PANews|Aug 21, 2026 00:51
[GalaChain Pauses Cross-Chain Bridge Due to $2.9 Million Security Incident, 82% of Affected Funds Linked to CEO's Wallet]
According to crypto journalist Kate Irwin, GalaChain experienced an abnormal asset outflow incident this Tuesday, where 1.99 billion GALA (approximately $2.9 million) and other tokens were transferred from five main addresses to a new wallet. Within about an hour, the GALA tokens were exchanged cross-chain for ETH. Approximately 82% (1.639 billion GALA) of the funds came from a wallet associated with Gala CEO and co-founder Eric Schiermeyer, which also saw an outflow of approximately $500,000 worth of other tokens. Hours after the incident, Gala developers submitted a fix on GitHub, identifying the issue as an EIP-712 unsigned field injection vulnerability in GalaChain.
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