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Gala Games Announces Migration to V2 Following $200M Token Hack

Gala Games, a prominent blockchain gaming platform, has announced its migration to a new version, V2, following a major security breach resulting in the theft of $200 million worth of tokens. The transition aims to bolster the platform’s security measures and restore trust among its user base.

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Gala Games, a prominent blockchain gaming platform, has announced its migration to a new version, V2, following a major security breach resulting in the theft of $200 million worth of tokens. The transition aims to bolster the platform’s security measures and restore trust among its user base.

The recent hack exploited vulnerabilities in the existing V1 protocol, prompting Gala Games to expedite its plans for a comprehensive upgrade. The V2 migration will include enhanced security features, improved scalability, and additional functionalities designed to prevent future breaches.

In an official statement, Gala Games expressed its commitment to safeguarding user assets and maintaining a secure environment for blockchain gaming. “The security of our community’s assets is our top priority. The V2 migration will not only address the vulnerabilities exposed by the recent hack but also set a new standard for security and performance,” said a Gala Games spokesperson.

The upgrade process will involve a token swap, where users’ existing V1 tokens will be exchanged for the new V2 tokens. Gala Games has assured users that the migration will be seamless, with detailed instructions provided to ensure a smooth transition. The platform also stated that it is working closely with security experts to audit the new protocol and prevent any future exploits.

The $200 million hack has been a significant setback for Gala Games, highlighting the ongoing challenges faced by blockchain platforms in ensuring robust security. The company’s swift response and proactive measures in migrating to V2 reflect its dedication to overcoming these challenges and reinforcing user confidence.

As part of the recovery efforts, Gala Games is also exploring ways to compensate affected users. Details of the compensation plan are expected to be released in the coming weeks, demonstrating the platform’s commitment to transparency and community support.

In summary, Gala Games’ migration to V2 marks a pivotal step in enhancing the security and functionality of its blockchain gaming platform. Following the $200 million token hack, the company’s decisive actions aim to restore trust and provide a safer, more resilient environment for its users.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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