Cryptocurrency exchange Huobi, PREMIERE delisted the GALA/USDT trading pair after pGALA, a wrapped version of the altcoin, temporarily lost value after developers found an issue with the bridge code.
Huobi Converts Tokens of Users Who Bought GALA to pGALA
Huobi users who purchased GALA tokens after the event saw their coins converted to “pGALA”, named after the soon-to-be-deprecated version of the GALA token traded on the Binance Smart Chain.
In an official statement on its website, Huobi called the new version pGALA a “meme token” and stated that it “is not related to the original GALA token.”
According to a person familiar with the matter, buyers of the mispriced GALA token on Huobi are “angry” at the conversion of GALA tokens to Huobi’s pGALA token version.
The company made the following announcement in its statement:
“It will delist the Huobi pair and rename GALA to pGALA.”
However, the pGALA/USDT trading pair on the cryptocurrency exchange Huobi is currently paused.
In a later announcement, Huobi said that “users who meet the redemption conditions will convert their pGALA (former GALA) assets into GALA (new GALA) assets at a 1:1 ratio.”
However, it is unknown how converted GALA token holders can trade their holdings on Huobi without the GALA trading pair.
Gala Games, the company behind Huobi and the GALA token, did not respond to a request for comment.
Huobi’s announcement comes after a surprising transaction disruption on Thursday. After an event on Thursday caused the GALA token to drop by around 20% on most crypto trading platforms, the price of GALA on Huobi dropped even more, to near zero.
Some users purchased highly low-priced tokens to take advantage of the obvious arbitrage opportunity.
*Not investment advice.
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