‘Everything is fine’ — Gala Games requires calm after fears of multi-big hack

Blockchain gaming company Gala Games advised its community for calm after misplaced fears of a  multi-big rug pull or hack caused the GALA token to temporarily crash 25.6%.

The first panic, which Gala Games later implied was unfounded, came following a single wallet address made an appearance to mint over $2 billion GALA tokens from nothing — that was flagged by blockchain security firm PeckShield on November. 3.

Fears the unusual activity was an indication of an exploit or rug pull caused the GALA token cost to decrease an impressive 25.6% from $.0394 to $.0293 more than a 130-minute stretch late on November. 3, according to data from CoinGecko.

However, Gala Games required to Twitter on November. 4 to eliminate the “FUD” surrounding its native token, explaining that “lots of individuals are tossing around words like ‘hack’ and ‘rug’. Neither could well be the situation.”

Gala Games president for blockchain Jason Edge described the unusual activity detected on decentralized exchange (DEX) PancakeSwap was done by pNetwork, who had been trying to drain the liquidity pool as a way to guard it from the potential vulnerability.

Inside a separate tweet, pNetwork, the mix-chain interoperability bridge utilized by Gala Games around the BNB Smart Chain, confirmed that the “misconfiguration” event required place. Additionally, it taken care of immediately a tweet from Peckshield to notice it “coordinated the white-colored hat attack” to avoid pGALA from being exploited:

The explanations have the symptoms of quelled some panic, using the GALA token cost since partly retrieved from the 24-hour low of $.0293 to now spend time at $.352.

Related: Major hack on play-to-earn crypto games a ‘matter of your time:’ Report

Gala Games confirmed that GALA tokens on Ethereum and GALA-related assets around the GALA bridge were safe. They, together with pNetwork, informed the city of their decision to “temporarily suspend” transaction activity around the bridge.

Edge also advised to not buy pGALA on PancakeSwap “for now.”

“A new pGALA token is going to be produced to exchange that old compromised one,” which is delivered to individuals who owned pGALA prior to the pool was drained, pNetwork stated.

Latest stories

You might also like...