{"id":20923,"date":"2024-05-21T09:12:33","date_gmt":"2024-05-21T06:12:33","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20923"},"modified":"2024-05-21T09:12:33","modified_gmt":"2024-05-21T06:12:33","slug":"gala-coin-hacked-200m-lost-prices-plummet","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/gala-coin-hacked-200m-lost-prices-plummet\/","title":{"rendered":"GALA Coin Hacked: $200M Lost, Prices Plummet"},"content":{"rendered":"<p><strong><a href=\"https:\/\/coinengineer.net\/blog\/okx-ventures-invests-in-bitlayer-a-bitcoin-layer-2-solution\/\">Coin<\/a><\/strong> investors are going through both fantastic and nightmare-like hours at the same time. There is generally a generally a good mood in the market. But just as one well-liked cryptocurrency was poised for a double-digit increase, it crashed. The explanation is that $200 million was lost as a result of hacking.<\/p>\n<p>Blockchain explorers report that on Monday, an unidentified entity created 5 billion Gala tokens and then sold them on the decentralized exchange Uniswap.<\/p>\n<p>On-chain movements state that <strong>GALA Coin<\/strong> was compromised and that tokens valued at $200 million are being traded for ETH. Popular cryptocurrency rose to $0.048 then fell to $0.0395 very fast. What terrible timing! <strong>GALA Coin<\/strong> had increased by 8% as the market as a whole was rising on speculations of an ETH ETF approval, but it has since dropped by more than 7%, showing a double-digit loss.<\/p>\n<p>Regarding this <a href=\"https:\/\/www.nansen.ai\/guides\/what-is-on-chain-analysis-and-why-is-it-useful-for-crypto-traders\">on-chain action<\/a>, the team has not yet provided a logical explanation. The $200 million loss is being reported as breaking news by a lot of sources. We might see faster <strong>GALA Coin<\/strong> sales if the team confirms this in the next few minutes. It is suggested that investors exercise caution against possible dump moves and larger losses.<\/p>\n<p>Note: This article does not contain any investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coin investors are going through both fantastic and nightmare-like hours at the same time. There is generally a generally a good mood in the market. But just as one well-liked cryptocurrency was poised for a double-digit increase, it crashed. The explanation is that $200 million was lost as a result of hacking. Blockchain explorers report<\/p>\n","protected":false},"author":6,"featured_media":20924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[6249],"class_list":["post-20923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-gala-coin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GALA Coin Hacked: $200M Lost, Prices Plummet - Coin Engineer<\/title>\n<meta name=\"description\" content=\"GALA Coin hacked, losing $200M and causing a sharp price drop. 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