Named after Otto Wallach - German chemist; Nobel laureate (1847-1931).
Wallach is a tiny lunar impact crater located in the eastern Mare Tranquillitatis. It is a circular, bowl-shaped feature with a negligible interior floor; the inner walls just slope down to the midpoint of the crater. Wallach is located to the northeast of the crater Maskelyne, near some low ridges in the lunar mare. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.