TechFlow reports that the Gala community has initiated a governance proposal to upgrade the GALA contract and burn $4.4 billion worth of GALA tokens.
The proposal highlights that, following a recent security incident which led to the unauthorized minting and sale of approximately $600 million in GALA tokens and permanently locked around $4.4 billion in tokens, it now seeks to formally burn these $4.4 billion worth of GALA tokens—originally held in the central Gala Treasury—to ensure ecosystem stability and sustainability.
In addition, the proposal calls for upgrading the GALA contract to explicitly and irreversibly destroy an equivalent amount of any unauthorized tokens or tokens determined by law enforcement to have been illegally obtained, while also enhancing the contract's security features to prevent future unauthorized access or breaches. Due to the upgradeable nature of the GALA contract, the proposed changes do not require token swaps or relisting on exchanges and can be implemented without affecting existing GALA token holders.
