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Gala Games Pursues $27.7 Million In Damages In Lawsuit Against pNetwork
Gala Games, a pioneer in Web3 entertainment, has filed a lawsuit against pNetwork, a cross-chain bridge provider, for negligence and tortious interference with business expectancy.
The lawsuit alleges that pNetwork failed to address a misconfiguration in its code, which caused a false appearance of a $1 billion hack, leading to a disruption in the market for Gala’s native token, GALA. Gala claims that the incident required a substantial expenditure of over $25 million to address the aftermath of the breach and caused reputational harm due to the market disruption.
The lawsuit states that pNetwork admitted to mistakenly leaking a governance key when deploying the pGALA bridge, which was later used by an attacker to breach the pGALA contract on the Binance Smart Chain (BSC). The recovery plan presented and executed by pNetwork failed to recover the assets that were the subject of the attack, causing further harm. Gala alleges that pNetwork sought to increase the utilization of its platform by issuing pGALA and that pNetwork benefited from its association with Gala Games. Therefore, pNetwork owed Gala a duty of care to avoid causing harm to the company or tokens.
The GALA tokens are an essential component of Gala’s business, and pNetwork was aware of the prospective economic advantage in the value of GALA tokens as the entire function of pGALA is tied to the utility of GALA tokens itself. When pNetwork negligently and recklessly caused a security breach and intentionally carried out a failed recovery plan that caused further harm, it negatively impacted the market’s perception of Gala and the GALA tokens, damaged Gala’s reputation, and caused harm to its relationships with exchanges.
Gala is seeking $27,671,934.80 for the out-of-pocket costs due to the breach, additional compensation for injuries, punitive damages, and other relief the court would deem just and equitable.
The breach occurred on November 3, 2022, when pNetwork informed Gala that the contract on the Binance Smart Chain had been breached due to pNetwork engineers mistakenly leaving a key in the public GitHub repository. pNetwork proposed a plan to deactivate the bridge and then emergency whitehat exploit their own contract. Gala and pNetwork contacted exchanges to alert them to the breach and immediately suspended deposits and withdrawals of the BEP-20 all pGALA. Following this, pNetwork initiated their whitehat attack, which was supposed to last for 2-3 minutes.
Gala Games is a Web3 games company that uses decentralization, player ownership, and reward economies to create a revolutionary new way of gaming. The company has dozens of games on the horizon and several already in various stages of presale or beta play. Gala Games is quickly becoming the world leaders in own-your-experience gaming.
#GalaGames #pNetwork #Web3 #Lawsuit #azcoinnews
This article was republished from azcoinnews.com
The lawsuit alleges that pNetwork failed to address a misconfiguration in its code, which caused a false appearance of a $1 billion hack, leading to a disruption in the market for Gala’s native token, GALA. Gala claims that the incident required a substantial expenditure of over $25 million to address the aftermath of the breach and caused reputational harm due to the market disruption.
The lawsuit states that pNetwork admitted to mistakenly leaking a governance key when deploying the pGALA bridge, which was later used by an attacker to breach the pGALA contract on the Binance Smart Chain (BSC). The recovery plan presented and executed by pNetwork failed to recover the assets that were the subject of the attack, causing further harm. Gala alleges that pNetwork sought to increase the utilization of its platform by issuing pGALA and that pNetwork benefited from its association with Gala Games. Therefore, pNetwork owed Gala a duty of care to avoid causing harm to the company or tokens.
The GALA tokens are an essential component of Gala’s business, and pNetwork was aware of the prospective economic advantage in the value of GALA tokens as the entire function of pGALA is tied to the utility of GALA tokens itself. When pNetwork negligently and recklessly caused a security breach and intentionally carried out a failed recovery plan that caused further harm, it negatively impacted the market’s perception of Gala and the GALA tokens, damaged Gala’s reputation, and caused harm to its relationships with exchanges.
Gala is seeking $27,671,934.80 for the out-of-pocket costs due to the breach, additional compensation for injuries, punitive damages, and other relief the court would deem just and equitable.
The breach occurred on November 3, 2022, when pNetwork informed Gala that the contract on the Binance Smart Chain had been breached due to pNetwork engineers mistakenly leaving a key in the public GitHub repository. pNetwork proposed a plan to deactivate the bridge and then emergency whitehat exploit their own contract. Gala and pNetwork contacted exchanges to alert them to the breach and immediately suspended deposits and withdrawals of the BEP-20 all pGALA. Following this, pNetwork initiated their whitehat attack, which was supposed to last for 2-3 minutes.
Gala Games is a Web3 games company that uses decentralization, player ownership, and reward economies to create a revolutionary new way of gaming. The company has dozens of games on the horizon and several already in various stages of presale or beta play. Gala Games is quickly becoming the world leaders in own-your-experience gaming.
