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Huobi alleges pNetwork made over $4M USD

According to Huobi, the pNetwork team’s eagerness to launch the attack indicated malicious intent to profit from the incident

Huobi alleges pNetwork made over $4M USD
The exchange is hosting a PGALA trading competition in which users can win up to 3 million GALA.

Huobi claims that the GALA incident was not a white hat operation, as pNetwork claimed, but rather a $4.5 million profit for the protocol, as reported by Cryptoslate.

According to the exchange, there were other “premeditated operations” during the incident that netted the parties involved more than $10 million in profit. Huobi went on to say that despite communicating with the pNetwork team 50 minutes before the incident, it was not informed that it would attack the pGALA token.

Furthermore, there was no evidence that the vulnerability had been exploited, despite the fact that it had been in the contract for over two months. According to Huobi, the pNetwork team’s eagerness to launch the attack indicated malicious intent to profit from the incident, Cryptoslate further noted.

The exchange also called the issuance of 55.6 billion GALA tokens to save a pool worth approximately $400,000 absurd and thus unjustified. Meanwhile, Huobi’s most recent update confirms that the exchange has completed the renaming and conversion of users from GALA to pGALA. It went on to say that it had “converted our users’ PGALA assets to New GALA (hereafter collectively referred to as GALA) at a 1:1 ratio.”

Cryptoslate further noted that despite the fact that the exchange appears to have relisted GALA, Huobi would keep pGALA as a meme coin. The exchange is hosting a PGALA trading competition in which users can win up to 3 million GALA. The competition will take place between November 5 and 12, with the winner receiving 200,000 GALA. The winners would be determined by the volume of spot trading.

(With insights from Cryptoslate)

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First published on: 07-11-2022 at 12:54 IST