According to official news from Huobi HTX, this week, Huobi HTX has completed the payment of tens of millions of US dollars in compensation to users affected by the pGALA issuance attack, including compensation, on-site rights, and Gala nodes.
To restore the truth of the pGALA incident and try to recover the losses, Huobi HTX launched a compensation plan in April 2023
At 4:00 a.m. on November 4, 2022, the multi-chain routing protocol pNetwork minted more than $1 billion worth of pGALA tokens on the BNB chain out of thin air and sold them on PancakeSwap, causing the GALA token on the BNB chain to drop directly from $0.04 to $0.0000045. Due to the sharp drop in the on-chain coin price and the malicious arbitrage of pNetworks deliberate concealment of this information, many third parties including Gala Games and Huobi HTX suffered huge losses.
The instigator of the pGALA incident, pNetwork, collaborated with hackers to make a cumulative profit estimated to be over 10 million US dollars. Starting from 9:00 on November 4, Huobi HTX released five consecutive announcements on the progress of handling abnormal events on the GALA Token chain, doing its best to recover user losses. Huobi HTX actively contacted pNetwork to negotiate a solution, and pNetwork did not release a post-event analysis of the pGala incident until 2:00 a.m. on November 6.
In April 2023, Huobi HTX announced that it had negotiated with Gala Games to launch a compensation plan for users affected by the pGALA issuance attack. The compensation amount was tens of millions of US dollars. Huobi HTX provided tens of millions of US dollars in USDT and equity as compensation to the affected users. Similarly, Gala Games will also provide node compensation equivalent to 25 million US dollars to the affected users. The above compensation plan has been paid this week.
The ROCK (formerly PGALA) tokens of the TRON network have been destroyed and re-minted on the GALA chain
Currently, Huobi HTX has destroyed the ROCK (formerly PGALA) tokens of the TRON network and re-minted them on the GALA chain.
The two destruction links are as follows:
https://tronscan.org/#/transaction/ 0 dfea 91 f 825 a 256 f 1 abd 0 2b f 239 e 46 b 7 c 19 a 2713 ce 0 a 7 ecc 75 c 75 e 6 d 40794 3d 8
https://tronscan.org/#/transaction/43f43358a0d97b3b2514de55e239f2100f57c475180217927b66dcc0 3 dec 18 2d
In April 2023, Huobi HTX supported the upgrade and replacement of the existing brand of the PGALA project, that is, the old token PGALA was replaced with the new token ROCK at a ratio of 1:1. ROCK is a Web3 game ecosystem token initiated by Gala Games and jointly launched by Huobi HTX and TRON. In the future, ROCK will be deeply integrated into the Gala Games ecosystem as a reward token for the Gala Games game ecosystem, as well as NFT market fee deduction and NFT priority subscription.
User interests come first, Huobi HTX compensation plan is fully in place
The pGALA incident was caused by pNetwork’s “negligence, infringement interference, and intentional concealment.” Huobi HTX and Gala Games jointly filed a lawsuit against pNetwork to recover losses and resolutely safeguard their brand reputation and the interests of users.
Although Huobi HTX suffered huge losses in this incident, it always puts user interests first and does its best to protect user assets. In addition to issuing announcements and taking relevant measures to recover user losses, it also communicated with pNetwork and Gala Games many times and took legal action to protect its rights.
The pGALA compensation took one year and two months. Huobi HTX made a lot of efforts and finally paid all the compensation in June 2024.
Huobi HTX adheres to the principle of putting users first and user interests first, pays close attention to the security of user assets, and has the courage to defend user interests. In the face of such incidents, Huobi HTX is willing to work with peers in the crypto industry, take responsibility, jointly maintain industry order, and promote the healthy development of the industry.
