Gala Games, a blockchain gaming firm, assured customers on Friday that GALA had not been hacked or used unfairly. Due to a pNetwork bridge issue, all Ethereum GALA coins were "safe" when pGALA was redeployed. After a single wallet address generated over $2 billion in tokens, panic followed and GALA coins plunged 39% in a short time.
Gala Games will remind clients on November 4 that GALA currencies are safe on Ethereum. "Rug" and "hack" are used to propagate misinformation about Gala Games. The multichain routing network pNetwork, which generated over $2 billion in currencies, is working with Gala Games, Binance, and other cryptocurrency exchanges to restore functioning.
Binance, and other cryptocurrency exchanges. The price of GALA token fell 39%.
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
Gala Games will remind clients that GALA currencies are safe on Ethereum on November 4. Gala Games-related terms like "rug" and "hack" are being exploited to spread false information. The multichain routing network pNetwork, which generated over $2 billion worth of currencies, is working with the Gala Games team, Binance, and other cryptocurrency exchanges to restore functionality.
In line with each address's position in the PancakeSwap pGALA pool, pNetwork will also send fresh pGALA and BNB. The PancakeSwap pool is still invalid in the interim, and the bridge is temporarily closed.
Anyone making a purchase on Pancakeswap now faces the risk of losing everything because the pGALA they just bought are useless because they can't be redeemed, and the BNB they previously spent might be compromised.
Users will soon receive updates on the new pGALA token that the pNetwork team is creating. The pGALA tokens will be distributed through airdrop to everyone who held them prior to the pool being drained.
Binance has stopped accepting deposits and withdrawals for BEP-20 GALA tokens due to concerns regarding pNetwork's pGALA token. Many exchanges quit supporting the GALA currency, including Huobi.
Additionally, the following protocols and a recovery plan for the impacted users are now being discussed by Binance and the pNetwork team.
GALA token prices drop 39%
Customers' fears that the platform had been compromised led to panic selling, which caused the price of Gala Games' native token, GALA, to drop 39%. The market has recently recovered as blockchain companies gave an explanation of the reasons behind the $2 billion worth of token minting. GALA's day low and high are $0.028 and $0.039, respectively.
The price of GALA is currently $0.03578, declining by almost 8.1% over the previous day.