#GalaGames #pNetwork #Web3 #Lawsuit #azcoinnews
This article was republished from azcoinnews.com
Huobi and Gala Games files a lawsuit against pNetwork
◾Huobi provided $pgala users $25 million in cash and equity equivalent compensation.
◾Gala Games also provide $25 million equivalent in node compensation.
#HuobiExchange #Gala #cryptomarket #pNetwork
◾Huobi provided $pgala users $25 million in cash and equity equivalent compensation.
◾Gala Games also provide $25 million equivalent in node compensation.
#HuobiExchange #Gala #cryptomarket #pNetwork
Huobi And Gala Games To Compensate Victims Of PNetwork Hack With $50 Million
Huobi and Web3 gaming project Gala Games have announced that they will compensate victims of a hack on pNetwork that occurred last fall. The two companies have stated that they will be reimbursing victims with a total of $50 million in crypto and software licenses, with the compensation to be distributed within the next few weeks.
Huobi has pledged $25 million in compensation, consisting of $15 million in USDT and $10 million in equity. Gala Games has promised $25 million in node compensation. The reimbursement is intended for those who lost funds during the hack, which saw a large amount of GALA tokens dumped onto the market, causing the price to plummet.
The hack was eventually claimed by pNetwork, a cross-chain bridge project for the Binance Smart Chain. At the time, pNetwork had discovered a vulnerable pGALA pool on PancakeSwap and had taken it upon themselves to attack the vulnerability to prevent malicious actors from exploiting it. However, despite the attack being a “white hat” one, the failure to communicate this to the community resulted in significant losses for GALA holders.
The compensation is just one of the measures that Huobi and Gala Games are taking to address the issue from last year. In March, Gala Games filed a lawsuit seeking $27.7 million in damages from pNetwork. Huobi has now also announced its participation in the lawsuit in order to “recover losses, protect reputation, and benefit users.”
It is important to note that this incident highlights the risks associated with investing in cryptocurrencies and decentralized finance projects, as they are still largely unregulated and susceptible to hacks and other security breaches. While the compensation offered by Huobi and Gala Games is a positive step towards remedying the losses suffered by victims of the pNetwork hack, it also serves as a reminder to investors to exercise caution when investing in this emerging and volatile market.
#Huobi #pNetwork #GalaGames #GALA #azcoinnews
This article was republished from azcoinnews.com
Huobi has pledged $25 million in compensation, consisting of $15 million in USDT and $10 million in equity. Gala Games has promised $25 million in node compensation. The reimbursement is intended for those who lost funds during the hack, which saw a large amount of GALA tokens dumped onto the market, causing the price to plummet.
The hack was eventually claimed by pNetwork, a cross-chain bridge project for the Binance Smart Chain. At the time, pNetwork had discovered a vulnerable pGALA pool on PancakeSwap and had taken it upon themselves to attack the vulnerability to prevent malicious actors from exploiting it. However, despite the attack being a “white hat” one, the failure to communicate this to the community resulted in significant losses for GALA holders.
The compensation is just one of the measures that Huobi and Gala Games are taking to address the issue from last year. In March, Gala Games filed a lawsuit seeking $27.7 million in damages from pNetwork. Huobi has now also announced its participation in the lawsuit in order to “recover losses, protect reputation, and benefit users.”
It is important to note that this incident highlights the risks associated with investing in cryptocurrencies and decentralized finance projects, as they are still largely unregulated and susceptible to hacks and other security breaches. While the compensation offered by Huobi and Gala Games is a positive step towards remedying the losses suffered by victims of the pNetwork hack, it also serves as a reminder to investors to exercise caution when investing in this emerging and volatile market.
#Huobi #pNetwork #GalaGames #GALA #azcoinnews
This article was republished from azcoinnews.com
#MANTA #pNetwork #BTC #FreeEarn #Update
• Earn Free Daily 2$ or 5$
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P-Network Mining App
• Earn Free Daily 2$ or 5$
Join our Team & Get Upto 5x Mining Speed This token is developing fast and everything looking set and all is coming for free!!!
Most of you are reluctant and it's funny, because this requires Zero $ investment! Only requires you to JUST MINE!
Steps to earn:
1. Download the app.
2.Verify your KYC.
3. Click on mining button once every 24hrs.
START MINING THIS COIN NOW!!!
Note: DO NOT PAY ANY MONEY TO ANYONE.
P-Network Mining App
#pNetwork pNetwork v3 BETA is here! 🚀🚀
The first BETA is a leap towards the full decentralization of pNetwork v3.
It's built on an optimistic model, secured by fraud proofs & supported by multiple provers actors.
