Gala games is one of the world’s largest online gaming companies! How could a major cryptocurrency exchange lose $1 billion of their customer’s money? One word: Phishing. Phishing occurs when malicious actors pose as legitimate organizations. They do to attempt to lure unsuspecting victims into handing over sensitive information. This information can be used to steal identities and bank accounts. This crypto hack on Gala games, highlights the dangers of phishing attacks. They also highlight what you can do to protect your identity and assets against them.

Gala Games hack simply a misleading problem?

The Blockchain security and information examination organization, PeckShield, raised worries to the group during the early hours on Nov. 4. In spite of the fact that it seems as though the issue was taken care of after support was finished on a ‘defective’ PancakeSwap pool.

Before long, pNetwork, a multi-chain steering convention for DeFi and gaming tokens, shed some more light in a progression of tweets. The underlying tweet read:

“A misconfiguration of the p.network span required the redeployment of pGALA. We’re working straightforwardly w/the Occasion group and w/trades to give the vital pGALA adjusts to reestablish the usefulness of pGALA stores and withdrawals.”

It encouraged clients to “not start trades to and from this pool.” In the mean time, all ‘Affair tokens on Ethereum and the basic scaffold security’ stayed safe.

The said group started the examined depleting of the pGALA PancakeSwap pool’s liquidity (of different monetary standards). All things being equal, a recently designed assortment would supplant the more seasoned variant.

 “Another pGALA token will be made to supplant the old compromised one and airdropped before long to the people who had pGALA before the pool was depleted,” pNetwork said.

In any case, the new token wasn’t given at this point. Therefore, it requested to keep up with alert.

Landed Blow

Despite consoling tweets, the harm is by all accounts done. The separate Function token saw a huge 30% cost rectification. Clients and HODLers dreading the most obviously awful auctions off their property as the cost devalued.

The apprehension was legitimate, given the unpredictable nature and steadily developing hacks inside the DeFi area.

Now as a consumer there are many questions arising regarding the crypto market like if the crypto is safe? Can we prevent crypto hacks?

How Safe is Cryptocurrency?

Cryptocurrencies fall under the high risk but high reward category of investing. The sector is still very speculative now, so investing in it is regarded as being considerably riskier than doing so in standard stocks.


Whether cryptocurrencies will ultimately succeed in displacing fiat money is up for debate. It is unknown if it will ever have applications in society. Because of this, the value of digital currency is always changing.

Stocks, as opposed to cryptocurrencies, have a long history of increasing in value over time. Yes, stock values will fluctuate, but over the long run, they move upward.


If you’re risk averse or only have a little sum of money to invest, you probably shouldn’t buy cryptocurrencies. You have a far larger danger of losing all of your invested money because of the industry’s high level of volatility.

However, if you’re willing to accept the level of risk involved, cryptocurrency may be a good investment. You have to be mentally prepared to afford to lose your money.

Even so, there are a few things to consider before making a purchase.

How to Prevent Crypto Hacks?

Even though the cryptocurrency sector has become widely accepted during the past ten years, it has already given rise to a concept. This concept is so well-known that it is practically cliché. An unsafe assault focuses on an individual or maybe even a computerized cash trade.

As a result, a significant amount of digital currency disappears. The digital assets that the hackers take with them are impossible to track down or retrieve. These funds appear to disappear into the veil of anonymity.

There are many ways that an individual can prevent their funds or assets to breach into any hack.

Security and Regulation

To begin with, crypto organizations need to work on their network safety — quick. The Ronin Organization conceded that it required six days to see that a programmer had taken advantage of a security blemish and taken $540 million worth of digital money. This degree of safety is unsatisfactory. In the event that these associations are requesting that clients entrust them with resources, they should give the security to safeguard them. In the event that they don’t put resources into security, the assaults will proceed and clients will rapidly lose trust in these stages.

Second, the rising seriousness of these assaults upholds the contention that crypto organizations require more noteworthy guideline. Managed monetary establishments can’t bear to pull off the deficiency of millions in resources. Obviously, assaults do occur, however guidelines hold the security of directed foundations to an adequate standard that misfortunes are relieved. At the point when these guidelines are not met, there are ramifications set up by the controllers.

