On May 22nd, the Gala community launched a governance proposal on "Temporary GALA Token Contract Upgrade and Token Destruction". The proposal states that in light of the recent security incident that led to the unauthorized minting and sale of approximately 600 million GALA tokens, and the permanent lock-up of approximately 4.40 billion tokens, this proposal aims to officially destroy these approximately 4.40 billion GALA tokens, as well as approximately 600 million GALA tokens from the GALA treasury, to ensure the stability and sustainability of the ecosystem.
Note: Due to the scalable nature of the GALA contract, the proposed changes will not require exchange or re-listing on the exchange, and can be implemented without affecting all GALA token users.
This move will enhance the security features of the contract by upgrading the GALA contract, including the explicit and irreversible destruction of the same amount of unauthorized tokens or tokens that law enforcement authorities deem to have been obtained illegally, to prevent future unauthorized access or default.
The Gala community has initiated a governance proposal on "Temporary GALA Token Contract Upgrade and Token Destruction"
2024-05-22 00:50:23
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