Test it here: https://dapp-v3-beta.pnetworkprotocol.eth.limo
🔍 This BETA release is for the curious and experienced! It's a testing ground for those who like to explore new tech.
Help us to improve it.
Test it and fill out the attached form 📝 https://tally.so/r/3yJOxg
Every bit of feedback brings us closer to perfection 💪
The first BETA is a leap towards the full decentralization of pNetwork v3.
It's built on an optimistic model, secured by fraud proofs & supported by multiple provers actors.
Test it here: https://dapp-v3-beta.pnetworkprotocol.eth.limo
🔍 This BETA release is for the curious and experienced! It's a testing ground for those who like to explore new tech.
Help us to improve it.
Test it and fill out the attached form 📝 https://tally.so/r/3yJOxg
Every bit of feedback brings us closer to perfection 💪
🚨 JUST IN: #Binance will delist #DREP , #mobilecoin and #pNetwork - stopping all trading pairs on April 3, 2024, at 03:00 UTC.
$DREP $MOB $PNT
$DREP $MOB $PNT
WARNING! Important last-minute information IF you have these cryptocurrencies within Binance, this is a Delisting Alert for!
- #DREP (DREP)
- #mobilecoin (MOB)
- #pNetwork (PNT)
Binance has decided to delist and cease trading on all trading pairs for the following token(s) effective from 2024-04-03 03:00 (UTC).
The exact trading pairs being removed are: DREP/BTC, DREP/USDT, MOB/BTC, MOB/USDT, PNT/USDT.
I'm quoting the official announcement in this post; it contains a lot of data and situations. DO NOT hold onto these cryptocurrencies if you're reading this notice now.
- #DREP (DREP)
- #mobilecoin (MOB)
- #pNetwork (PNT)
Binance has decided to delist and cease trading on all trading pairs for the following token(s) effective from 2024-04-03 03:00 (UTC).
The exact trading pairs being removed are: DREP/BTC, DREP/USDT, MOB/BTC, MOB/USDT, PNT/USDT.
I'm quoting the official announcement in this post; it contains a lot of data and situations. DO NOT hold onto these cryptocurrencies if you're reading this notice now.
LIVE
Binance Announcement
--
Binance Will Delist DREP, MOB, PNT on 2024-04-03
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements. When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.
When we conduct these reviews, we consider a variety of factors. Here are some that drive whether we decide to delist a digital asset:
Commitment of team to projectLevel and quality of development activityTrading volume and liquidityStability and safety of network from attacksNetwork / smart contract stabilityLevel of public communicationResponsiveness to our periodic due diligence requestsEvidence of unethical/fraudulent conduct or negligenceNew regulatory requirementsContribution to a healthy and sustainable crypto ecosystem
Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following token(s) at 2024-04-03 03:00 (UTC):
DREP (DREP)Mobilecoin (MOB)pNetwork (PNT)
Please note:
The exact trading pairs being removed are: DREP/BTC, DREP/USDT, MOB/BTC, MOB/USDT, PNT/USDT.All trade orders will be automatically removed after trading ceases in each respective trading pair.To view your assets after trading ceases, please ensure you have not selected “Hide Small Balances” in all of your wallets.Deposits of these token(s) after 2024-04-04 03:00 (UTC) will not be credited to your account. Withdrawals of these token(s) from Binance will not be supported after 2024-07-03 03:00 (UTC).
Delisted tokens MAY be converted into stablecoins on behalf of users after 2024-07-03 03:00 (UTC). Please note that the conversion of delisted tokens into stablecoins is NOT guaranteed. A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion.
Binance Simple Earn will delist the token(s) mentioned above after 2024-04-01 03:00 (UTC). Users may choose to redeem their Flexible Products positions beforehand. Otherwise, these Flexible Products positions will be automatically redeemed at the above-mentioned time, and subsequently transferred to users’ Spot Wallets. Binance Auto-Invest will delist the token(s) mentioned above after 2024-03-26 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail.At 2024-03-28 03:00 (UTC), Binance Loans (Flexible and Stable Rates) and VIP Loan will close all outstanding loan positions for the aforementioned token(s) as loanable token(s) and collateral token(s). Users are strongly advised to repay their outstanding loans before 2024-03-28 03:00 (UTC) to avoid any potential losses, where applicable.Binance Margin will delist DREP, MOB and PNT cross margin and isolated margin pair(s) at 2024-03-28 06:00 (UTC). At 2024-03-25 06:00 (UTC), Binance Margin will suspend isolated margin borrowing on the aforementioned isolated margin pairs. At 2024-03-28 06:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement and cancel all pending orders on the aforementioned cross and isolated margin pair(s). These pair(s) will then be removed from Margin. Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-03-28 06:00 (UTC). Binance will not be responsible for any potential losses. Portfolio Margin users are advised to transfer the token(s) mentioned above out of their Margin Wallet to their Spot Wallet and to top up their margin balance before 2024-03-28 06:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of the token(s) mentioned above from the Margin Wallet.All DREP, MOB and PNT balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted to USDT from 2024-03-28 06:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds. Refer to this FAQ for more information.Binance Convert will delist the aforementioned token(s) and all associated pairs at 2024-03-27 03:00 (UTC).Binance Gift Card will delist the token(s) mentioned above at 2024-04-03 03:00 (UTC) Users are encouraged to manage Gift Cards containing these token(s) in advance to avoid any inconveniences.Binance Pay will delist the aforementioned token(s) at 2024-04-01 03:00 (UTC).Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2024-04-03 03:00 (UTC) where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your support!
