GALA Price Drops 13% due to a “$1B Hack”, New pGALA Would Replace

The GALA price suffered double-digit losses due to a “hack”. A new pGALA token would be airdropped to the holders to replace the old one.

 

As seen over the past month, hacks have become increasingly common in the crypto space. The magnitude and value of hacks were so high that October was called ‘Hacktober.’ Just as the community was recovering, fear surrounding a $1 billion hack began taking the front stage. Crypto Twitter was flooded with a series of posts pointing out how GALA was being exploited.

 

It was brought to light that a whopping $1 billion worth of GALA was being minted and an ill-doer was trying to drain the same. Blockchain security firm PeckShield Inc. was made aware of this and alerted Gala Games. However, it was soon affirmed that it was all FUD.

 

pNetwork, a platform that oversees and delivers routing infrastructure for DeFi gaining tokens revealed that they were behind the mint. The firm affirmed that everything was in place and the activity recorded on PancakeSwap was the pNetwork working towards draining out the liquidity pool. GALA reportedly remained untethered.

 

The platform elaborated on the same and said,

 

“A misconfiguration of the pNetwork bridge necessitated the redeployment of pGALA. We’re working directly w/the Gala team and w/ exchanges to provide the necessary pGALA balances to restore functionality of pGALA deposits & withdrawals.”

 

Alongside this, p.Network apologized for the inconvenience that was caused due by the situation. In addition, the firm stressed the fact that all the tokens on Ethereum and the underlying bridge were safe.

 

However, it should be noted that the GALA bridge was suspended temporarily. Therefore, the firm urged the community to steer away from making transactions to the bridge.

 

GALA price is down, will there be room for pGALA?

The team said that a new pGALA token would be airdropped to pGALA holders to replace the old one before the pool of funds was exhausted. Furthermore, pNetwork advised users to be on the lookout for scams using pGALA, as no new tokens have been created yet.

 

In the meantime, the panic surrounding this whole situation has definitely affected GALA holders. The token was seen to have suffered double-digit losses. As of press time, the asset is trading at $0.03589, down 10.27% daily.

 

 

As the chart shows, the asset fell from a high of $0.04055 all the way down to a low of $0.02837 earlier today.

 

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