‘Everything is fine’ — Gala Games calls for calm after fears of multi-billion dollar hack
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 appeared 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, according to data from 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 for everyone - there is a LOT of FUD out there surrounding $GALA...lots of people tossing around words like "hack" and "rug". Neither of these is the case.Here is the real story - read this update from @BitBenderBrink and @pNetworkDeFi. https://t.co/ruI16v2Lkv
Gala Games president for blockchain Jason Brink explained that the unusual activity detected on decentralized exchange (DEX) PancakeSwap was performed by pNetwork, who was working to drain the liquidity pool as a means to safeguard it from a potential vulnerability.
Before you panic about $GALA, please read this thread from @pNetworkDeFi.TLDR: Everything is fine. The activity you have been seeing on @PancakeSwap is pNetwork working to drain the liquidity pool. GALA on ETH is completely unaffected.Do not buy $pGALA on PancakeSwap for now https://t.co/bAnHxlVcp1
In a separate tweet, pNetwork, the cross-chain interoperability bridge used
Read more on cointelegraph.com
