DWF Labs, a pioneering Web3 investment and market-making platform, has recently completed an exclusive acquisition. The company has declared its backing for the blockchain gaming entity Gala Games following a security breach, with a purchase of up to 25 million $GALA tokens. The platform took to its official X account to announce the support provided.
At DWF Labs, we are dedicated to standing by 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…
https://t.co/e4caYjvABQ
— DWF Labs (@DWFLabs)
May 21, 2024
It’s worth recalling that Gala Games faced a significant security breach causing damages of $200 million. However, the platform fought back and managed to reduce the damages to $21 million. Despite this, the $GALA token experienced a sharp decline due to extensive selling pressure. This recent action will greatly assist Gala in stabilizing the value of the native coin.
DWF Labs Extends Support to Gala Games After Security Breach with Purchase of 25M $GALA Tokens
In its latest X post, the company emphasized its dedication to supporting its portfolio companies in all circumstances. Furthermore, the platform addressed the recent security breach that occurred at Gala Games. It acknowledged that the breach resulted in unauthorized transfers involving $GALA tokens.
In response to the alarming security breach incident, the company revealed that it has taken a proactive stance. It mentioned that several preemptive measures have been taken to alleviate market selling pressures. To achieve this, the company has acquired a substantial amount of up to 25 million $GALA tokens. This purchase was made on the open market.
The Platform Aims to Secure the Value of $GALA and Provide Unwavering Support
The acquisition aims to stabilize the value of the $GALA token. Additionally, this action signifies the company’s commitment to offering consistent support during challenging times. Moreover, the firm emphasized the importance of security. It affirmed that the security of investments and communities is of utmost priority.
The platform proceeded to provide the latest updates regarding the security incident at Gala Games. It disclosed that the team at Gala Games has addressed the issue and is actively securing contracts to prevent future incidents. It expressed optimism that Gala Games will emerge resiliently from this setback.