SNEAK PEEK
- Huobi & Gala Games have initiated a lawsuit against pNetwork.
- Huobi invited all organisations and users affected by the pGALA incident to participate.
- Huobi came to the aid of $pGALA users affected by the recent attack.
Crypto exchange Huobi and blockchain gaming platform Gala Games have announced that they will file a lawsuit against pNetwork for releasing $1 billion pGALA tokens last year. The tokens were reportedly sold on the Binance Smart Chain through PancakeSwap, causing the price to plummet by 97%.
#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 has contacted Gala Games’ legal team and will join forces to protect its brand reputation and the interests of its users. In a statement, Huobi invited all organisations and users affected by the pGALA incident to participate in the joint lawsuit against pNetwork.
Huobi allegedly came to the aid of $pGALA users affected by the recent attack. The platform announced a compensation plan amounting to $50 million!
Under this plan, Huobi jointly bears the compensation cost, providing $25 million in cash and equivalent equity to users who suffered losses. The compensation package includes 15 million USDT and 10 million equity compensation.
In addition, Gala Games will receive node compensation equivalent to $25 million. The compensation plan will be launched this week, bringing much-needed relief to affected users.
Huobi and Gala Game’s move reportedly comes after pNetwork issued the pGALA tokens in November 2022. The release caused a significant drop in the token’s value, leading to losses for many investors.
The joint lawsuit allegedly aims to revoke the token’s losses and protect the interests of those affected by the incident. Experts see the joint lawsuit by Huobi and Gala Games as a move to restore industry confidence and a message to other companies that such incidents will not be taken lightly.
