The pGALA contract on BSC exceeded USD 1 billion, BSC GALA was close to zero, and Huobi did not close the deposit and withdrawal, which caused the platform GALA to drop sharply
BlockBeats news, on November 4th, according to the cross-chain protocol pNetwork official issued a document early this morning, due to problems with the original pGALA contract, the team will redeploy the new contract. After deploying the new contract, the team minted more than USD 1 billion pGALA on the BSC chain, hoping to "empty" the original pGALA pool. However, the deposit and withdrawal service may be temporarily closed due to failure to communicate with the Huobi platform, causing a large number of users to withdraw from the DEX The withdrawn coins were transferred to the Huobi platform and then sold, causing a price crash.
< br>
According to Huobi's market data, GALA on the platform once fell to $0.003 this morning, with the largest drop of about 99.4% within 4 hours. As of press time, Huobi has closed the GALA deposit and withdrawal service, and the price of GALA on the platform has risen to $0.0081, but there is still a large gap with the price on other mainstream CEX platforms.
At 12:02, Huobi officially issued the "Announcement on the Disposal of GALA Token Abnormal Events" announcing that due to a major failure of GALA Token assets, which led to major uncontrollable risks in user assets, Huobi decided to temporarily delist Gala.
In addition, for users who perform buy operations after the event, the platform will The purchased GALA asset was renamed pGALA (the contract on BSC is: 0x7ddee176f665cd201f93eede625770e2fd911990). pGALA has nothing to do with the original GALA and belongs to the meme currency. The recharge is currently closed and only supports withdrawal and trading. Please pay attention to risks.
In order to protect the asset security and user rights of GALA currency holders before the accident, the platform will maintain close communication with the project party, please This part of users patiently waits for the follow-up disposal announcement.
(Image source: Huobi Help Center)
《Huobi Announcement: The GALA bought after the accident is a meme Token will be renamed as pGALA"
On November 4th, Huobi officially issued a document "Announcement on Disposal of GALA Token Abnormal Event" , due to a major failure of GALA Token assets, resulting in major uncontrollable risks to user assets, Huobi decided to temporarily delist GALA.
In addition, for users who buy after the incident, the platform will rename the GALA asset they bought to pGALA (the contract on BSC is: 0x7ddee176f665cd201f93eede625770e2fd911990). Tokens and transactions, please pay attention to the risks.
On November 4, Huobi Global released the "Announcement on Disposal of GALA Abnormal Events (4)", stating that through communication with the Gala project, the Gala project party has agreed to pay full compensation to the Gala currency holders before the accident, and the platform will restart List Gala and continue to maintain close communication with the project party. After this announcement, Huobi Global will have two assets, Gala and Pgala, to distinguish the timeline and take the accident as the time node.
November 6 On November 3, the cross-chain protocol pNetwork released an analysis of previous GALA abnormal events, saying that the team noticed a configuration error in GALA's pNetwork cross-chain bridge on November 3. The team noticed that due to a misconfiguration, the ownership of the pGALA smart contract (deployed on BSC) had been secretly taken over. An attacker who took ownership of the smart contract did not launch any attacks, but the situation highlights a high security risk that must be mitigated immediately. So pNetwork contacted GalaGames to decide to suspend cross-chain bridge activity and perform a white hat drain of the pGALA/BNB PancakeSwap pool in an attempt to keep BNB funds in the pool so that they can be returned to their rightful owners once the situation is under control (liquidity provider). Whitehat drained and recovered 12977 BNB (about 4.5 million US dollars), and the funds will be returned to the current holders of unsecured pGALA. The snapshot will be taken at 16:00 on November 7, 2022.
November 6th, Huobi Global Consultant Commissioner Justin Sun posted on social media that there is another truth to the GALA incident. pNetwork’s malicious use of management authority to issue more than 55.6 billion GALA on the BNB Chain is not a white hat, but a premeditated hacker with malicious profit as the ultimate goal attack. White hat is an illegal excuse it seeks to evade legal sanctions. Huobi will pursue its full responsibility and compensation on behalf of the industry and users according to law.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
