Panic At The Gala Games: Over $1 Billion Funds Disappeared, Is it a Hack or Rug Pull?
On Thursday, traders of Gala Games were in a big shock as the GALA token went down by 96% amounting to over $1 billion bringing up speculations about a hack or a rug pull. Although other tokens seem to have red lines in the chart, the GALA token is different.
In a series of tweets from pNetwork, they stated that they have made a self-attack hack to prevent further outside attacks. The Blockchain gaming company confirmed to its community not to worry about the downtrend and everything is just fine.
According to Gala Games, all GALA tokens on ETH and GALA-related assets on the GALA bridge are safe. However, they later informed the community that they have temporarily suspended all transaction activity on the bridge. They have also stated not to buy pGALA on PancakeSwap in the meantime.
On the other hand, a new pGALA token will be released to replace the compromised one and everything will go back to normal. Traders and investors who lost tokens from the downtrend will be given new tokens in the next upcoming days. So far the token has not been issued yet so the users, don’t get scammed.
About the speculations on rug pull – it is very common in the crypto world. Founders who were stealing all the funds and went on leaving the poor investors behind. That’s why it’s no wonder why people who see this kind of downtrend would really panic. So it’s a good thing that Gala Games seems to have control of the situation sooner.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals