Gala Games Accused of ‘The Orbs’ Rug Pull

Gala Games Accused of 'The Orbs' Rug Pull
  • Gala Games is being accused of scamming people.
  • The alleged rug pull is related to The Orbs NFT drop by musician BT.
  • 888 claimed the allegations are false.

Gala Games is under fire for allegedly concocting an elaborate plan to scam people. According to accusations, Gala Games rug pulled “The Orbs” NFT drop, causing people to lose hundreds of thousands of dollars’ worth of Ethereum (ETH).

The NFT drop in question was in partnership between Gala Games and influencer @crypto888crypto, otherwise known simply as “888”. The two entities teamed up to provide an avenue for Grammy-award nominee musician BT.

As explained by ZachXBT, those who wanted to obtain one The Orbs NFT would need to purchase three 888 Inner Circle NFTs, which would then be burned for a single Orb. At that time, each 888 Inner Circle NFT had a floor price from 1-1.5 ETH.

The collaborators then announced that 2,455 will be auctioned on a Dutch platform on February 14, 2022. The auction would price each Orb at 11.11 ETH and go down to a floor price of 8.88 ETH once the 48-hour period is over and the Orbs remain unbought.

However, the auction took a bad turn as the floor price reached as low as 0.71 ETH instead of the promised 8.88 ETH. This caused outrage in the community.

To be fair, Gala Games attempted to compensate those who bought 888 Inner Circle NFTs by providing alternatives. However, these alternatives were not worth even close to the price that people paid to purchase three 888 Inner Circle NFTs. 

Last week, 888 spoke up regarding the allegations after a social media hiatus for months. The influencer claimed that 888 Inner Circle NFT project is not going anywhere.

“888InnerCircle is a lifetime project and always will be,” 888 assured. “I’ll be back and will be stronger than ever; I just need a little time.”

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Based in Australia, Michael covers news related to the crypto space in Asia and in his home country, although he follows the latest events in the US and Europe. He is an avid fan of classical British and Russian literature.