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, by acquiring 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 taken proactive measures…
https://t.co/e4caYjvABQ
— DWF Labs (@DWFLabs) May 21, 2024
It is important to remember that Gala Games faced a significant security breach that caused damages amounting to $200 million. However, the platform fought back and managed to reduce the damages to $21 million. Despite this, the value of the $GALA token experienced a sharp decline due to excessive selling pressure. This recent move by DWF Labs will greatly assist Gala Games in stabilizing the value of its native coin.
DWF Labs Supports Gala Games Following a Security Breach with a 25 Million $GALA Coin Acquisition
In a recent post on its X account, the company emphasized its commitment to supporting its portfolio entities in all circumstances. Additionally, the platform addressed the recent security breach that occurred at Gala Games. It mentioned that this breach resulted in unauthorized transfers, involving $GALA tokens.
While responding to this shocking event, the company revealed that it has taken a proactive approach. It stated that it has implemented several preemptive measures to alleviate the selling pressure in the market. To achieve this, the company has acquired a substantial amount of up to 25 million $GALA coins, making the purchase on the public market.
The Platform Aims to Stabilize the Value of $GALA and Provide Consistent Support
The acquisition is intended to stabilize the value of the $GALA token. Additionally, this move signifies the company’s determination to provide ongoing support during challenging times. Furthermore, the firm emphasized the importance of security. It stressed that it prioritizes the security of investments and communities.
The platform proceeded to provide the latest updates regarding the security incident at Gala Games. It revealed that the Gala Games team has confirmed that they have addressed the issue. They are reportedly securing the contracts and implementing measures to prevent future incidents. The platform expressed optimism that Gala Games will resiliently overcome this setback.
