Concerns Over $1 Billion Crypto Hack Cause a 20% Drop In GALA

  • 20% GALA drop caused by $1 Billion crypto hack fears.
  • Gala games Implies It attacked itself to protect itself.
  • The pGALA PancakeSwap pool was also being depleted.

Today’s GALA pricing took a significant hit when rumours of an alleged $1 billion attack started to circulate. The attack was however carried out from within as a measure of protection rather than with malevolent intent.

Investors in GALA were left in the dark when a breakdown was provided shortly after. This concern spread across the community over what seemed to be an attack on the token. The price of GALA later experienced a significant decline. 

The community was shocked on Thursday night when more than $1 billion worth of GALA tokens were printed from a single address. Due to anticipated panic selling, the price dropped suddenly, causing the candle’s wick to grow by almost 20%.

However, pNetwork, the platform that permits cross-chain asset transfers for tokens, including GALA, provided an explanation. They acknowledged that they were responsible for the attack. The group claimed,

“We noticed pGALA wasn’t to be considered safe anymore and coordinated the white hat attack to prevent pGALA from being maliciously exploited.

The team went on to clarify that pGALA had to be redeployed because of a configuration error on the p.Network bridge. The pGALA PancakeSwap pool was being depleted in order to accomplish the same, which sparked the panic. All GALA tokens on Ethereum are secure, the team stated. And no harm or ill was done to the network or token according to them.

Users continued purchasing the pGALA token in spite of their warning, which slowed down others’ attempts to recover. The spent BNB would be hacked, and pNetwork underlined that individuals purchasing through the PancakeSwap pool risked losing everything because the pGALA token was currently worthless.

The crew quickly put an end to the anxiety by providing a post-mortem and recovery report over the following several hours.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer