Blockchain gaming company Gala Games urged its community for calm after misplaced fears of a multi-billion dollar rug pull or hack caused the GALA token to temporarily crash 25.6%.
The initial panic, which Gala Games later implied was unfounded, came after a single wallet address appeared to mint over $2 billion GALA tokens out of thin air — which was flagged by blockchain security firm PeckShield on Nov. 3.
Fears that the unusual activity was a sign of an exploit or rug pull caused the GALA token price to drop a dramatic 25.6% from $0.0394 to $0.0293 over a 130-minute stretch late on Nov. 3, according to data from CoinGecko.
However, Gala Games took to Twitter on Nov. 4 to dispel the “FUD” surrounding its native token, explaining that “lots of people are tossing around words like ‘hack’ and ‘rug’. Neither of these is the case.”
Update for everyone – there is a LOT of FUD out there surrounding $GALA…lots of people tossing around words like “hack” and “rug”. Neither of these is the case.
Here is the real story – read this update from @BitBenderBrink and @pNetworkDeFi. https://t.co/ruI16v2Lkv
— Gala Games – Spider Tanks is LIVE! (@GoGalaGames) November 4, 2022
Gala Games president for blockchain Jason Brink explained that the unusual activity detected on decentralized exchange (DEX) PancakeSwap was performed by pNetwork,…
