P2E-project Gala Games announced airdrop of the second version of the GALA v2 token. The original asset reacted to the announcement with growth.
Owners of GALA v1 will receive a new asset at a ratio of 1:1. The project team strongly recommended that users withdraw tokens from all liquidity pools or trading platforms to non-custodial wallets by the time of the snapshot on May 15th.
The developers noted that they have contacted many sites regarding the airdrop, but cannot promise the correct distribution of tokens to them.
After the airdrop, support for GALA v1 will be terminated immediately. According to the statement, the Ethereum contract for the new token has a number of improvements regarding the recording mechanism, security, and potential updates in the future.
The price of GALA against the background of the announcement of the airdrop increased by almost 15% within a day.
In April, crypto exchange Huobi and Gala Games unveiled a compensation plan for victims of the pGALA synthetic token incident.
On November 3, 2022, ~55.6 billion pGALA worth up to $2.2 billion were issued by unknown individuals on BNB Chain. They sold part of the assets through DEX PancakeSwap, receiving over $4.5 million. Huobi believes that a further coordinated attack from several addresses brought more than $10 million in profits to the attackers through arbitrage.
The exchange team then accused the developers of the pNetwork DeFi protocol of “malicious behavior”. In April, Huobi and Gala Games filed a lawsuit against the project.
#Huobi & #Gala Games have initiated a lawsuit against pNetwork. Previously, Huobi had provided $pgala users $25 million in cash and equity equivalent compensation, Gala Games will also provide $25 million equivalent in node compensation. @GoGalaGames pic.twitter.com/aePICQ5ATm
— Huobi (@HuobiGlobal) April 3, 2023
Huobi announced a strategic partnership with Gala Games in March to work together on Web3 initiatives.
Source: Cryptocurrency
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