- Gala Games calls his community for calm after fear of a multi-billion dollar hack. Due to this misplaced fear, the GALA token has fallen by about 25.6%.
- The fear of a hack initiated as a single wallet address seemed to make more than $2 billion GALA tokens that appeared suddenly and in a mysterious way. It was also blacklisted by PeckShield, a blockchain security company on November 3.
Because of this activity, everyone feared a hack and this became the reason for the falling price of the GALA tokens. The 25.6% drastic fall was witnessed by GALA which caused the price to go $0.0293 from $0.0394 on Thursday, as per the data shared by CoinGecko.
Gala Games took the concern to Twitter and in his post on November 4, he explained that to eliminate the “FUD” encircling its native token, describing that “many people are guessing something such as hack and rug. But the case is not the same as the people are interpreting.
Jason Brink, the president of the blockchain of Gala Games also tweeted concerning this activity and explained that this activity which was actually done on PancakeSwap was done by pNetwork. The intention of this activity was to withdraw the liquidity pool in order to protect that from potential instability.
Just before Brink’s tweet, pNetwork, a network enabling the transfer of assets to various supported blockchains verified that it was nothing but just a misconfiguration. It also retweeted a tweet from Peckshield stating that it just coordinated the white hat attack to safeguard pGala from being attacked.
1/n pGALA on BSC Notice: A misconfiguration of the https://t.co/Tpj4G7IkUe bridge necessitated the redeployment of pGALA. We’re working directly w/the Gala team and w/ exchanges to provide the necessary pGALA balances to restore functionality of pGALA deposits & withdrawals.
— pNetwork
(@pNetworkDeFi) November 3, 2022
In line with the description, it seemed to put an end to the concern related to the GALA token price since relatively recovered from its one-day low of $0.0293 and is now placed at $0.352.
Network to mint new tokens
Gala Games has declared that all GALA tokens on Ethereum and GALA-associated assets on the GALA bridge are secure. It has been decided by the team and pNetwork that they are going to suspend the activities on the bridge temporarily.
The president also suggested that “do not purchase pGALA on PancakeSwap for some time.” pNetwork has also given a piece of important information that new tokens will be minted and it will replace the old ones. The freshly minted tokens will be sent to the owners of pGALA who owned it before the pool was withdrawn.
Source: https://www.thecoinrepublic.com/2022/11/05/gala-games-experienced-loss-due-to-a-fear-of-hack/