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Huobi Global Claimed That pNetwork’s Action Is Not A “White Hat” Operation

Huobi Global Claimed That pNetwork's Action Is Not A "White Hat" Operation

On November 6, 2022, in the most recent statement on the GALA Incident, Huobi Global mentioned that pNetwork’s action was not a “white hat” operation, but a malicious hack driven by profit and bad faith.

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Huobi Global has pointed out the main reasons and key event timelines to support its argument.

The exchange platform claimed that pNetwork’s conduct was a harmful hack with profit as its purpose. GALA and pNetwork never contacted Huobi through proper means to ensure the security and feasibility of their proposals. They behaved in bad faith and exploited their BNB Chain management license by minting 55.6 billion GALA tokens for profit.

The GALA and pNetwork teams might have utilized safer methods to resolve the problem. They opted to hide the truth and attacked exchanges with 55.6 billion GALA tokens within 50 minutes. This is a profit-driven onslaught on innocent users and platforms. This tragedy has devastated the industry.

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Huobi Global engaged with pNetwork in good faith for victims of pNetwork’s activities. pNetwork has not responded satisfactorily as of this statement’s publication.

pNetwork’s unsubstantiated unilateral statement on the GALA issue, which deviates from the facts, indicates how the project team is trying to escape duties while damaging Huobi users’ asset security.

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From this occurrence, Huobi’s emphasized that protecting user interests and ensuring asset security have been their top priorities. Furthermore, Huobi will cooperate with global partners to investigate and prosecute criminal charges against pNetwork’s perpetrators, including class actions and police complaints.

The company also mentioned that they urge attackers to repay unjustifiable gains. Huobi Global will compensate attackers from our $1 million bounty fund and not litigate them.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.