GalaChain sees $2.9 million asset outflow and GALA-ETH exchange

GalaChain experienced an abnormal asset outflow on Tuesday, with 1.99 billion GALA worth approximately $2.9 million and other tokens transferred from five main addresses to a new wallet. About 82%, or 1.639 billion GALA, came from a wallet associated with Gala CEO and co-founder Eric Schiermeyer, which also transferred roughly $500,000 in other tokens. The GALA was exchanged cross-chain for ETH within about an hour. Hours later, Gala developers submitted corrective code to GitHub and described the issue as a GalaChain EIP-712 unsigned-field injection vulnerability. Gala suspended its Ethereum and Solana cross-chain bridge, a system for moving assets between networks, with officials saying it was "under maintenance." GalaChain and Schiermeyer had not responded to requests for comment.

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