Fears Of A Muti-billion Dollar Hack Create Chaos In Gala Games Community: Everything Is Fine, Says the Firm
Gala Games, a blockchain gaming firm, persuaded the community to calm down following the erroneous fears of a hack or rug pull of several billion dollars due to which a temporary decline of 25.6% was witnessed in the platform’s native token GALA.
Gala Games Community Fears an Exploit, GALA Fells by 25%
The early fear, which was claimed by the venue as baseless, was witnessed following a sole wallet address that seemed to mint more than $2B GALA tokens from thin air, as highlighted on the 3rd of November by PeckShield (a blockchain security company). The fear that the unusual operation signified a rug pull or exploit played a vital role in dramatically lowering the price of the GALA token by nearly 25.6%.
Previously, its price was at $0.0394 however in just 130 minutes it came to only $0.0293, as shown in the data provided by CoinGecko. Nonetheless, Gala Games moved to its official account on the social media platform Twitter on the 4th of November to dismiss the “FUD” around its local token. It elaborated that many people are spreading the words such as a rug pull or a hack while none of these things is true.
Jason Brink, the blockchain president at Gala Games, mentioned that the unusual activity noticed on PancakeSwap (a decentralized exchange) was carried out on the behalf of pNetwork which was operating to ditch the liquidity pool to protect it from likely vulnerability. After that, the platform disclosed that the consumers should not panic as everything is under control and no effect has been caused to the GALA token on ETH.
The company further advised that the users should not purchase the $pGALA token on PancakeSwap. A Twitter post shared by pNetwork (known as the interoperability bridge indicated that operates across the chains and is utilized on the Binance Smart Chain by Gala Games) specified that it witnessed a misconfiguration incident.
pNetwork Decides to Momentarily Suspend the Bridge’s Transfer Operations
The bridge responded to Peckshield’s tweet and pointed out that the white hat hack was assisted by it to protect pGALA from any exploitation. As per the venue, the funds of the customers were secure nonetheless they should not sell or purchase tokens on pancakeswap. In this way, pNetwork declared its decision to momentarily shut down the transfer operations on its bridge.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at [email protected] if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. CreditInsightHubs is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
