Crypto exchange HuobiGlobal and Web3 gamin platform GoGalaGames are distributing $50 million worth of crypto and node licenses to victims of a fall token-printing scheme involving GALA tokens. LizKNapolitano reports
Huobi has pledged $25 million worth of cash and user benefits, including 15 million tether and $10 million equivalent equity compensation to the plot’s victims. Gala Games will offer its affected users $25 million worth of node licenses. The firms will begin compensating victims within the next week.
The announcement comes five months after a bad actor minted $1 billion worth of pGALA, a wrapped version of GALA that trades on BNB Chain, and offloaded the tokens on decentralized exchanges including PancakeSwap, plunging the price of the GALA 94%. PNetwork, Gala Games’ cross-chain interoperability bridge, said at the time that itUser refunds are just one measure Huobi and Gala Games are taking to address the fallout of the pGALA scheme. In March the gaming network filed a lawsuit seeking $27.
Huobi said Monday that it has joined the suit to “recover losses, defend its reputation, and the interests of its users.”
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