Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.
The initial panic, which Gala Games later implied was unfounded, came after a single wallet address erschéngen to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3.
Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, no ze daten aus CoinGecko.
However, Gala Games took to Twitter on Nov. 4 to dispel the “FUD” surrounding its native token, explaining that “lots of people are tossing around words like ‘hack’ and ‘rug’. Neither of these is the case.”
Update fir jiddereen - et gëtt VILL FUD dobaussen ronderëm $ GALA…lots of people tossing around words like “hack” and “rug”. Neither of these is the case.
Hei ass déi richteg Geschicht - liest dësen Update vun @BitBenderBrink an @pNetworkDeFi. https://t.co/ruI16v2Lkv
- Gala Games - Spider Tanks ass LIVE! (@GoGalaGames) November 4, 2022
Gala Games president for blockchain Jason Brink explained that the unusual activity detected on dezentraliséierten Austausch (DEX) PancakeSwap was performed by pNetwork, who was working to drain the liquidity pool as a means to safeguard it from a potential vulnerability.
Ier Dir Panik iwwer $ GALA, liest w.e.g. dëse Fuedem aus @pNetworkDeFi.
TLDR: Alles ass gutt. D'Aktivitéit déi Dir gesitt @PancakeSwap ass pNetwork schafft fir de Liquiditéitspool ze drainéieren. GALA op ETH ass komplett net beaflosst.
Kaaft net $pGALA op PancakeSwap fir elo https://t.co/bAnHxlVcp1
— Jason Brink aka BitBender (@BitBenderBrink) November 3, 2022
In a separate tweet, pNetwork, the cross-chain interoperability bridge used by Gala Games on the BNB Smart Chain, bestätegt gouf that a “misconfiguration” event took place. It also responded to a tweet from Peckshield to note that it “coordinated the white hat attack” to prevent pGALA from being exploited:
Yes, we noticed pGALA wasn’t to be considered safe anymore and coordinated the white hat attack to prevent pGALA from being maliciously exploited. Funds are safe but users should NOT transfer or buy/sell pGALA on pancakeswap
— pNetwork (@pNetworkDeFi) November 3, 2022
The explanations appear to have quelled some panic, with the GALA token price since partially erëmgewielt ginn from its 24-hour low of $0.0293 to now sit at $0.352.
Verbonnen: Major Hack op Play-to-Earn Krypto-Spiller eng "Affär vun der Zäit:" Bericht
Gala Games confirmed that all GALA tokens on Ethereum and GALA-related assets on the GALA bridge were safe. The team, along with pNetwork, informed the community of its decision to “temporarily suspend” transaction activity on the bridge.
Brink also advised not to buy pGALA on PancakeSwap “for now.”
“A new pGALA token will be created to replace the old compromised one,” which will be sent to those who owned pGALA before the pool was drained, pNetwork said.
Source: https://cointelegraph.com/news/everything-is-fine-gala-games-calls-for-calm-after-fears-of-multi-billion-dollar-hack