Gala Games’ token, GALA, experienced significant gains on Wednesday following the recovery of funds from a recent security incident and a proposed token burn aimed at stabilizing the token.

The surge in GALA price came after the release of a detailed report on the hack. The report highlighted the effective response of the security team and the involvement of federal law enforcement agencies. It was noted that over $20 million in Ethereum (ETH) was returned to the ecosystem.

The security team detected a suspicious transfer of $200 million worth of GALA tokens. Within 45 minutes, all tokens in the unauthorized wallet were frozen. The team successfully halted additional unauthorized minting and movement of GALA, significantly mitigating the impact of the incident. Approximately 90% of the minted GALA was locked shortly after the event.

Well done GALA team!

To ensure the stability of the ecosystem, the organization has proposed burning 4.4 billion GALA tokens, along with 600 million from the central Gala Treasury. This total of 5 billion GALA will be permanently removed from circulation by sending them to a burn address.

According to CoinMarketCap, GALA’s price surged 20.6% to a peak of $0.04969 at 6:25 AM EDT. It currently sits at $0.04736, with a market capitalization increase of 6% to $1.67 billion, despite a 24% decrease in trading volume over the past 24 hours.

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