DWF Labs, an innovative Web3 investment and market-making platform, has recently completed an exclusive acquisition. The company has announced its backing of Gala Games, a blockchain gaming entity, following a security breach by acquiring up to 25 million $GALA tokens. The platform shared this news on its official X account.
At DWF Labs, we are dedicated to supporting our portfolio companies through all challenges We were disheartened to learn about the recent security breach at @GoGalaGames, which resulted in unauthorized transactions involving $GALA tokens. In response to this incident, we have taken action…
Remember that Gala Games experienced a significant security breach causing damages of $200 million. Despite this setback, the platform managed to minimize the damages to $21 million. However, the value of the $GALA token dropped due to high selling pressure. This recent acquisition will greatly assist Gala in stabilizing the value of their native coin.
DWF Labs Shows Support for Gala Games After Security Breach with Purchase of 25M $GALA Tokens
In a recent post on X, the company emphasized its dedication to supporting its portfolio companies in all circumstances. Additionally, the platform addressed the recent security breach at Gala Games. It mentioned that the breach led to unauthorized transfers involving $GALA tokens.
In response to the alarming security breach, the company took a proactive approach. It stated that it has implemented various preemptive measures to alleviate market selling pressures. To this end, the company acquired a substantial amount of up to 25 million $GALA tokens on the public market.
The Platform Aims to Secure the Value of $GALA and Provide Ongoing Support
The acquisition is intended to stabilize the value of the $GALA token. Furthermore, this action demonstrates the company’s commitment to offering consistent support during challenging times. Additionally, the company emphasized its focus on security, prioritizing the safety of investments and communities.
The platform also provided updates on the security incident at Gala Games. It disclosed that the Gala Games team has addressed the issue and is actively securing contracts to prevent future incidents. There is optimism that Gala Games will overcome this setback with resilience.