Huobi And Gala Games File A Lawsuit Against pNetwork For Publishing $1B pGALA

Key Points:

• Huobi And Gala Games will file a lawsuit against pNetwork for collaborating with hackers to release a large amount of pGALA.
• It is known that the two platforms also decided to compensate $50 million for users who suffered losses due to the additional attack incident of pGALA.
• In November of last year, pNetwork was accused of collaborating with hackers to release more than $1 billion pGALA on the BNB chain and sell it on PancakeSwap, causing the price to plummet by 97%.

According to official news, Huobi and Gala Games have contacted the legal team and will join hands with Gala Games to file a lawsuit against pNetwork for massively releasing pGALA supplements to recover the losses.

In its official announcement, Huobi said that it had contacted the legal team of Gala Games and will join hands with Gala Games to file a lawsuit against pNetwork for the release of $1 billion of pGALA tokens last year to revoke the token’s losses and resolutely protect its own brand reputation and user interests.

#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 said that all organizations and users affected by the pGALA incident are welcome to participate in the joint lawsuit against pNetwork.

As per previous news, in November last year, pNetwork issued over $1 billion pGALA on the BNB chain and sold it on PancakeSwap, causing the token price to plummet as much as 97%.

On March 20 of this year, Gala Games announced a lawsuit against its partner on behalf of pGALA victims. Gala Games believes that pNetwork’s negligence in causing security breaches and deliberate execution of the failed recovery plan caused further damage, negatively affecting Gala’s market perception. Games and the GALA Token, damaging the reputation of Gala Games and damaging Gala Games The relationship between the Games and the trading platform.

This action follows the action taken by Huobi and Gala Games, which announced it would compensate users who suffered losses due to the additional attack incident of pGALA in the amount of $50 million.

The announcement shows that this compensation will be jointly borne by the two platforms, in which Huobi will provide $25 million in cash and equivalent equity to compensate users for damage, including 15 million USDT and 10 million equal equity compensation. Similarly, the Damaged User Game Gala will receive node compensation equivalent to $25 million, and the compensation mentioned above plan will be launched this week.

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