Breaking News: Popular Altcoin Hacked, Price Rapidly Dropping
Gala has been hacked, with a loss of $200 million. According to on-chain transactions, the tokens are being swapped with ETH. GALA Coin has dropped to $0.039.
For cryptocurrency investors, it’s a mix of both bliss and nightmare simultaneously. The overall market sentiment is positive. However, a popular altcoin, while gearing up for double-digit gains, suddenly took a downturn due to being hacked. A loss of $200 million was incurred.
Why is GALA Coin Falling?
According to on-chain movements, GALA Coin has been hacked, and tokens worth $200 million are being exchanged for ETH. After rising to $0.048, the popular altcoin quickly dropped to $0.0395. The timing couldn’t have been worse. While rumors of ETH ETF approval were driving the entire market upwards, GALA Coin had gained over 8%, but now it’s showing a drop of more than 7%, indicating a double-digit loss.
A reasonable explanation from the team regarding this on-chain activity has not yet been provided. Many sources are reporting the $200 million loss as breaking news. If the team confirms this later, we may see accelerated selling pressure for GALA Coin. Investors are advised to be cautious against possible dump movements and deeper losses.
