The public is concerned about being hit by cybercriminals after the last address on the BNB Chain created pGALA tokens totaling more than $1 billion out of thin air this morning. Following a caution from the blockchain security firm PeckShield, the multi-link protocol pNetwork came forward to make things clear that it was not White hat attacks were planned as soon as it became clear that the pGALA token contract was no longer safe to stop pGALA from being attacked maliciously.
Gala Tokens Plummet
Following the sudden minting, the public became alarmed as a result, and the value of GALA tokens fell sharply. It caused the price of its native GALA token to drop by 20%. A company connected with the crypto play-to-earn platform said they had successfully attacked themselves to stop criminals from stealing customers’ money.
Growing concerns arose as it seemed like a single blockchain address was creating GALA cryptocurrency worth over $1 billion out of nowhere. The provider of routing infrastructure for gaming tokens, notably ostensibly GALA, and Decentralized Finance (DeFi) tokens, pNetwork, seemed to hint that it was involved with the mint when cryptocurrency watchdogs PeckShield raised the issue.
Gala Momentarily Delisted by Huobi Due to Unpredictable Concerns
Following the ‘failure’ of Gala token holdings, Huobi, a cryptocurrency exchange, has chosen to delist GALA. Significant unmanageable vulnerabilities to user properties are now in existence as a result. The GALA that the user acquired will be retitled to Pgala following the incident, which has absolutely nothing to do with the initial GALA.
The pNetwork team claimed to have planned the attack after realizing that pGALA assets were no longer secure. This was done to stop hostile players from exploiting the situation. The allegation related to a broken PancakeSwap (CAKE) pool, and the strange behavior started to drain the pool’s liquidity.
According to the pNetwork team, the problem was brought on by ‘misconfiguration of the p.Network bridge.’ On the other hand, GALA assets on Ethereum (ETH) and the underlying bridge security are unaffected.
A new pool is being built while the GALA bridge is momentarily discontinued. The team claims that new pGALA assets will be delivered to move every address back to its original place.
After the news, people who acquired pGALA on PancakeSwap feared losing everything because the brand-new pGALA was irredeemable.
With Chaos Comes Opportunity
One arbitrage operator made $6.5 million thanks to the white hat exploit on the Gala coin in the PancakeSwap pool.
A Twitter thread from Lookonchain claims that arbitrage traders discovered and began purchasing the PancakeSwap tokens that had been dumped, moved the coins to Huobi, and then started selling right away. The on-chain detective said that the Huobi price of GALA dropped by 99%, from $0.04 to $0.0003.
The online investigator reported that the average exchange price for GALA was $0.005247, and 25.65 billion tokens worth $134.5 million traded on Huobi daily.
Due to ‘material and uncontrollable hazards emerging from the major disaster,’ it compelled the centralized marketplace to delist the GALA token momentarily, as discussed above.
Wayne Jones
Source link
