Gala Games Hack Update: Binance Discusses Recovery Plans

Gala Games Hack Update: Binance Discusses Recovery Plans

Blockchain gaming company Gala Games notified users on Friday that GALA was not hacked, breached or exploited in any way. ONE misconfiguration of pNetwork bridge resulted in the redistribution of pGALA, with all GALA tokens on Ethereum being “safe”. GALA tokens plunged 39% in a few hours due to panic after a single wallet address was minted over $2 billion in tokens.

Binance discusses recovery plan for affected users

Gala game on 4 November memories users that GALA tokens on Ethereum are safe. People are spreading FUD with words like Gala Games “hack” and “blanket”, which are fake. Multi-chain routing protocol pNetwork, which is behind the minting of over $2 billion in tokens, is working with the Gala Games team, Binance and other crypto exchanges to restore functionality.

Furthermore, pNetwork will send new pGALA and BNB to the addresses based on their position in pGALA pool at PancakeSwap. Meanwhile, the existing PancakeSwap pool remains invalid and the bridge is temporarily suspended.

“Whoever buys on Pancakeswap now risks losing everything as their newly purchased pGALA are irredeemable (hence worthless) and the BNB they have spent can be hacked.”

The pNetwork team is working on a new pGALA token, updates will be shared with users soon. The tokens will be airdropped to those who had pGALA tokens before the pool was emptied.

Meanwhile, Binance has suspended deposits and withdrawals for BEP-20 GALA tokens amid concerns regarding pNetwork’s pGALA token. Several exchanges such as Huobi stop supporting the GALA token.

Also, Binance is currently discussing the next steps and a recovery plan for affected users with the pNetwork team.

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GALA Tokens Plunge 39%

Gala Games’ native token GALA fell 39% during panic selling after users believed the platform was hacked. However, the price has recovered after blockchain firms clarified the reasons behind the $2 billion worth of tokens. The 24-hour low and high for GALA are $0.028 and $0.039, respectively.

At the time of writing, the GALA price is trading at $0.035, down almost 11% in the last 24 hours.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.

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