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Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a\u00a0 multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.<\/p>\n
The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared<\/a> to mint over $2 billion GALA tokens out of thin air \u2014 which was flagged by blockchain security firm PeckShield on Nov. 3.<\/p>\n Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, according<\/a> to data from CoinGecko. <\/p>\n However, Gala Games took to Twitter on Nov. 4 to dispel the \u201cFUD\u201d surrounding its native token, explaining that \u201clots of people are tossing around words like \u2018hack\u2019 and \u2018rug\u2019. Neither of these is the case.\u201d <\/p>\n Update for everyone – there is a LOT of FUD out there surrounding $GALA<\/a>…lots of people tossing around words like “hack” and “rug”. Neither of these is the case.<\/p>\n Here is the real story – read this update from @BitBenderBrink<\/a> and @pNetworkDeFi<\/a>. https:\/\/t.co\/ruI16v2Lkv<\/a><\/p>\n \u2014 Gala Games – Spider Tanks is LIVE! (@GoGalaGames) November 4, 2022<\/a><\/p><\/blockquote>\n Gala Games president for blockchain Jason Brink explained that the unusual activity detected on decentralized exchange (DEX) PancakeSwap was performed by pNetwork, who was working to drain the liquidity pool as a means to safeguard it from a potential vulnerability. <\/p>\n Before you panic about $GALA<\/a>, please read this thread from @pNetworkDeFi<\/a>.<\/p>\n TLDR: Everything is fine. The activity you have been seeing on @PancakeSwap<\/a> is pNetwork working to drain the liquidity pool. GALA on ETH is completely unaffected.<\/p>\n Do not buy $pGALA<\/a> on PancakeSwap for now https:\/\/t.co\/bAnHxlVcp1<\/a><\/p>\n \u2014 Jason Brink aka BitBender (@BitBenderBrink) November 3, 2022<\/a><\/p><\/blockquote>\n In a separate tweet, pNetwork, the cross-chain interoperability bridge used by Gala Games on the Binance Smart Chain,\u00a0confirmed<\/a> that a \u201cmisconfiguration\u201d event took place. It also responded to a tweet from Peckshield to note that it \u201ccoordinated the white hat attack\u201d to prevent pGALA from being exploited:<\/p>\n Yes, we noticed pGALA wasn\u2019t 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<\/p>\n \u2014 pNetwork (@pNetworkDeFi) November 3, 2022<\/a><\/p><\/blockquote>\n The explanations appear to have quelled some panic, with the GALA token price since partially recovered<\/a> from its 24-hour low of $0.0293 to now sit at $0.352. <\/p>\n\n
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