Gala Games safe from multi-billion-dollar rug pull

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Updated November 4, 2022 | Published November 4, 2022

2 mins read

The company’s president for blockchain Jason Brink announced on Twitter that “everything is fine” and asked users “not to panic”.

Blockchain gaming platform Gala Games has told its community not to worry about an alleged multi-billion-dollar hack announced on November 3.

The supposed rug pull, flagged by the blockchain security firm Peckshield caused a temporary 25.6% crash in its GALA token.

After the initial panic caused by a single wallet address said to have minted over $2bn GALA tokens, the crash saw the native token plummet from $0.0394 to $0.0293 in approximately 130-minutes, according to data from CoinGecko.

Gala Games took to Twitter to ease its users’ worries surrounding the panic around its GALA token.

“Update for everyone – there is a LOT of FUD out there surrounding $GALA…lots of people tossing around words like “hack” and “rug”. Neither of these is the case”, the post read.

Gala Games’ president for blockchain Jason Brink also posted on the social media platform.

“Everything is fine” and the activity seen on “@PancakeSwap is pNetwork working to drain the liquidity pool. GALA on ETH is completely unaffected”, he said.

After the public explanations, numbers have peaked slightly in line with the GALA token price recovery from $0.0293 to $0.352.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.
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