{"id":136137,"date":"2023-04-03T09:42:09","date_gmt":"2023-04-03T09:42:09","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=136137"},"modified":"2023-04-03T12:13:37","modified_gmt":"2023-04-03T12:13:37","slug":"huobi-and-gala-games-file-a-joint-lawsuit-against-pnetwork","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/huobi-and-gala-games-file-a-joint-lawsuit-against-pnetwork\/","title":{"rendered":"Huobi and Gala Games file a joint lawsuit against pNetwork.\u00a0"},"content":{"rendered":"<p style=\"text-align: justify\">In an official statement on April 3, the Huobi <a href=\"https:\/\/crypto-economy.com\/what-are-cryptocurrencies-and-which-are-the-best-to-invest-in\/\" target=\"_blank\" rel=\"noopener\"><strong>cryptocurrency<\/strong><\/a> platform stated it had gotten in touch with Gala Games&#8217; legal team and will collaborate with them to sue pNetwork for <strong>the release of $1 billion worth of pGALA tokens<\/strong>\u00a0in order to recover the token&#8217;s losses and firmly defend its own integrity as a brand and its users&#8217; interests.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Huobi?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Huobi<\/a> &amp; <a href=\"https:\/\/twitter.com\/hashtag\/Gala?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Gala<\/a> Games have initiated a lawsuit against pNetwork. Previously, Huobi had provided <a href=\"https:\/\/twitter.com\/search?q=%24pgala&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$pgala<\/a> users $25 million in cash and equity equivalent compensation, Gala Games will also provide $25 million equivalent in node compensation. <a href=\"https:\/\/twitter.com\/GoGalaGames?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@GoGalaGames<\/a> <a href=\"https:\/\/t.co\/aePICQ5ATm\" target=\"_blank\">pic.twitter.com\/aePICQ5ATm<\/a><\/p>\n<p>&mdash; Huobi (@HuobiGlobal) <a href=\"https:\/\/twitter.com\/HuobiGlobal\/status\/1642723762083889152?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">Huobi stated that all businesses and individuals impacted by the pGALA incident are welcome to join the class action lawsuit against pNetwork.<\/p>\n<p style=\"text-align: justify\">This happened after Gala Games, the firm behind the GameFi project, said on March 20 that it had launched a lawsuit against pNetwork, demanding <strong>$28 million in compensation<\/strong> on behalf of pGALA hack victims.<\/p>\n<p style=\"text-align: justify\">The gaming business asserts that <strong>pNetwork failed to fix a code misconfiguration<\/strong>, giving the misleading idea of a $1 billion hack and unfairly damaging the market for Gala&#8217;s own native token, GALA, as a result of which the project was forced to incur considerable costs.<\/p>\n<p style=\"text-align: justify\">According to reports, the pGALA problems began when <strong>pNetwork worked with<\/strong> hackers to create tokens worth US$ 1 billion on the BNB chain, then withdrew them from the liquidity pool <strong>to acquire over US$ 10 million illegally.<\/strong><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/twitter.com\/HuobiGlobal\/status\/1642723762083889152?s=20\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-136141\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/04\/Lawsuit.jpg\" alt=\"Huobi and Gala Games file a joint lawsuit against pNetwork\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Lawsuit.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Lawsuit-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/04\/Lawsuit-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/a><\/p>\n<p style=\"text-align: justify\">Consequently, pGALA tokens&#8217; price plummeted significantly, causing a huge loss for many third parties, including<a href=\"https:\/\/app.gala.games\/\" target=\"_blank\" rel=\"noopener\"> <strong>Gala Games<\/strong><\/a> and Huobi.<\/p>\n<p style=\"text-align: justify\">Although pNetwork, the alleged party responsible for the incident, claimed that it would airdrop the 12,977 BNB to affected users, it has not delivered on its promise.<\/p>\n<h2 style=\"text-align: justify\">Huobi and Gala Games develop a compensation plan for victims<\/h2>\n<p style=\"text-align: justify\">However, further statements indicate that the cryptocurrency exchange and Gala Games have developed a reimbursement plan for paying up to <strong>US$50 million<\/strong> in compensation for victims&#8217; losses on Huobi.<\/p>\n<p style=\"text-align: justify\">This statement states that Huobi and Gala Games will split the payout. <strong>25 million USD will be provided by Huobi in the form of cash and user benefits,<\/strong> including 15 million USDT and 10 million equity compensation shares in the same amount.<\/p>\n<p style=\"text-align: justify\">Gala Games will compensate with node licenses valued at US$25 million. The payment arrangement is scheduled to start this week.<\/p>\n<p style=\"text-align: justify\">Furthermore, the Huobi platform intends to promote the conversion of pGALA into a new token, ROCK (Rock Dao), and be the first to launch it once the conversion is complete. ROCK is a Web3 gaming digital asset launched by Gala Games in partnership with Huobi and TRON.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Huobi?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Huobi<\/a> will support the exchange of <a href=\"https:\/\/twitter.com\/search?q=%24pGALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$pGALA<\/a> to <a href=\"https:\/\/twitter.com\/search?q=%24ROCK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ROCK<\/a> (Rock Dao) &amp; conduct an initial listing after the exchange is completed. On-chain holders need to deposit their <a href=\"https:\/\/twitter.com\/search?q=%24pGALA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$pGALA<\/a> into Huobi by April 6, 9.30 (GMT+8).<a href=\"https:\/\/twitter.com\/hashtag\/pGALA?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#pGALA<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/ROCK?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#ROCK<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Web3?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Web3<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Tron?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Tron<\/a> <a href=\"https:\/\/t.co\/q7T7vGekvi\" target=\"_blank\">pic.twitter.com\/q7T7vGekvi<\/a><\/p>\n<p>&mdash; Huobi (@HuobiGlobal) <a href=\"https:\/\/twitter.com\/HuobiGlobal\/status\/1642739043183239168?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">April 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\">In order to receive the new token,<\/p>\n<p style=\"text-align: center\"><em>\u201cOn-chain holders need to deposit their $pGALA into Huobi by April 6, 9.30 (GMT+8).\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an official statement on April 3, the Huobi cryptocurrency platform stated it had gotten in touch with Gala Games&#8217; legal team and will collaborate with them to sue pNetwork for the release of $1 billion worth of pGALA tokens\u00a0in order to recover the token&#8217;s losses and firmly defend its own integrity as a brand &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Huobi and Gala Games file a joint lawsuit against pNetwork.\u00a0\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/huobi-and-gala-games-file-a-joint-lawsuit-against-pnetwork\/#more-136137\" aria-label=\"More on Huobi and Gala Games file a joint lawsuit against pNetwork.\u00a0\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":136140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[9257,4718,5252],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/136137"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=136137"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/136137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/136140"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=136137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=136137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=136137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}