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Blockchain gaming firm Gala Games on Friday notified customers that GALA was not hacked, breached, or exploited in any method. A misconfiguration of the pNetwork bridge resulted within the redeployment of pGALA, with all GALA tokens on Ethereum being “safe”. GALA tokens plunged 39% in just a few hours on account of panic after a single pockets deal with minted over $2 billion in tokens.

Binance Discusses Recovery Plan for Impacted Users

Gala Games on November 4 reminds customers that GALA tokens on Ethereum are protected. People are spreading FUD with phrases like Gala Games “hack” and “rug”, that are false. Multichain routing protocol pNetwork, which is behind minting over $2 billion in tokens, is working with Gala Games workforce, Binance, and different crypto exchanges to revive performance.

Moreover, pNetwork will ship new pGALA and BNB to the addresses based mostly on their place within the pGALA pool on PancakeSwap. Meanwhile, the present PancakeSwap pool stays invalid and the bridge is quickly suspended.

“Whoever is buying on Pancakeswap now risks to lose everything as their newly bought pGALA are unredeemable (hence worthless) and the BNB they have spent may get hacked.”

The pNetwork workforce is engaged on a brand new pGALA token, updates shall be shared with customers quickly. The tokens shall be airdropped to those that had pGALA tokens earlier than the pool was drained.

Meanwhile, Binance has suspended deposits and withdrawals for BEP-20 GALA tokens amid considerations relating to pNetwork’s pGALA token. Several exchanges reminiscent of Huobi cease support of the GALA token.

Moreover, Binance is presently discussing the subsequent steps and a restoration plan for impacted customers with the pNetwork workforce.

GALA Tokens Plunges 39%

Gala Games’ native token GALA tanked 39% amid panic promoting after customers believed the platform suffered a hack. However, the worth has recovered after blockchain companies clarified the explanations behind the $2 billion value of tokens mint. The 24-hour high and low for GALA are $0.028 and $0.039, respectively.

At the time of writing, the GALA worth is buying and selling at $0.035, down almost 11% within the final 24 hours.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is presently protecting all the newest updates and developments within the crypto business.

The introduced content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.