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GALA Token Price Slumps After $212M Hack, Solana Alternative Begins 10,000% Rise

by xyonent
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The recent breach of Gala Games, a leading blockchain gaming platform, has shaken the confidence of crypto investors. The breach caused a significant drop in the value of the GALA token, leading investors to seek safer and more reliable investment options.

Following this incident, ETFSwap (ETFS) Boasting a robust security platform and market strength, ETFSwap (ETFS) has caught the attention of crypto analysts, who are predicting it could see a 10,000% upside this market cycle.

Gala Games Security Breach Rocks Ecosystem

On May 20, 2024, a major security breach rocked the Gala Games ecosystem. Etherscan data revealed that 5,000,000,001 GALA tokens had been fraudulently minted and transferred, equivalent to roughly $212 million. However, the team responded quickly.

Gala Games reportedly contained the intrusion within 45 minutes and blacklisted the attacker’s addresses, limiting potential losses to around $21 million. A few hours later, on May 21, Gala Games issued The company published an initial update acknowledging the vulnerability, stating that “the security incident related to the GALA token has been contained and affected wallets have been frozen,” emphasizing that the incident was isolated and that steps had already been taken to address its cause.

Additionally, they confirmed that they are actively working with law enforcement to identify the perpetrators. Reiterating their commitment to security and transparency, Gala Games promised to provide further updates throughout the investigation and take “all necessary measures” to prevent future abuse.

While the initial warning did not provide any details, CEO Eric Schiermeier later revealed that the company’s “internal control deficiencies” led to the “unauthorized sale of 600 million GALA tokens” and the burning of 4.4 billion tokens. Despite Gala Games’ swift response, the effects of the breach rippled through the market, causing a massive drop in the price of the GALA token by over 20%.

Solana Alternative ETFSwap (ETFS) Launches 10,000 Run

ETFSwap (ETFS) Given the safety and future-proofing of the ecosystem, it appears to be the perfect project for GALA investors. This belief stems from ETFSwap’s modern and efficient approach to ETF trading. By leveraging tokenization, the platform boasts accelerated transactions, improving speed, cost-effectiveness, and efficiency on the blockchain. The platform also offers users the ability to buy, trade, and invest in a range of tokenized assets, including fixed income funds, commodity ETFs, and leveraged options.

ETFSwap places a premium on security and transparency, and the platform employs blockchain technology to ensure secure, transparent trading with verifiable transactions, immutable data, and decentralized governance. Additionally, ETFSwap eliminates middlemen and KYC requirements, providing a seamless user experience. To further enhance user safety, Cyberscope, a reputed blockchain security company, has Thoroughly audited The audit found no flaws in the project’s security and underlying infrastructure.

In terms of maximizing returns, ETFSwap offers a unique 50x trading leverage feature that allows sophisticated investors to maximize their profits. This is on top of the platform’s native token, ETFS, which powers the ecosystem and facilitates trading. But that’s not all. This platform has a lot of potential. 10,000% increase, You can also earn passive income by staking tokens.

Crypto experts predict that given the amount of liquidity expected to flow into the industry even now, the ETFS token could see a 10,000% price increase to reach a value of $1, especially considering the huge profits that could be made from such large liquidity.

Crypto investors have already latched onto this bullish narrative, which explains why over 70 million ETFSwap (ETFS) tokens were sold in stage 1 of the token presale. Currently, each token is selling for an affordable $0.00854, making now the best time to invest in ETFSwap.

For more information about the ETFS presale, please see below.

Visit ETFSwap Presale

Join the ETFSwap community

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