Gala Games' proactive measure to protect pGALA token from attack.
Gala Games stated that the abnormal activity with its pGALA token was part of an effort to protect it from a possible attack.
The recent sell-off of the GALA token was due to fears of a rug pull or hack, but the company has urged its community to remain calm. The token has since recovered from its 25.6% dip and is trading at around $0.60.
It is understandable that there was initial panic when it appeared that a single wallet address had minted $2 billion in GALA tokens out of thin air. However, Gala Games later implied that there was no cause for alarm and that the situation was under control. Blockchain security firm PeckShield was able to flag the suspicious activity and is working to ensure that the situation is resolved.
There is no need to worry about the recent unusual activity on the GALA network, as it is most likely due to a simple software glitch. The price of the GALA token has already begun to recover, and there is no reason to believe that this is anything more than a blip on the radar.
Gala Games took to Twitter to dispel any rumors or concerns about its native token. They explained that no hacks or scams have taken place, and that people should not be spreading false information. This is a positive move by the company to clear up any confusion and restore trust in their token.
Update for everyone - there is a LOT of FUD out there surrounding $GALA...lots of people tossing around words like "hack" and "rug". Neither of these is the case.
— Gala Games - Spider Tanks is LIVE! (@GoGalaGames) November 4, 2022
Here is the real story - read this update from @BitBenderBrink and @pNetworkDeFi. https://t.co/ruI16v2Lkv
It's good to see that pNetwork is working to protect the PancakeSwap liquidity pool from potential vulnerabilities. This shows that they are committed to ensuring the safety and security of their users' funds. I hope that other exchanges will follow suit and take similar measures to protect their pools.
Before you panic about $GALA, please read this thread from @pNetworkDeFi.
— Jason Brink aka BitBender (@BitBenderBrink) November 3, 2022
TLDR: Everything is fine. The activity you have been seeing on @PancakeSwap is pNetwork working to drain the liquidity pool. GALA on ETH is completely unaffected.
Do not buy $pGALA on PancakeSwap for now https://t.co/bAnHxlVcp1
We are pleased to confirm that the recent "misconfiguration" event on the pNetwork was successfully resolved thanks to the coordinated efforts of our team and the white hat attack prevention team at Peckshield. We want to thank the community for their patience and support during this time.
Yes, we noticed pGALA wasn’t to be considered safe anymore and coordinated the white hat attack to prevent pGALA from being maliciously exploited. Funds are safe but users should NOT transfer or buy/sell pGALA on pancakeswap
— pNetwork (@pNetworkDeFi) November 3, 2022
The recent explanations regarding the GALA token price have helped to calm some of the panic among investors. The price has partially recovered from its 24-hour low of $0.0293 and is now sitting at $0.352. This is a good sign that the market is stabilizing and that investors are regaining confidence in the token.
Gala Games has confirmed that all GALA tokens on Ethereum and GALA-related assets on the GALA bridge are safe. The team has informed the community of its decision to temporarily suspend transaction activity on the bridge. This is a precautionary measure to ensure the safety of all assets and tokens. We will continue to monitor the situation and update the community as soon as we have more information.
For now, it is best to avoid buying pGALA on PancakeSwap, according to Brink.
It's great to see that pNetwork is taking steps to protect its investors by creating a new, replacement pGALA token. This will ensure that those who owned the original token will still be able to receive the benefits they are entitled to, while also ensuring that the bad actors who drained the pool are not able to take advantage of the situation.
