GalaChain sees $2.9 million outflow as 1.99 billion GALA moves

GalaChain experienced an abnormal asset outflow on Tuesday, with 1.99 billion GALA worth about $2.9 million and other tokens transferred from five main addresses to a new wallet. The GALA was exchanged cross-chain for ETH within about an hour. Roughly 82%, or 1.639 billion GALA, came from a wallet associated with Gala CEO and co-founder Eric Schiermeyer, which also lost about $500,000 in other tokens. Hours later, a Gala developer submitted remediation code identifying the incident as an EIP-712 unsigned-field injection vulnerability, and the cross-chain bridge was subsequently paused.

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GalaChain sees $2.9 million outflow as 1.99 billion GALA moves - CoinPost Terminal