Huobi Users Outraged After GALA Tokens Were Renamed
Huobi delisted the GALA/USDT trading pair on Friday after a wrapped version of the token, pGALA, was momentarily declared useless due to a flaw with its bridge code discovered by its issuers.
Following the incident on Thursday that caused the GALA token to drop by about 20% on most crypto trading platforms, the GALA price on Huobi dropped considerably lower to almost zero. Some users purchased the significantly reduced tokens to profit from the apparent arbitrage opportunity.
Users who purchased GALA tokens following the incident had their coins changed to “pGALA,” named after the soon-to-be-retired form of the GALA token trading on Binance Smart Chain.
The exchange referred to its new version pGALA as a “meme token” in an official statement on its website, stressing that it “is not linked to the original GALA token.
According to a person familiar with the situation, buyers of the mispriced GALA token, including numerous market-making businesses, are pissed that their GALA tokens have been changed to Huobi’s version of the pGALA token.
“At 12:30 (UTC) today, Huobi will delist the GALA/USDT pair and rename GALA to pGALA,” the exchange stated in a statement.
As of press time, trading in the new pGALA/USDT pair on the exchange had been suspended.
Huobi later said that it would convert users’ pGALA (former GALA) assets that fulfill the redeeming requirements to GALA (new GALA) assets at a 1:1 ratio.
However, it is unclear how holders of converted GALA tokens would be able to trade their holdings on Huobi in the absence of a GALA trading pair.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
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Huobi Users Outraged After GALA Tokens Were Renamed
Huobi delisted the GALA/USDT trading pair on Friday after a wrapped version of the token, pGALA, was momentarily declared useless due to a flaw with its bridge code discovered by its issuers.
Following the incident on Thursday that caused the GALA token to drop by about 20% on most crypto trading platforms, the GALA price on Huobi dropped considerably lower to almost zero. Some users purchased the significantly reduced tokens to profit from the apparent arbitrage opportunity.
Users who purchased GALA tokens following the incident had their coins changed to “pGALA,” named after the soon-to-be-retired form of the GALA token trading on Binance Smart Chain.
The exchange referred to its new version pGALA as a “meme token” in an official statement on its website, stressing that it “is not linked to the original GALA token.
According to a person familiar with the situation, buyers of the mispriced GALA token, including numerous market-making businesses, are pissed that their GALA tokens have been changed to Huobi’s version of the pGALA token.
“At 12:30 (UTC) today, Huobi will delist the GALA/USDT pair and rename GALA to pGALA,” the exchange stated in a statement.
As of press time, trading in the new pGALA/USDT pair on the exchange had been suspended.
Huobi later said that it would convert users’ pGALA (former GALA) assets that fulfill the redeeming requirements to GALA (new GALA) assets at a 1:1 ratio.
However, it is unclear how holders of converted GALA tokens would be able to trade their holdings on Huobi in the absence of a GALA trading pair.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
CoinCu News
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