FUD Over $1 Billion GALA Tokens Mined, GALA Games Cross-chain Bridge Hacked
The value of the Gala Games project’s GALA tokens has dropped by more than 30% in the interim after a cross-chain bridge issue related to pNetwork being hacked.
Early this morning, the crypto investment community was “shocked” to see the value of Gala Games GALA tokens continuously plummeting, in just a short time the token decreased by more than 30%.
The transactions show that a large amount of GALA has been released to the market, raising concerns that the project has been hacked or has a security problem.
One address was discovered to have issued more than $2 billion worth of new GALA, while the current capitalization of the project is only nearly $240 million, the total diluted capitalization is $1.2 billion.
However, later, pNetwork, the cross-chain bridge project for BNB Chain, confirmed that they were behind the incident.
Because I noticed that the pGALA pool on PancakeSwap showed signs of being unsafe and decided to attack that vulnerability myself to prevent bad guys from taking advantage of it.
The project announced that it has captured the balance of the pGALA-BNB pool on PancakeSwap, thereby coordinating with Gala Games and exchanges to fully compensate users after this pool has fixed the vulnerability.
As pNetwork is trying to generate more “virtual” pGALAs to withdraw all BNB liquidity from the pool, the project warns users against using this pool on PancakeSwap to avoid buying worthless tokens.
The project’s security strengthening action is said to be timely, but the failure to announce the sudden decrease in the token has caused a lot of confusion for the community.
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