How GALA Token has minted for 5,000,000,001 GALA and dump a token arising impact loss ~25,937,338 USD

How this happens 🤔

On Timestamp: 2024–05–20 19:32:11 (UTC) EOA 0xec78b484a28a73f4f1cff23b9cd31aa12c1d9b4e has call function mint to mint 5,000,000,001 GALA for EOA: 0xe2Ca471124b124831e231fb835778840Ad100F97 [GALA Exploiter]
at tx hash 0xa6d90abe17d17743a9cecab84bcefb0fd0bbfa0c61bba60fd2f680b0a2f077fe

Invocation Flow

Why can mint a token 😕

On GALA Token Contract has a function upgradeable proxy it can upgrade and change the structure add a function or modify a contract

On Timestamp: 2023–04–19 14:53:11 at TX hash 0xb007b15d0b34eebc104cb02a1979db9e253607b65dc45ce6fc651cdc30d59042

Invocation Flow

Event log showing Gala Games: Deployer has upgraded via upgradable proxy and setting a minter is 0xec78b484a28a73f4f1cff23b9cd31aa12c1d9b4e

That’s why this address can mint a GALA Token

Dump GALA Token to WETH via Uniswap 😥

After 0xec78b484a28a73f4f1cff23b9cd31aa12c1d9b4e Call a mint function and set 0xe2Ca471124b124831e231fb835778840Ad100F97 [GALA Exploiter] received almost 5,000,000,001 GALA

0xe2Ca471124b124831e231fb835778840Ad100F97 [GALA Exploiter] Swap almost 585,461,853 GALA has swapped to ETH with 75 transaction

View all transactions here

Who is behind this event? 🙄

We don’t know, but it’s related to who is given a role to mint a token please ask to GALA Deployer about who is behind 0xec78b484a28a73f4f1cff23b9cd31aa12c1d9b4e 🫢

Special Thank

Tools from Blocksec and intelligent data from Arkham Intelligent

Analysis by SCRL

God bless you 🥱

SCRL, formerly known as SECURI LAB, aims to enhance Web3 project security through the expertise of security researchers. We provide robust security solutions and employ industry-standard technology, including internal tools and KYC solutions, to assess the security of smart contracts. SCRL primary mission is to tackle security challenges in Web3 projects with a focus on concise security audits. We created Python tools, namely WAS for internal purposes and aspire to foster the growth of Thailand’s crypto industry by promoting security protection technology.

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