1 year ago
Huobi has alleged that the GALA incident was not a achromatic chapeau cognition arsenic pNetwork claimed, but an onslaught that gave the protocol a $4.5 cardinal profit.
According to the exchange, determination were different “premeditated operations” during the incident, which resulted successful implicit $10 cardinal successful nett for the parties involved. Huobi continued that the pNetwork squad did not pass it that it would onslaught the pGALA token contempt communicating with it 50 minutes earlier the incident.
Additionally, determination was nary grounds that idiosyncratic would person exploited the vulnerability, fixed that the said vulnerability had been successful the declaration for implicit 2 months. Huobi said pNetwork’s team’s eagerness to motorboat the onslaught suggested malicious intent to nett from the incident.
The speech besides described the issuance of 55.6 cardinal GALA tokens to prevention a excavation worthy astir $400,000 arsenic absurd and, therefore, a groundless reason.
Huobi converts users’ GALA tokens to pGALA
Meanwhile, respective Huobi users were infuriated aft the speech converted their GALA tokens into pGALA.
The crypto speech decided to delist GALA aft a wrapped mentation supported by pNetwork; pGALA lost its value owed to the developer minting excess tokens successful a achromatic chapeau attack.
The excess caller tokens sent GALA’s terms connected Huobi to astir zero, with respective traders trying to instrumentality vantage of the concern by buying the heavy discounted tokens cheaply.
Following this incident, Huobi decided to delist the GALA/USD brace and person GALA to pGALA. The speech announced that it chose to support users’ assets.
The speech besides referred to PGALA arsenic a meme token, saying it is unrelated to GALA. However, users were not pleased with the development, criticizing the exchange’s determination connected societal media.
Huobi users lament
A idiosyncratic claimed they bought GALA 12 hours earlier the incidental and expressed astonishment that their assets had besides been converted.
Another idiosyncratic wanted the US SEC to bring enforcement actions against the speech for arbitrarily changing his tokens.
Wow astonishing day!
I bargain $gala 12hour agone astatine huobi. But huobi said it is pgala.
Suddenly huobi suspended gala/usdt without announcement.
I person immoderate questions. pic.twitter.com/pn3jy1bGws
— Painkiller 
(@joker_8282) November 4, 2022
Yesterday I bought $GALA connected the huobi exchange. And contiguous the @HuobiGlobal speech replaced them with $PGALA and reset them to zero. Do you deliberation this is not capable to bring Huobi to justice? @SECGov pic.twitter.com/nSxn5PB829
— Satoshi Friends (@slezisatoshi) November 5, 2022
Meanwhile, the latest update from Huobi confirms that the speech has completed the renaming and conversion of users GALA to pGALA. It added that it has present “converted our users’ PGALA assets to New GALA (hereinafter collectively referred to arsenic GALA) astatine a 1:1 ratio.”
Although the speech seems to person relisted GALA, Huobi would support pGALA arsenic a meme coin. The speech is organizing a PGALA trading contest wherever the users tin triumph up to 3 cardinal GALA.
The contention volition hap betwixt November 5 and 12, with the victor getting 200,000 GALA. Winners would beryllium determined based connected spot trading volume.
CryptoSlate information shows that the Gala token mislaid implicit 6% successful the past 24 hours to $0.037 arsenic of property time.
The station Huobi alleges pNetwork made implicit $4M from its Gala ‘white chapeau attack’ appeared archetypal connected CryptoSlate.
English (US) 