This week, Huobi HTX has completed the compensation of tens of millions of dollars to users affected by the pGALA minting attack, including compensation, on-platform rights, and Gala node compensation.
According to official news from Huobi HTX, this week, Huobi HTX has completed the compensation of tens of millions of dollars to users affected by the pGALA minting attack, including compensation, on-platform rights, and Gala node compensation.
Revealing the truth of the pGALA incident, making every effort to recover losses, Huobi HTX launched the compensation plan in April 2023
At 4:00 am on November 4, 2022, the multi-chain protocol pNetwork minted over $1 billion worth of pGALA tokens out of thin air on the BNB chain, causing the price of GALA tokens on the BNB chain to plummet from $0.04 to $0.0000045 by selling them on PancakeSwap. Due to the significant drop in on-chain token prices and pNetwork's intentional concealment of this information for malicious arbitrage, many third parties, including Gala Games and Huobi HTX, suffered huge losses.
The instigator of the pGALA incident, pNetwork, and hackers are estimated to have profited over tens of millions of dollars. Starting from 9:00 am on November 4, Huobi HTX issued five consecutive announcements on the abnormal events of the GALA token chain, making every effort to recover user losses. Huobi HTX actively contacted pNetwork to negotiate a resolution, and pNetwork did not release a post-incident analysis of the pGala incident until 2:00 am on November 6.
In April 2023, Huobi HTX announced the launch of a compensation plan for users affected by the pGALA minting attack in collaboration with Gala Games, with a compensation amount of tens of millions of dollars. Huobi HTX provided affected users with tens of millions of dollars in equivalent USDT and rights as compensation. Similarly, Gala Games also provided affected users with $25 million worth of node compensation. The aforementioned compensation plan has been completed this week.
The ROCK token (formerly PGALA) on the TRON network has been destroyed and re-minted on the GALA chain
Currently, Huobi HTX has destroyed the ROCK (formerly PGALA) token on the TRON network and re-minted it on the GALA chain.
The two destruction links are as follows:
https://tronscan.org/#/transaction/0dfea91f825a256f1abd02bf239e46b7c19a2713ce0a7ecc75c75e6d407943d8
https://tronscan.org/#/transaction/43f43358a0d97b3b2514de55e239f2100f57c475180217927b66dcc03dec182d
In April 2023, Huobi HTX supported the PGALA project's existing brand empowerment upgrade and replacement work, replacing the old token PGALA with the new token ROCK at a 1:1 ratio. ROCK is a Web3 game ecosystem token initiated by Gala Games in collaboration with Huobi HTX and the TRON network. In the future, ROCK will serve as a reward token for the Gala Games gaming ecosystem, as well as for NFT market transaction fee deductions and priority NFT subscriptions, deeply integrating into the Gala Games ecosystem.
User interests first, Huobi HTX's compensation plan has been fully implemented
The pGALA incident was caused by pNetwork's "negligence, infringement, intervention, and intentional concealment." Huobi HTX and Gala Games jointly filed a lawsuit against pNetwork to recover losses and resolutely protect their own brand reputation and user interests.
Although Huobi HTX suffered significant losses in this incident, it has always prioritized "user interests" and made every effort to protect user assets. In addition to issuing announcements and taking related measures to recover user losses, it has also communicated with pNetwork and Gala Games multiple times and taken legal action to safeguard rights.
The pGALA compensation lasted for one year and two months, and Huobi HTX made a significant effort to finally complete the compensation in June 2024.
Huobi HTX adheres to the principle of putting users first and prioritizing user interests, deeply caring about the security of user assets, and bravely defending user interests. Faced with such incidents, Huobi HTX is willing to work hand in hand with peers in the cryptocurrency industry, bravely take responsibility, jointly maintain industry order, and promote the healthy development of the industry.
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