On the ‘Around the Blockchain’ show, the host discussed the recent hack on Gala coin, a game-based ERC-20 token on the Binance Smart Chain. While not directly involved in the exploit, Gala allowed the token to be on the Binance Smart Chain bridge. The exploit occurred 67 days ago but was only discovered recently. White hat hackers tried to create a solution, but some exchanges weren’t able to shut down trading on the Binance Smart Chain. The situation caused trading to be suspended on some exchanges and withdrawal of liquidity pools. The show also talked about the VC environment for gaming companies, play-to-earn gaming, and the saturation of token selling pressure.
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The Gala Coin Hack and Market Watch
In the world of cryptocurrency, there is never a dull moment. This week, the spotlight is on Gala coin and its recent hack, as well as the ongoing legal battle between Library Token and the SEC. Let’s dive in and see what’s been happening in the market.
Gala Coin and the Hack
Gala coin, an Ethereum-based gaming platform, recently suffered a hack that exploited the Binance Smart Chain bridge. The hack occurred 67 days ago, but white hat hackers only discovered it recently. They tried to create a solution by reaching out to exchanges to shut down trading on the Binance Smart Chain, but it wasn’t successful.
The hack affected the price of the coin, and it has been on a downward trend ever since. At its peak in November 2020, the coin was worth eight cents, but it quickly rose to nearly a 10x increase in just seven days. However, the exploit left the price of the coin in shambles.
Market Watch
Bitcoin is currently down slightly, but it’s still above $20,000. Ethereum is also down slightly, but cryptocurrencies such as Matic, Polkadot, and Doge are still in profit. However, the price of the Gala coin has been falling since the hack, leaving investors in a difficult position.
The Legal Battle between Library Token and the SEC
In addition to the Gala coin hack, there is an ongoing legal battle between Library Token and the SEC. The case involves allegations that Library Token sold unregistered securities and violated SEC guidelines.
The Library Token team denies these allegations, and the case is ongoing. The outcome could have a significant impact on the cryptocurrency industry, especially as regulators aim to provide more oversight in the space.
Conclusion
The world of cryptocurrency is always changing, and this week’s developments with Gala coin and Library Token showcase the volatility and uncertainty of the market. As investors and regulators navigate the space, it’s essential to stay informed and understand the risks involved.
