DWF Labs, an innovative Web3 investment and market-making platform, has recently completed an exclusive acquisition. The company has announced its support for Gala Games, a blockchain gaming entity, following a security breach, with a buyout of up to 25 million $GALA tokens. DWF Labs took to its official X account to disclose this support.
At DWF Labs, we are dedicated to standing by our portfolio companies through thick and thin
We were saddened to learn about the recent security breach at @GoGalaGames, which resulted in unauthorized transactions involving $GALA tokens.
In response to this incident, we have…
https://t.co/e4caYjvABQ
— DWF Labs (@DWFLabs)
May 21, 2024
It’s important to remember that Gala Games experienced a severe security breach causing damages of $200 million. However, the platform fought back and managed to reduce the damages to $21 million. Despite this, the value of the $GALA token suffered a significant drop due to excessive selling pressure. This recent move by DWF Labs will greatly assist Gala Games in stabilizing the value of their native coin.
DWF Labs Supports Gala Games After Security Breach with 25M $GALA Coin Buyout
In its recent X post, the company emphasized its commitment to supporting its portfolio entities in all situations. Additionally, the platform discussed the recent security breach that occurred at Gala Games. It mentioned that this breach led to unauthorized transfers of $GALA tokens.
While addressing the shocking security breach, DWF Labs stated that it has taken a proactive approach. It has implemented several preemptive measures to alleviate the selling pressure in the market. To achieve this, the company has made a significant purchase of up to 25 million $GALA coins on the public market.
The Platform Aims to Stabilize the Value of $GALA and Provide Consistent Support
The buyout is intended to stabilize the value of the $GALA token. Furthermore, this move showcases the company’s determination to offer unwavering support during challenging times. The firm also emphasized the importance of security, ensuring the protection of investments and communities.
The platform proceeded to provide the latest updates regarding the security incident at Gala Games. Gala Games’ team has confirmed that they have resolved the issue and are taking measures to secure the contracts and prevent similar incidents in the future. DWF Labs expressed optimism that Gala Games will bounce back resiliently from this setback.
