A $1Billlion dollar Crypto hack sees GALA prices fall by 20%

On Thursday, Chaos tangled Gala Games as fears of a potentially billion-dollar hack – or perhaps a rug pull – drove its native GALA token down 20%, while the company obviously connected to the crypto play-to-earn platform stated that they had frankly effectively attacked themselves to stop bad actors from bolting with users’ money.

gala-games-crypto-hack

Circumstances developed after a single blockchain address appeared to mint over $1 billion worth of tokens out of thin air. When crypto watchdogs PeckShield flagged that, pNetwork – which delivers routing infrastructure for decentralized finance (DeFi) and gaming tokens, including GALA in what appeared to suggest that it was behind the mint.

The watchdogs also revealed that pGALA wasn’t to be considered safe anymore and blended the white hat attack to prevent it from being nastily exploited, suggesting that the new tokens were printed as a way to help pNetwork empty a faulty PancakeSwap pool.

All GALA tokens on Ethereum as well as the underlying bridge collateral are SAFE, pNetwork mentioned, explaining the trouble was because of some kind of misconfiguration of the p.Network bridge.

Decentralized exchange platforms like PancakeSwap use pools to allow users to swap between currencies without the help of a middleman. The recently printed pGALA tokens were utilized to drain pGALA pools of other currencies.

Also read: Robinhood is optimistic about Crypto Despite Q3 revenue dropping

In the crypto world, where incidents such as rug pull or project founders stealing everything didn’t totally calm down fears. Though pNetwork urged users to not begin swaps to and from this pool, many rambling users bought and sold the soon-to-be-deprecated tokens anyway as their price dropped.

pNetwork suggested to users that for the time being, please consider the existing pancakeswap.finance pool to be invalid. According to the network, a new, properly configured pool will be pitched, containing the same balance as the old one. A new pGALA token will be made to replace the old compromised one and airdropped in the forthcoming days to those who had pGALA before the pool was depleted.


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