Treasury: Why It Can't Lower Its Rates
Cardano Aims for One Billion Users by Betting on Hydra and Ouroboros Leios
Bitcoin Bullish Index Surpasses 60 for the First Time in 10 Months, Analyst Says
Goldman Sachs Acquires Volatility, Turning Bitcoin into a Revenue Business
Attackers drove 63% of early use of Ethereum’s new smart wallet feature
HSBC and Standard Chartered Bank Conduct First Tokenized Deposit Transaction on SWIFT's Blockchain Ledger
Bhutan transfers 490 BTC worth $32.7M to new wallets
DEX Market Share Surpasses 19.5% in July: A Cold Winter for CEX Spot Trading Beneath the Surface
Alibaba FY2027 Q1 Financial Report: AI Cloud Revenue Growth Hits New High, AI Cloud Achieves Profitability Loop
HTX Research's Latest Report Analyzes AI Assets in the US Stock Market: Technology Still in Early Stages, Capital Expenditure and Valuation Entering Later Cycle
Bernstein Interprets MRNA's 177% Surge: What Are the Fundamentals and What Is Speculation?
Pi Network’s credibility gap: real infrastructure, unverified partnerships, and the $0.09 question
Domestic Coin Market Shrinks: Democratic Party's Tepid Response to Tax Delay Raises Investor Discontent
Opinion: Binance Ends Wealth Effect of Trading Platforms, Trump Initiates a New Wave of Wealth Creation
Glassnode: BTC Remains in Bottom-Building Phase, Current Rebound Difficult to View as Trend Reversal
Capital.com plans UAE spot crypto launch after license
Franklin Templeton Pushes for Tokenized Assets in $790 Billion Mutual Fund
![[SCAN 2026 Final Interview] ⑫ Lv1x: Malaysian Cybersecurity Students Challenge the Final Stage](/public-static/10_5acc261b9b.png?format=avif)
[SCAN 2026 Final Interview] ⑫ Lv1x: Malaysian Cybersecurity Students Challenge the Final Stage
Nomura: If the Market Continues to Deteriorate, the Fed May Resort to 'YCC or QE'
Wall Street Morning Briefing: Besant's 'Market Rescue' Lasts Only One Day, All Three Major Indices Decline, Walmart's Plunge, AI Storage and Optical Communication Break Through
Is the Leader of Yushu Pouring Cold Water? How Long Until the 'ChatGPT Moment' of Embodied Intelligence?
HMRC sends 81,172 crypto tax warnings in one year
Ripple Partners with Clearpool and Cicada to Build Lending and Credit Trading Infrastructure for Institutional Investors on XRPL
Evergrande Founder Sentenced to Life in Prison in China
Franklin Templeton gets SEC clearance to add BENJI to ETFs
"Futures Listing as a Turning Point" - Insights from a Renowned Chinese Economist on the Essence of Bitcoin Assetization
Ezri Konsa Transfer to Arsenal: £51 Million to Replace Saliba and Timber
U.S. Strategic Bitcoin Reserve, ARK Invest Sees BTC at $1.5 Million
ANZ Bank's Stablecoin Opens the Door for Other Banks in Australia?
Company X Considers Introducing Stablecoin USDC for Creator Payments
US Treasury: Why It Can't Lower Its Rates
Latest articles
Latest coin listings on WEEX
