Gala Games, a blockchain gaming startup, informed consumers on Friday that GALA had not been hacked, compromised, or used unfairly in any manner. All GALA coins on Ethereum were "secure" after the redeployment of pGALA due to an error with the pNetwork bridge. After a single wallet address generated more than $2 billion in tokens, panic ensued, and GALA coins fell 39% in a short period of time.
Discussing a Recovery Plan for Affected Users on Binance
On November 4, Gala Games will remind customers that GALA coins are secure on Ethereum. Words like "rug" and "hack" associated with Gala Games are being used to promote misleading information. The Gala Games team, Binance, and other crypto exchanges are collaborating with the multichain routing protocol pNetwork, which is responsible for the creation of over $2 billion worth of coins, to restore functionality.
Additionally, pNetwork will deliver fresh pGALA and BNB to the addresses in accordance with their standing in the PancakeSwap pGALA pool. In the meantime, the bridge is momentarily suspended and the current PancakeSwap pool is still invalid.
“Whoever is buying on Pancakeswap now risks to lose everything as their newly bought pGALA are unredeemable (hence worthless) and the BNB they have spent may get hacked.”
The pNetwork team is developing a new pGALA token; users will shortly receive updates. Those who had pGALA tokens before the pool was drained will receive the tokens via airdrop.
Amid worries over pNetwork's pGALA token, Binance has halted deposits and withdrawals for BEP-20 GALA tokens. Numerous exchanges, including Huobi, stop supporting the GALA coin.
Additionally, Binance and the pNetwork team are now debating the following procedures and a recovery strategy for the affected users.
Tokens for GALA Fall 39%
After customers thought the platform had been hacked, panic selling caused the native token of Gala Games, GALA, to crash 39%. After blockchain companies explained the motivations behind the $2 billion worth of token minting, the price has since recovered. GALA's low and high points for the day are $0.028 and $0.039.
The GALA price is currently $0.035, down roughly 11% over the previous 24 hours.