Binance has decided to delist an altcoin that has dropped more than 30% due to hack news today. However, the delist application will only be available for certain networks.
Binance takes action for this hacked altcoin
cryptocoin.comAs you follow, Gala Games (GALA) fell hard today due to the news that it was hacked. However, the Gala team reports that the attack is related to GALA tokens on pNetwork. Despite this, panic among investors forced the price to drop more than 30%. Binance, along with other exchanges, is preparing bailout plans for Gala. Now, according to a new announcement, the controversial GALA token will be leaving Binance’s list. The leading exchange announced that it will suspend withdrawal and investment transactions until further notice.
The reason for this was the growing investor concerns about GALA. Binance’s announcement says that although it has stopped supporting GALA on the BSC platform, it will continue to support the Ethereum version.
The next steps in the delist process are currently being discussed by Binance and pNetwork. pNetwork was previously on the agenda with a billion USD GALA hack. The project’s team disagreed that the platform was responsible for hacking and minting money to prevent criminals from stealing users’ money. Additionally, the newly created tokens appear to be used to help remove other cryptocurrencies from the liquidity pool of the PancakeSwap DEX.
GALA fell hard
The gaming token has lost around 20% in response to this news. As a result of the concerns, the BEP-20 GALA was delisted from Binance. The exchange announced that it added support for GALA in September of last year.
The hack was completely unfounded, but the panic was successful
In this article, we quoted the warnings of @BitBenderBrink from the Gala Games team after the news of the hack. The reason for the panic selling among investors is based on a tweet from PeckShield, a blockchain security firm. PeckShield reported that over $2 billion in GALA tokens were minted from scratch on Twitter at noon today. After the panic caused by this news, the GALA price dropped as low as $0.0293 during the day.
The Gala team then shared a post on Twitter to quickly quell the panic. He explained that many people are using words like “fraud” and “hack”, but this is not the case.
Jason Brink, head of Blockchain at Gala Games, explains that the unexpected activity was carried out by pNetwork, which was trying to drain the liquidity pool in PancakeSwap to protect it from a potential vulnerability.
The Gala team later confirmed that “insufficient configuration” had occurred in pNetwork working with BSC. PNetwork also contributed to a tweet shared by Peckshield. He explained that he had “stamped a white hat attack” to prevent pGala from being cyber-attacked.
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