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GALA Token Hack Sparks Market Concerns

A potential $1 billion token hack led to a 20% dip in GALA token value, with pNetwork clarifying the incident as a safeguard measure.
Published on 2022-11-04

GALA Token Hack Incident

A potential $1 billion token hack targeting Gala Games caused the GALA token price to drop by 20%. The incident raised significant market concerns, with reports of a massive minting of GALA tokens followed by a dump, draining a PancakeSwap pool.

pNetwork's Clarification

pNetwork, a firm associated with Gala Games, clarified that the minting was a proactive safeguard. They stated that the action was taken to prevent malicious exploitation of pGALA tokens. pNetwork emphasized that all GALA tokens on Ethereum, along with underlying bridge collateral, remain safe.

Impact on PancakeSwap

The freshly minted pGALA tokens drained existing pools of other currencies on PancakeSwap. pNetwork advised users to consider the current pancakeswap.finance pool invalid and announced plans to replace the old tokens with new ones for affected users.

Conclusion

The incident highlights the importance of robust security measures in the DeFi space. pNetwork's swift action aimed to mitigate potential damage, reassuring users about the safety of their assets.

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