Blockchain game company Gala Gamesis facing a billion-dollar rug pull or hacking claim. News The price of GALA token has dropped by 25.6%. Authorities made a statement about the news.
Gala Games officials claimed that the allegations in question were unfounded. He immediately urged the community to remain calm. The statement said: “The initial panic came after a single wallet address appeared to have minted over $2 billion in GALA tokens flagged by blockchain security firm PeckShield on Nov.
GALA token The price decreased after this news. It fell sharply from $0.0394 to $0.0293 over a 130-minute period on Nov.
However, Gala Games shared on Twitter to dispel the panic. “He pointed out that a lot of people flounder around words like ‘hack’ and ‘rug pull’. According to the company, all of these claims are unfounded.
Update for everyone – there is a LOT of FUD out there surrounding $GALA…lots of people tossing around words like “hack” and “rug”. Neither of these is the case.
Here is the real story – read this update from @BitBenderBrink and @pNetworkDeFi. https://t.co/ruI16v2Lkv
— Gala Games – Spider Tanks is LIVE! (@GoGalaGames) November 4, 2022
Gala Games head Jason Brink explained that the unusual activity detected on PancakeSwap was driven by pNetwork, which was trying to drain the liquidity pool as a tool to protect it from a potential vulnerability.
Before you panic about $GALAplease read this thread from @pNetworkDeFi.
TLDR: Everything is fine. The activity you have been seeing on @PancakeSwap is pNetwork working to drain the liquidity pool. GALA on ETH is completely unaffected.
don’t buy $pGALA on PancakeSwap for now https://t.co/bAnHxlVcp1
— Jason Brink aka BitBender (@BitBenderBrink) November 3, 2022
In a tweet shared later, the ‘inter-chain interoperability’ detail used in BNB Smart Chain was shared. In the tweet, pNetwork confirmed that the misconfiguration thing happened. It was also shared whether a measure was taken to prevent pGALA from being hacked.
GALA Assets Announced Safe
“Yes, we realized that pGALA should no longer be considered safe. We coordinated the white hat attack to prevent pGALA from being misused. Funds are safe but users should not transfer or buy/sell pGALA on pancakeswap.”
The disclosures partially rebounded the GALA token price from its 24-hour low at $0.0293. The price is around $0.352 and it somewhat controlled the panic.
Gala Games has confirmed that all GALA tokens on Ethereum and associated assets on the bridge are safe. The team, along with pNetwork, notified the community of the decision to “temporarily suspend” transaction activity on the bridge.
Brink also advised against purchasing pGALA on PancakeSwap “for now”. “A new pGALA token will be created to replace the old compromised one,” which will be sent to those who hold pGALA before the pool is drained, pNetwork said.
You can follow the current price action here.
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