GalaChain suspends cross-chain bridge due to a $2.9 million security incident, with 82% of the affected funds coming from the CEO's associated wallet

According to crypto journalist Kate Irwin, an abnormal asset outflow event occurred on GalaChain this Tuesday, with 1.99 billion GALA (approximately $2.9 million) and other tokens transferred from five main addresses to a new wallet, and GALA was cross-chain exchanged for ETH within about an hour. Approximately 82% (1.639 billion GALA) came from a wallet associated with Gala CEO and co-founder Eric Schiermeyer, which also saw an outflow of about $500,000 in other tokens.

Hours after the incident, Gala developers submitted a fix on GitHub, characterizing it as a GalaChain EIP-712 unsigned field injection vulnerability. Currently, Gala has suspended the Ethereum and Solana cross-chain bridge, with officials stating "under maintenance," and GalaChain and its CEO have not yet responded to requests for comment.