Huobi, a cryptocurrency exchange, has partnered with Gala Games, a GameFi project, to compensate for victims of the pGALA incident, which caused significant losses for both companies. The incident started when pNetwork, a multi-chain routing protocol, collaborated with hackers to mint over $1 billion worth of pGALA tokens on the BNB chain before improperly withdrawing them, causing a huge drop in GALA token prices. Huobi and Gala Games are offering a compensation plan worth up to $50 million, with Huobi providing $25 million in cash and user benefits while Gala Games offers $25 million in node licenses. Legal action is also being pursued against pNetwork. Huobi plans to replace pGALA with a new token, ROCK, and collaborate with Gala Games on integrating the Gala public chain into their platform. ROCK is a Web3 game token initiated by Gala Games in collaboration with Huobi and TRON. Overall, Huobi and Gala Games have demonstrated their commitment to protecting user interests and hope that more exchanges and projects will follow suit in the crypto industry.
“Huobi announces that it has come up with a compensation plan together with Gala Games to offset the losses of pGALA incident victims on Huobi with up to US$50 million.” – Singapore, April 3, 2023
“The pGALA incident reportedly originated from pNetwork’s collaboration with hackers in minting US$ 1 billion worth of pGALA tokens on the BNB chain before withdrawing them from the liquidity pool to improperly gain over US$10 million.”
“Huobi reveals the truth behind the pGALA incident and will partner with Gala Games to sue pNetwork.”
“Huobi will replace pGALA with ROCK to put user interests first.”
“Huobi has also recently announced a strategic partnership with Gala Games on March 31 after four months of negotiations.”
“Regarding the upcoming compensation plan, the Huobi platform is planning to support the conversion of pGALA into a new token, ROCK (Rock Dao), and be the first to launch it after the conversion is complete.”
“More details will be covered in an upcoming official announcement.”
“Michael Wang” – Media Contact at Huobi.
– https://www.huobi.com/
– https://cointelegraph.com/press-releases/gala-games-sues-pnetwork-for-27-7m-following-1b-pgala-minting-incident
– https://cointelegraph.com/press-releases/huobi-and-gala-games-to-partner-for-premium-listing-opportunities-on-gala-ecosystem
– https://cointelegraph.com/press-releases/huobi-and-gala-games-announce-rocks-gamefi-strategic-partnership-initiative
– https://cointelegraph.com/news/hackers-steal-1209m-worth-of-pgala-tokens-in-latest-crypto-hack