Billionaire and crypto genius, Bankman-Fried has announced that he is working to fix the cryptocurrency hacking epidemic. This epidemic seems to be increasing in the past few weeks so this should be fixed by now. He has previously been compared to Warren Buffet, known as the Oracle of Omaha for his uncanny ability to predict market trends. According to him, cryptocurrency users need to be aware that their digital assets are not always safe and secure. Instead, they are prone to attack from hackers looking for an easy way to get rich. For more information about why this might be happening, read on!

What are Crypto Hacks?

Crypto hacking is achieved by simple phishing plans that bait individuals to a fake coin trade. This is also done by utilizing modern programming instruments. These instruments compromise a coin trade. Throughout recent years, countless dollars of crypto coins are stolen till now. Most broadly the $450 million misfortune from the Japan-based Mt. Gox trade in 2014. See Mt. Gox, phishing, cryptojacking, cryptoshuffler and digital currency trade and a recent hack of Binance BNB. Overall October has been worst in regards of crypto hacking. Almost 718$ million dollars are stolen in October 2022.

Who is Bankman-Fried?

Samuel Bankman-Fried is an American entrepreneur investor and a billionaire. He is also the founder and CEO of FTX. This exchange had over one million users as of February, 2022. In the late spring of 2013, Bankman worked at Jane Road Capital in a restrictive exchanging firm. This frim was associated with exchanging global ETFs. At first an understudy, he returned there full-time subsequent to graduating

In September 2017, Bankman-Seared quit Jane Road and moved to Berkeley. There he worked momentarily at the Middle for Compelling Unselfishness. In November 2017, he established Alameda Exploration, a quantitative exchanging firm. Starting around 2021, Bankman-Seared possesses roughly 90% of Alameda Exploration. In January 2018, Bankman-Seared coordinated an exchange, climbing to $25M each day. Subsequent to going to a late 2018 cryptographic money meeting in Macau, and keeping in mind that likewise motivated by the simultaneous fork of Bitcoin Money, he moved to Hong Kong. He established FTX, a cryptographic money subsidiaries trade, in April 2019, and it then, at that point, sent off the next month.

How He Tried to Fix the Hack?

Crypto very rich person Sam Bankman-Seared has illustrated a structure for restricting the effect of the hacks. His fix also includes covering the most extreme abundance for assailants at $5 million.

His mediation comes only days after a programmer got to keep $50 million of the generally $100 million depleted from the Mango decentralized-finance application under an arrangement with the stage after the heist. More than $3 billion has been plundered from the crypto area this year, which is established to be a record for hacking.

Bankman-Broiled, fellow benefactor of computerized resource trade FTX, proposed in a blog entry what he called a “5-5 norm”. According to this, programmers keep either 5% of the sum they’ve taken from a convention or $5 million, whichever is more modest.

Other key stipulations are that clients should be restored and that the programmer is acting “with sincere intentions”. One is also completely expected to take part and return the majority of the resources. In crypto, aggressors are once in a while seen as white-cap programmers who try to uncover weaknesses as a trade-off for a prize as opposed to make malevolent additions.

“Hacks are very damaging to the advanced resource biological system,” Bankman-Broiled composed, adding his 5-5 methodology would have checked the effect of hacks “over 98%” however that he’s as yet uncertain what the right standard would be.

Information from Blockchain

Information from blockchain expert Chainalysis Inc. show the majority of the adventures and hacks this year have designated decentralized finance – – or DeFi. DeFi conventions offer programming-based calculations that empower crypto financial backers.

The spate of assaults is putting the onus on crypto players to find arrangements given that DeFi is promoted as significant for the more extensive reception of advanced tokens, which are likewise staggering from the current year’s defeat in coin costs.

Bankman-Broiled’s remarks were essential for a wide post that resolved issues like assents, tokenization of stocks and what makes a resource a security.

How to Prevent Crypto Hacks?

Even though the cryptocurrency sector has become widely accepted during the past ten years, it has already given rise to a concept. This concept is so well-known that it is practically cliché. An unsafe assault focuses on an individual or maybe even a computerized cash trade.

As a result, a significant amount of digital currency disappears. The digital assets that the hackers take with them are impossible to track down or retrieve. These funds appear to disappear into the veil of anonymity.

There are many ways that an individual can prevent their funds or assets to breach into any hack.

