Cryptocurrency stock market Huobi In a statement, the crypto exchange Huobi and game platform Gala Games, last fall PREMIERE announced that it will distribute $50 million worth of cryptocurrency and software licenses to GALA token holders who lost money in a program containing its token.
Cryptocurrency Exchange Huobi and Gala Games to Give $50 Million to pGala Program Victims
Firms will fight for compensation to victims of the scheme on the one hand, and millions of losses from the chain bridge that covered up the token issuance scheme, on the other.
Huobi promised the victims of the conspiracy $25 million in cash and user benefits, including 15 million Tether (USDT) and $10 million in equivalent stock compensation.
Gala Games will offer $25 million worth of nodl licenses to its affected users. Firms will begin to pay compensation to victims within the next week.
The announcement comes five months after a malicious individual minted $1 billion worth of pGALA, a wrapped version of GALA traded on BNB Chain, and disposed of the tokens on decentralized exchanges like PancakeSwap, lowering the price of GALA by 94%.
PNetwork, Gala Games’ cross-chain interoperability bridge, said it was coordinating a “white hat attack” against it at the time to prevent malicious parties from hijacking users’ money.
User refunds are just one of the measures Huobi and Gala Games have taken to address the consequences of the pGALA scheme. In March, the gaming network filed a lawsuit seeking $27.7 million in damages and damages from pNetwork.
It is not investment advice.
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