TechFlow news — According to insider information, Huobi has hired legal counsel and sent a claim letter to pNetwork over the incident in which white-hat hackers collaborating with pNetwork massively minted pGALA tokens. Huobi is pursuing legal responsibility and stated it will resolutely fight against any actions that damage its brand or infringe upon user interests.
On November 4, the pNetwork protocol minted over $1 billion worth of pGALA tokens out of thin air on the BNB Chain and sold them via PancakeSwap, causing GALA on the Huobi platform to plummet by 97%. Subsequently, Huobi announced measures to protect user interests, including allocating $6 million to compensate affected users. Additionally, Huobi stated that any compensation received from legal action against pNetwork would be fully directed toward compensating users who suffered losses on its platform.
