security Archives - Top Crypto Game

$22 million returned to Gala Games

admin — Wed, 22 May 2024 11:13:41 +0000

A couple of days ago, a security incident occurred involving the crypto of Gala Games.

A hacker managed to access the platform with the administrator address of Gala Games, and created 5 billion new GALA tokens.

Subsequently, he transferred approximately 4,600 ETH to 0x, and sold 600 million of the tokens he minted on Uniswap, cashing in 21 million dollars.

Subsequently, 4.4 billion GALA tokens were burned.

Hey Everyone…

I always knew there was a reason I never talk shit about other projects getting hacked…I’m sorry to say we had an incident that resulted in the unauthorized SALE of 600million (21million usd) $GALA tokens and the effective BURN of 4.4 billion tokens.

We…

— benefactor (@Benefactor0101) May 20, 2024

The return of the bull and bear funds

Yesterday, more than 5,900 ETH (over 22 million dollars) were sent from the hacker’s wallet to Gala Games.

Not at my computer so I can’t confirm the address, but it looks like the $GALA exploiter has just returned the ETH they got from the hack! https://t.co/IfnfcQTlqL

— Jason Brink aka BitBender (@BitBenderBrink) May 21, 2024

L’ipotesi è che abbia deciso di restituire parte del bottino.

According to Gala Games, the decision would have been the result of their timely and effective response, and the involvement of law enforcement.

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As they stated yesterday in a post on their official blog, the unauthorized wallet was locked down in record time, and the funds were returned because the security measures proved to be effective.

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Something similar, however, had also happened in the past, so it is difficult to imagine that the security measures worked 100%.

The reaction of Gala Games: our crypto security worked

On Monday afternoon, an unusual transfer of GALA tokens occurred on the Ethereum network worth 200 million dollars.

Gala Games promptly responded by activating the blocklist protocol of GalaChain, to quickly block any further unauthorized minting and movement of GALA tokens, thus mitigating the effects of the incident.

Thanks to the swift intervention, within 45 minutes of the unauthorized minting, approximately 90% of the GALA tokens minted by the hacker were blocked.

This was made possible thanks to a new feature implemented with the update to version v2.

Subsequently, Gala Games contacted the U.S. federal law enforcement authorities, hoping that they will initiate a thorough investigation and appropriate legal action against the culprits.

They also claim that the minting capabilities of GALA on GalaChain would still be secure, because the internal controls and multisig security protocols are designed to protect against such incidents and are continuously improved to keep up with new potential threats.

They have also decided to reimburse anyone who has been subject to unreasonably high transaction fees associated with this incident.

Gala Games: La questione della sicurezza crypto

Security on blockchain smart contracts is fundamental because they are public and accessible to everyone.

In this case, the violation was carried out against the Gala platform, and in particular against the administrator’s account.

Despite this, they claim that their security measures are solid and effective, and that they are committed to maintaining the highest standards of security and transparency.

They justify the problem by saying that being pioneers in unknown territories can sometimes be a risky activity, but they assure that GalaChain is well-equipped to handle any unforeseen challenge that Web3 may throw.

The token GALA

Today the price of the GALA token on the crypto markets has increased by 13%.

In reality, it has simply returned to the level prior to the news of the incident, given that on Monday it was above 46 thousandths of a dollar and today it has returned to just below 47 thousandths.

Yesterday it had dropped to below 42 thousandths, with a daily loss of more than 12%.

It is worth noting that at the beginning of 2024 it was at 30 thousandths, and during the month of February it rose significantly, reaching a peak of over 87 thousandths in early March.

In April, however, it had already fallen below 35 thousandths, but only to bounce back above 50 thousandths at the end of the month.

In May, it first fell below 39 thousandths and then recovered and rose above 46.

The current price is in line with that of April 25, and it is 55% higher than at the beginning of the year.

It should be remembered, however, that it is still down by as much as -94% compared to the highs of 2021, but that was a truly gigantic speculative bubble.

At the end of 2020, the price was below 1 thousandth of a dollar, and by March 2021 it had already risen above 30 thousandths, which is a level in line with the current one.

The bull si è gonfiata da settembre a novembre, quando nel giro di poco più di due mesi il prezzo schizzò ad oltre 824 millesimi.

The burst of the bubble ended in January 2023 when the price had fallen below 17 thousandths. Even in November, it was just above 18 thousandths.

Sure, here is the translation:
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The company Gala Games

“`

Gala Games è una piattaforma di gaming che vuole restituire ai gamer il controllo sui loro giochi.

Their mission is to create blockchain games, but with the goal of radically changing the online gaming market.

Their platform is also equipped with a voting mechanism, based on the Founder’s Node, which allows players to express their opinion on the games that Gala should develop and on which games should receive funding.

Since its launch in 2019, Gala Games has reached 1.3 million active users and has sold over 26,000 NTF.

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SEC categorizes some NFTs as unregistered security tokens

admin — Tue, 29 Aug 2023 11:51:34 +0000

As we reported in a previous news story, the US Securities and Exchange Commission (SEC) has exercised its regulatory authority to issue its first enforcement action regarding non-fungible tokens (NFTs), charging one collection in particular for selling unregistered security tokens.

The case involves Los Angeles-based Impact Theory, which the agency says conducted illegal offerings of unregistered securities through the sale of NFTs.

This move marks a significant step by the SEC in the NFT landscape, shedding light on the regulatory framework surrounding these unique digital assets.

