Binance has decided to delist an altcoin that has dropped more than 30% due to hack news today. However, the delist application will only be valid for necessarily networks.
Binance takes action for this hacked altcoin
Koindeks.com As you follow, Gala Games (GALA) fell hard today due to the news that it was hacked. However, Gala group reports that the influx is related to GALA tokens on pNetwork. However, the panic in the middle of the investors forced the price to drop more than 30%. Binance, along with other exchanges, is preparing bailout plans for Gala. Now, according to a new announcement, the controversial GALA token will leave the Binance list. Önder stock market has stated that it will suspend the withdrawal and investment processes until further notice.
This was due to increased investor concerns about GALA. Binance’s announcement says that although it has stopped supporting GALA on the BSC platform, it will continue to support the Ethereum version.
The next steps in the delist process are currently being discussed by Binance and pNetwork. pNetwork was previously on the agenda with a billion USD GALA hack. The project’s group opposed that the platform was responsible for the hacking and minting process to prevent the wrongdoers from stealing users’ money. Additionally, the newly created tokens appear to be used to help remove other cryptocurrencies from the liquidity pool of the PancakeSwap DEX.
GALA fell hard
The game token lost around 20% in response to this news. As a result of the concerns, BEP-20 GALA was delisted from Binance. The exchange announced in September last year that it had added reinforcements for GALA.
The hack was completely unfounded, but the panic was successful.
In this article, we quoted the warnings of @BitBenderBrink from the Gala Games group after the hack news. The reason for the panic selling amid investors is based on a tweet from PeckShield, a blockchain security firm. PeckShield reported that over $2 billion in GALA tokens were minted from scratch on Twitter at noon today. After the panic caused by this news, the GALA price dropped to $0.0293 during the day.
The Gala team then shared a post on Twitter to quickly quell the panic. He explained that many people use the words “fraud” and “hack” around, but such a situation is not the subject of words.
Gala Games’ Blockchain leader Jason Brink explains that the unexpected activity was carried out by pNetwork, which was trying to drain the liquidity pool in PancakeSwap to protect it from a potential security vulnerability.
The Gala team later confirmed that “insufficient configuration” had occurred at pNetwork working with BSC. PNetwork also responded to a tweet shared by Peckshield. He announced that he was “staging a white-hat attack” to prevent pGala from being cyber-attacked.