Gala Games token collapsed by 25% due to fears of a multi-million dollar hack

by dapp_writer005

4 years ago

Due to concerns about hacking and fraud, the token Play to Earn by Gala Games dropped in price by approximately 25.6%. The Gala Games team claims that everything is under control.

This panic appeared as a result of the issuance of an anomalous amount of synthetic pGALA tokens in one of the blockchain addresses. Gala Games said that this panic is unfounded.

Within about two hours, GALA quotes fell from $0.0394 to $0.0293 (CoinGecko). The capitalization of the token is 263 million dollars.

There is evidence that anonymous users, using DEX PancakeSwap, were able to issue ≈ 55.6 billion pGALA, worth a total of $2.2 billion.

Hackers managed to sell some of the tokens, which contributed to the collapse of the course. This situation was also used by arbitrageurs on Huobi, dropping the price on pGALA there as well.

The delisting of the token has been announced. Binance Exchange has suspended deposits and withdrawals in GALA for the time being. Also, the platform stopped supporting the asset on the BEP-20 (BSC) standard, leaving ERC-20 (Ethereum).

Many people say it was a "hack" or a "scam", but neither is true.Gala Games team

Jason Brick said that it was the creators of the pNetwork protocol who discovered the extraordinary token activity on PancakeSwap.

The guys from pNetwork said that they managed to detect an incorrect bridge configuration that Gala Games uses when interacting with BNB Smart Chain. The developers redistributed the wrapped pGALA tokens and emptied the liquidity pool on PancakeSwap.

A snapshot has been taken for a future airdrop. Developers are asked not to interact with assets on the site in order to avoid loss. They stated that new tokens will be created and will be distributed via airdrop soon.

The pNetwork team responded to a PeckShield post:

Yes, we managed to notice that pGALA cannot be considered a secure token, so we coordinated a white hat attack to prevent the exploit. All capital is safe. But at this stage, customers do not need to transfer or buy/sell the token on the PancakeSwap exchange.

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