User First, Compensation Guaranteed! Huobi HTX has completed the multi-million dollar compensation for users affected by the pGALA inflation attack incident.
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User First, Compensation Guaranteed! Huobi HTX has completed the multi-million dollar compensation for users affected by the pGALA inflation attack incident.
This week, Huobi HTX has completed its million-dollar compensation to users affected by the pGALA inflation attack incident.
Navigating Web3 tides with focused insightsAccording to an official announcement from Huobi HTX, this week the platform has completed its full compensation plan for users affected by the pGALA inflation attack, amounting to tens of millions of dollars. This includes all aspects of compensation such as direct payouts, in-platform benefits, and Gala nodes.
Restoring the Truth Behind the pGALA Incident and Minimizing Losses: Huobi HTX Launches Compensation Plan in April 2023
In the early hours of November 4, 2022, the multi-chain routing protocol pNetwork minted over $1 billion worth of pGALA tokens out of thin air on the BNB Chain, then dumped them via PancakeSwap. This caused the price of GALA tokens on the BNB Chain to plummet from $0.04 to $0.0000045. The sharp decline in token value, combined with pNetwork's deliberate concealment of the incident and malicious profit-taking, resulted in significant losses for third parties including Gala Games and Huobi HTX.
The perpetrators behind the pGALA incident—pNetwork colluding with hackers—are estimated to have profited more than $10 million. Starting at 9:00 AM on November 4, Huobi HTX issued five consecutive announcements regarding the handling progress of the GALA token blockchain anomaly, doing everything possible to minimize user losses. Huobi HTX actively engaged with pNetwork to resolve the issue, but pNetwork did not release a post-incident analysis until 2:00 AM on November 6.
In April 2023, Huobi HTX announced a joint compensation plan with Gala Games for users affected by the pGALA inflation attack, allocating $10 million in compensation. Huobi HTX provided affected users with equivalent USDT and platform benefits, while Gala Games committed $25 million worth of node compensations. This entire compensation program has now been fully completed as of this week.
ROCK (formerly pGALA) Tokens on the TRON Network Have Been Burned and Recreated on the GALA Chain
Huobi HTX has now burned the ROCK (formerly pGALA) tokens on the TRON network and recreated them on the GALA chain.
The two burn transaction links are as follows:
https://tronscan.org/#/transaction/0dfea91f825a256f1abd02bf239e46b7c19a2713ce0a7ecc75c75e6d407943d8
https://tronscan.org/#/transaction/43f43358a0d97b3b2514de55e239f2100f57c475180217927b66dcc03dec182d
In April 2023, to support the brand upgrade and token swap initiative for the existing PGALA project, Huobi HTX facilitated a 1:1 conversion from the old PGALA token to the new ROCK token. ROCK is a Web3 gaming ecosystem token launched by Gala Games in collaboration with Huobi HTX and TRON. In the future, ROCK will serve as a tipping token within the Gala Games ecosystem, and will also be used for NFT marketplace fee deductions and priority NFT purchases, becoming deeply integrated into the Gala Games ecosystem.
User Interests First: Huobi HTX’s Full Compensation Plan Now Completed
The pGALA incident was caused by pNetwork's "negligence, infringement, and intentional concealment." Huobi HTX and Gala Games have jointly filed litigation against pNetwork to recover losses and firmly protect their brand reputation and user interests.
Although Huobi HTX suffered substantial losses during this incident, it has consistently prioritized "user interests" above all else, making every effort to safeguard user assets. Beyond issuing timely announcements and implementing immediate remedial measures, Huobi HTX has engaged in multiple discussions with both pNetwork and Gala Games, and pursued legal action to defend user rights.
The pGALA compensation process spanned one year and two months, requiring immense effort from Huobi HTX, and was finally completed in full by June 2024.
Adhering to the principle of "users first" and "user interests above all," Huobi HTX remains deeply committed to user asset security and stands firm in defending user rights. In response to such incidents, Huobi HTX is willing to work alongside its peers in the crypto industry—taking responsibility, upholding industry order, and promoting healthy industry development.
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