A recent hack in the cryptocurrency market had a bombshell effect. The theft of GALA tokens worth $200 million shocked the market. Today, news from DWF Labs seems to have revived GALA. DWF Labs created excitement by announcing a major investment.
DWF Labs Buys GALA
According to a recent announcement, DWF Labs made a massive cryptocurrency purchase. The cryptocurrency purchased by DWF Labs was GALA, which was recently in the news for a 200 million token theft. Initially announced as 25 million tokens, the purchase was later updated to 28.3 million.
DWF Labs made the following statement:
We at DWF Labs are committed to supporting our portfolio companies under all circumstances. We were very saddened to hear about the recent security breach. @GoGalaGames This led to unauthorized transactions involving $GALA tokens. In response to this incident, we took proactive steps to alleviate market selling pressures and purchased 28 million $GALA tokens from the open market. The aim is to stabilize the token value and express our unwavering support during these challenging times. The security of our investments and the communities they create is important to us.
According to the latest updates, the @GoGalaGames team confirmed that the issue is under control, all contracts are secured, and advanced security measures are in place to prevent future incidents. We trust Gala Games’ ability to overcome this setback and emerge stronger. There will always be ups and downs in crypto, but we will be #StrongerTogether. Go Gala Games!
After this purchase, the total amount of GALA owned by DWF Labs reached 88.3 million tokens. Following the purchase announcement, GALA, which had dropped over 20% yesterday, experienced a price movement, but things still didn’t look very good.
What Is GALA’s Price Now?
GALA price rose by 5% immediately after the news but still hadn’t recovered yesterday’s losses. As of the time of writing, GALA is trading at $0.04294 after a more than 2% drop in the last 24 hours.
Additionally, GALA’s market cap rose by 16% to $1.5 billion. Trading volume reached $937 million after a 644% increase in the last 24 hours.