The cryptocurrency exchange Binance has reported that it was hacked today. This hack made them lose over 7,000 bitcoins (worth over $40 million) and 230 million Binance coins (BNB). If true, this would make it the largest crypto hack in history. The news was first reported on the Binance website and subsequently confirmed on its Twitter page. The company posted an explanation of what happened from their perspective. They also posted some steps that users can take to ensure their security. This follows other recent hacks of smaller exchanges like Bitgrail, Coincheck, and Youbit.

The Hack

Binance, a cryptocurrency exchange, unexpectedly shut down its blockchain network after hackers stole BNB tokens valued about $570 million.

Binance confirmed late Thursday that a cross-chain bridge that connects with its BNB Chain was attacked. This attack was permitting attackers to move BNB network-based tokens. Cross-chain bridges are tools that enable the movement of tokens from one blockchain to another.


According to the company, it has engaged with network validators—organizations or people who verify transactions on the blockchain—to halt the generation of new blocks on BSC. Validators have freezed all transaction processing while a team of developers will look into the security hole.

Binance’s chief executive, Changpeng Zhao confirmed that no users lost their funds in this crypto hack. He also confirmed that more details will be public soon.

What Did the Hacker Do?

The vulnerability in decentralised finance, or DeFi, where transactions are regulated by code, was brought to light by the Binance Smart Chain network hack.


Binance’s CEO, Changpeng Zhao, stated in a CNBC interview that “software code is never bug free.”

The blockchain research firm Chainalysis estimated 13 cross-chain bridge assaults in August. More than 10 assualts had resulted in the theft of almost $2 billion in cryptocurrencies in 2022. An assualt caused crypto-powered video game Axie Infinity to lose $600 million. $325 million was taken from the Wormhole network in February.

These attacks prove how vulnerable DeFi platforms are when the code controls them. They also show how decentralisation can slow down problem-solving in emergency situations. After hackers managed to hack 570$ million worth of Binance BNB, two transactions were done each of 1 million Binance BNB. These assets were then converted into other small liquid assets.

New tools are being developed to help fight back against these kinds of crypto hacks. An oracle network will launch a network allowing blockchains to request help from smart contracts by Chainlink. This network will make decisions on how to stop these assualts.

What will Binance Do Now?

Friday morning about 2:30 AM EST, Binance restarted the BNB Smart Chain (BSC). They made deposits and withdrawals possible.


The business addressed to the community for the attack. Binance praised validators for their timely response against this hack.


Binance reported that 2 million BNB were stolen using a vulnerability on the BSC Token Hub. They have promised to release an analysis with further information in the future.


An update on Binance’s website states, “There was an exploit affecting the native cross-chain bridge between BNB Beacon Chain (BEP2) and BNB Smart Chain (BEP20 or BSC), known as “BSC Token Hub”. It’s technically classified as a crypto hack. With a bounty of up to 10% of the value of the stolen assets up for grabs, the Binance Smart Chain community will vote on whether to freeze the stolen cash.

Binance detected this event right away and will suspend the offending party as soon as possible. After this incident, their security team is performing an intensive inspection of other contracts. These inspections are to ensure no others are compromised by the same problem. Further investigation from Binance will be conducted on this exploit.

How to Prevent Crypto Hacks?

Even though the cryptocurrency sector has become widely accepted during the past ten years, it has already given rise to a concept. This concept is so well-known that it is practically cliché. A harmful attack targets a person or perhaps even a digital money exchange.

As a result, a significant amount of digital currency disappears. The digital assets that the hackers take with them are impossible to track down or retrieve. These funds appear to disappear into the veil of anonymity.

There are many ways that an individual can prevent their funds or assets to breach into any hack.

Use two factor authentications:

Your account will have an extra layer of security thanks to 2FA. You get a message or email with a verification code whenever someone tries to log in. By adding this step, hackers will find it more difficult to access your account. They would need this verification code, so they might call and bribe you into giving it to them.

Divide your funds in different wallets:

Divide your funds in least 2 different wallets rather than keeping them all in one. Use a “cold” wallet for holding and a “hot” wallet for daily transactions. This will prevent all your funds to get hacked. Imagine if one basket full of apples fell out of two baskets, you will still have one basket saved.