Binance, the world’s largest cryptocurrency exchange, GALA altcoin announced that withdrawals and deposits of the BEP-20 network on its platform have been suspended until further notice.
Binance Withdraws Support for GALA Altcoin BEP-20 Network Due to “Concerns”
This was cited as due to token-related concerns. However, according to the tweet, Binance will stop supporting GALA on Binance Smart Chain (also known as BSC or BNB Chain). Ethereum will not unlist the version:
“Binance has suspended deposits and withdrawals for GALA (BEP-20) due to concerns regarding pNetwork’s pGALA token.
We will also cease support for the GALA token on the BEP-20 (BSC) network, but will continue to support the token on the ERC-20 network.
We are in contact with the pNetwork team to discuss next steps and a recovery plan for affected users. More updates will be shared as they become available.”
#Binance suspended deposits and withdrawals for $GALA (BEP-20) on November 3, 19:49pm UTC, due to concerns regarding pNetwork’s pGALA token.
We will also cease support of GALA token on BEP-20 (BSC) network, but continue to support the token on ERC-20 network.
— Binance (@binance) November 4, 2022
In previous developments, it was learned that pNetwork printed 1 billion dollars of GALA tokens as a result of a hacking event.
However, representatives of the network said that the platform itself was behind the hack and that this edition was made to prevent malicious people from stealing users’ money.
Upon this news, the GALA token price dropped by 20%. This seems to be the reason why Binance removed the BEP-20 GALA token and there are “concerns” about this asset.
Binance support for GALA was first added in September of last year. The GALA altcoin is an ecosystem token developed for blockchain-based games.
*Not investment advice.
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