Impact Theory’s NFT offering under scrutiny by SEC: collection was sold as unregistered security tokens

Impact Theory, a California-based media company, found itself at the center of this historic enforcement action. The company managed to generate nearly $30 million by selling three different levels of NFT offerings.

However, the SEC investigation concluded that these NFTs were essentially securities, violating registration requirements.

NFTs as security tokens: the SEC’s position

It is essential to note that the SEC’s enforcement action does not suggest a generalized categorization of all NFTs as securities.

Rather, the focus is on the specific circumstances and characteristics of Impact Theory’s NFT offerings.

The decision was made primarily because of the company’s explicit claims that the NFTs it purchased produced profits for investors due to the presumed rising value of the collectibles.

The SEC order points out that Impact Theory actively encouraged potential investors to perceive the purchase of a “Founder’s Key” NFT as an investment in the company’s prospects.

The company’s statements explicitly linked investors’ profitability to Impact Theory’s future success.

Impact Theory’s regulatory consequences and reimbursement

The enforcement action against Impact Theory culminated in a series of regulatory measures that underscore the SEC’s commitment to investor protection and market integrity.

To address the violations, the company agreed to create a restitution fund, aimed at reimbursing investors who purchased NFTs believed to be unregistered securities.

In addition, all remaining NFTs held by Impact Theory will be destroyed, eliminating their potential for future sale or distribution.

The financial implications for Impact Theory are substantial: the company has agreed to pay more than $6.1 million in penalties to federal authorities.

This combination of measures is intended to correct the alleged violations, sending a clear message about the SEC’s oversight of NFT-related activities.

The significance of the SEC’s enforcement action

The SEC’s decision to target NFT-related violations with this enforcement action has significant implications for the broader NFT ecosystem. It signifies the regulator’s intention to ensure compliance in the burgeoning digital asset market.

The NFT space, which has seen exponential growth in recent years, now faces a higher level of regulatory scrutiny, consistent with the SEC’s mandate to safeguard investors and maintain fair markets.

The SEC’s enforcement action highlights the intricate balance regulators must strike between promoting innovation and ensuring compliance.

As NFTs continue to evolve and diversify, regulators face the challenge of adapting traditional securities regulations to the nuances of these new digital assets.

The Impact Theory case illustrates that although the technology behind NFTs is innovative, their financial implications must still align with established regulatory principles.

Conclusions

The enforcement action inaugurated by the SEC against NFTs through the Impact Theory case represents a pivotal moment in the evolution of the digital asset landscape.

Although the enforcement action is specific to the circumstances of this case, its reverberations extend beyond Impact Theory to the broader NFT ecosystem.

As the regulatory framework continues to adapt to the dynamic world of blockchain and digital assets, the Impact Theory case underscores the importance of clear communication, compliance, and investor protection.

This historic move reinforces the SEC’s role in shaping the future of NFTs and reaffirms the delicate balance between technological innovation and regulatory oversight.

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Cardano Price Prediction: How High Can ADA Go? 🚀

Altcoin Buzz — Mon, 02 Jan 2023 02:50:55 +0000

Cardano is a blockchain platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.

Cardano is a proof-of-stake blockchain platform: the first to be founded on peer-reviewed research and developed through evidence-based methods. It combines pioneering technologies to provide unparalleled security and sustainability to decentralized applications, systems, and societies.

With a leading team of engineers, Cardano exists to redistribute power from unaccountable structures to the margins – to individuals – and be an enabling force for positive change and progress.

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4:45 ADA Price Prediction and Analysis
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Please do your own due diligence and rating before making any investments and consult your financial advisor. The information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

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Crypto.com Review: 10 Reasons CRO Token is About to Soar 🚀

Altcoin Buzz — Fri, 15 Apr 2022 20:02:33 +0000

Crypto.com represents a complete ecosystem of DeFi services: A wallet that enables transactions worldwide, an app on which to buy, sell and stake (earn) cryptocurrency, and a world-class exchange. Their VISA card program is also unmatched. Crypto.com is powered by the CRO utility token, which we feel has a very bright future for the reasons we list in this video.

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DEFI ON BITCOIN! 🚀🔥How To Stake Stacks $STX and EARN BITCOIN! Blockstack

Altcoin Buzz — Fri, 04 Mar 2022 13:47:29 +0000

The Stacks blockchain brings smart contracts, scalability and staking rewards to the Bitcoin blockchain. It connects using a “Proof of Exchange” inter-chain consensus mechanism which allows it to provide smart contracts and decrease confirmation times while simultaneously anchoring into the underlying Bitcoin blockchain for its security benefits.

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What is Polkadot DOT? DOT Token Explained | 2 Minutes Crypto 🚀

Altcoin Buzz — Sun, 13 Feb 2022 10:23:51 +0000

Polkadot (token DOT) is a crypto platform that allows diverse blockchains to transfer messages, including value, in a trust-free fashion; sharing their unique features while pooling their security. In brief, Polkadot is a scalable heterogeneous multi-chain technology.

Polkadot is heterogeneous because it is entirely flexible and makes no assumption about the nature or structure of the chains in the network. Even non-blockchain systems or data structures can become parachains if they fulfill a set of criteria.

Polkadot may be considered equivalent to a set of independent chains (e.g. a set containing Ethereum, Ethereum Classic, Namecoin and Bitcoin) except with important additions: pooled security and trust-free interchain transactability.

Many of the native parachains of Polkadot will be written using a Polkadot Runtime Environment SDK (e.g. Parity Technologies’ Substrate).

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Please do your own due diligence and rating before making any investments and consult your financial advisor. The information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

#polkadot #dot #parachain

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