Huobi is Alleged As pNetwork claims, the GALA incident was not a white hat operation, but an attack that made $4.5 million in profits for the protocol.
According to the exchange, there were other “planned operations” during the incident that resulted in more than $10 million in profits for those involved. He continued that he did not notify him that he would attack pGALA tokens, even though he did.
Additionally, given that the aforementioned vulnerability was included in the contract for over two months, there was no evidence that anyone had exploited the vulnerability. Huobi said the enthusiasm of his pNetwork team to launch the attack suggested a malicious intent to profit from the incident.
The exchange also explained that issuing 55.6 billion GALA tokens to save a pool worth about $400,000 is absurd and groundless.
Huobi converts user GALA tokens to pGALA
Meanwhile, some Huobi users were outraged after the exchange converted GALA tokens to pGALA.
The crypto exchange has decided to delist GALA after the wrapped version supported by pNetwork. pGALA lost its value because its developers created too many tokens in a white hat attack.
The extra new tokens brought the price of GALA on Huobi to almost zero, with some traders trying to take advantage of the situation by buying heavily discounted tokens cheaply.
After this incident, Huobi decided to delist the GALA/USD pair and convert GALA to pGALA.Exchange announced What you choose to protect your assets.
exchange too Mention To PGALA as a meme token, saying it has nothing to do with GALA. However, users were not happy with the development, criticizing the exchange’s decision on social media.
Complaints of Huobi users
user claimed They purchased GALA 12 hours before the incident and expressed surprise that their assets were converted as well.
Another user wanted the US SEC to take enforcement action against the exchange for arbitrarily changing the token.
— Pain reliever 💩 (@joker_8282) November 4, 2022
— Satoshi Friends (@slezisatoshi) November 5, 2022
Meanwhile, the latest update from Huobi is that the exchange has completion User GALA renamed and converted to pGALA. Currently, it added that “the user’s PGALA assets have been converted to New GALA (hereinafter collectively referred to as GALA) in a 1:1 ratio.”
The exchange seems to have relisted GALA, but Huobi will keep pGALA as a memecoin.exchange is organize PGALA Trading Contest Users can earn up to 3 million GALA.
The competition will run from November 5th to 12th and the winner will receive 200,000 GALA. Winners will be determined based on spot trading volume.
crypto slate Data shows that the Gala token has fallen more than 6% over the past 24 hours to $0.037 at the time of writing.