Gala Games Hack Update: Binance Discusses Recovery Plans

Blockchain gaming company Gala Games on Friday notified users that GALA was not hacked, breached, or exploited in any way. A misconfiguration of the pNetwork bridge resulted in the redeployment 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 minted over $2 billion in tokens.

Binance Discusses Recovery Plan for Impacted Users

Gala Games on November 4 reminds users that GALA tokens on Ethereum are safe. People are spreading FUD with words like Gala Games “hack” and “rug”, which are false. Multichain routing protocol pNetwork, which is behind minting over $2 billion in tokens, is working with Gala Games team, Binance, and other crypto exchanges to restore functionality.

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

“Whoever is buying on Pancakeswap now risks to lose everything as their newly bought pGALA are unredeemable (hence worthless) and the BNB they have spent may get 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 drained.

Trending Stories

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

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

GALA Tokens Plunges 39%

Gala Games’ native token GALA tanked 39% amid panic selling after users believed the platform suffered a hack. However, the price has recovered after blockchain firms clarified the reasons behind the $2 billion worth of tokens mint. 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 nearly 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 about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.