A single blockchain address minted over $1 billion worth of GALA tokens. Is Gala Games next in line to join the billion dollar hack list? The team claims that this is not the case.
Details on the ground are thin at press time, but stories are mounting about a possible exploit at the Gala Games Camp. Twitter was full of users/analysts highlighting the news.
Speculation of an alleged attack at the Gala Games, once a revenue leader, added to the speculation. Fears of possible exploitation of billions of dollars emerged as its native GALA token declined in value.
At press time, the corresponding coin was trading at $0.033.
Gala Games ‘Hack’ Just a False Alarm?
Blockchain security and data analytics company, PeckShield, picks up concerns For the team in the early hours of November 4. However it looks like the problem was under control after maintenance was performed on a ‘faulty’ pancake swap pool.
The play-to-earn platform took to Twitter to try to quell the chaos.
Soon, pNetwork, a multi-chain routing protocol for DeFi and gaming tokens, sheds some more light in one series of tweets, The first tweet read:
“Misconfiguration of the p.network bridge necessitated a redeployment of pGALA. We are working directly with the Gala team and w/ exchanges to provide the pGALA balance needed to restore pGALA deposit and withdrawal functionality Huh.
It urged users not to “initiate swaps to and from this pool”. Meanwhile, all ‘GALA tokens and underlying bridge collateral’ remained secure on Ethereum.
The said team initiated a discussion of the liquidity of the pGALA PancakeSwap pool (of other currencies). Instead, a newly configured archive will replace the old version.
“A new PGALA token will be created to replace the old compromised token and will be airdropped in the coming days to those who previously had PGALA from the pool,” said PineNetwork.
But the new token was not issued yet. Ergo, it called for caution.
taking a blow
Despite the reassuring tweet, the damage seems to be happening. The corresponding GALA token saw a massive 30% price correction. Users and HODLers sold their holdings in the worst possible way due to the fall in prices.
The fear was justified given the volatile nature of the DeFi sector and the ever-increasing hacks.
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