Amid several difficulties and financial crises in the crypto industry, the value of Gala Games’ native token, GALA, dropped 90%. Community members are speculating the cause of this massive decline is hack exploitation. Some revealed rumors of a billion-dollar rug pull. However, Gala Games debunked the rumors saying all is well.
Gala Games is a blockchain gaming company that rewards players with cryptocurrency and NFTs while playing games. The firm solved the problem of players’ inability to claim items earned through gameplay.
The blockchain gaming company partnered with Polygon Network and bridged to BNB Chain via the pNetwork Bridge dApp. The pNetwork allows users to trade their tokens at low gas fees.
GALA is Gala Games’ native token which serves as a medium to pay and transfer value among players on the firm’s platform.
All GALA Games Token An Ethereum Are Unaffected: Jason Brink
According to reports, the issue began with a misconfiguration in the pNetwork Bridge and triggered more issuance of GALA GAME. After the misconfiguration, many additional GALA tokens got recharged and sold on Houbi. Due to this issue, GALA declined by 90% on some crypto exchange platforms.
Meanwhile, crypto exchange Huobi took actions to avoid posing risks to user accounts. As a result, it decided to delist the token from its platform temporarily. President of Gala Games, Jason Brink, via a tweet, revealed that pnetwork initiated the unusual activity on PancakeSwap. He explained that pNetwork was draining the liquidity pool while trying to protect it from malicious attacks.
The gaming company revealed that all GALA tokens on Ethereum, including other GALA-related assets on the GALA bridge, are safe. The firm added that its team collaborated with the pNetwork to initiate a temporary suspension of transactions on the bridge. Brink also told users to stop buying pGALA on PancakeSwap for now.
The firm also spoke of the creation of a new pGALA token to replace the compromised version
pNetwork Confirms GALA Token Compromised, Says to Halt Transactions On PanCakeSwap
The pNetwork also commented on the incident via a tweet. The pNetwork team said they noticed that pGALA’s safety got compromised. PNetwork coordinated the white hat attack to protect pGALA from the malicious exploit. They added that the funds are safe, but users should not transfer or trade pGALA on PancakeSwap.
The pNetwork is a Decentralized network of validators that enables users to transfer assets to more than ten supported blockchains.
Blockchain networks that pNetwork supports include Bitcoin, Ethereum, Dogecoin, and much more. pNetwork is a public network that runs on the Ethereum blockchain. It serves as a bridge allowing the movement of crypto assets across different blockchains.
Meanwhile, GALA is down by 6.65% in the last 24 hours and trading at $0.037165, with a market cap of $259,308,539.
Featured Image from Pixabay | Charts by TradingView