Binance Team
2024-03-20
Fellow Binancians,
At Binance, we periodically review each digital asset we list to ensure that it continues to meet a high level of standard and industry requirements. When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics.
When we conduct these reviews, we consider a variety of factors. Here are some that drive whether we decide to delist a digital asset:
Commitment of team to projectLevel and quality of development activityTrading volume and liquidityStability and safety of network from attacksNetwork / smart contract stabilityLevel of public communicationResponsiveness to our periodic due diligence requestsEvidence of unethical/fraudulent conduct or negligenceNew regulatory requirementsContribution to a healthy and sustainable crypto ecosystem
Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for the following token(s) at 2024-04-03 03:00 (UTC):
DREP (DREP)Mobilecoin (MOB)pNetwork (PNT)
Please note:
The exact trading pairs being removed are: DREP/BTC, DREP/USDT, MOB/BTC, MOB/USDT, PNT/USDT.All trade orders will be automatically removed after trading ceases in each respective trading pair.To view your assets after trading ceases, please ensure you have not selected “Hide Small Balances” in all of your wallets.Deposits of these token(s) after 2024-04-04 03:00 (UTC) will not be credited to your account. Withdrawals of these token(s) from Binance will not be supported after 2024-07-03 03:00 (UTC).
Delisted tokens MAY be converted into stablecoins on behalf of users after 2024-07-03 03:00 (UTC). Please note that the conversion of delisted tokens into stablecoins is NOT guaranteed. A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion.
Binance Simple Earn will delist the token(s) mentioned above after 2024-04-01 03:00 (UTC). Users may choose to redeem their Flexible Products positions beforehand. Otherwise, these Flexible Products positions will be automatically redeemed at the above-mentioned time, and subsequently transferred to users’ Spot Wallets. Binance Auto-Invest will delist the token(s) mentioned above after 2024-03-26 03:00 (UTC). Users may choose to remove the plan(s) beforehand. Otherwise, the next recurring cycle of the aforementioned token(s) will fail.At 2024-03-28 03:00 (UTC), Binance Loans (Flexible and Stable Rates) and VIP Loan will close all outstanding loan positions for the aforementioned token(s) as loanable token(s) and collateral token(s). Users are strongly advised to repay their outstanding loans before 2024-03-28 03:00 (UTC) to avoid any potential losses, where applicable.Binance Margin will delist DREP, MOB and PNT cross margin and isolated margin pair(s) at 2024-03-28 06:00 (UTC). At 2024-03-25 06:00 (UTC), Binance Margin will suspend isolated margin borrowing on the aforementioned isolated margin pairs. At 2024-03-28 06:00 (UTC), Binance Margin will close users’ positions, conduct an automatic settlement and cancel all pending orders on the aforementioned cross and isolated margin pair(s). These pair(s) will then be removed from Margin. Please note that users will not be able to update their positions during the delisting process, and they are strongly advised to close their positions and/or transfer their assets from Margin Wallets to Spot Wallets prior to the cessation of margin trading at 2024-03-28 06:00 (UTC). Binance will not be responsible for any potential losses. Portfolio Margin users are advised to transfer the token(s) mentioned above out of their Margin Wallet to their Spot Wallet and to top up their margin balance before 2024-03-28 06:00 (UTC) where applicable. Users should monitor the Unified Maintenance Margin Ratio (Uni-MMR) closely to avoid any potential liquidation that may result from the removal of the token(s) mentioned above from the Margin Wallet.All DREP, MOB and PNT balances in Cross Margin Wallets under the Portfolio Margin account will be automatically converted to USDT from 2024-03-28 06:00 (UTC). The conversion may take approximately 24 hours or longer. Binance Margin will not be liable for any losses on new positions during this period that may incur due to the conversion of funds. Refer to this FAQ for more information.Binance Convert will delist the aforementioned token(s) and all associated pairs at 2024-03-27 03:00 (UTC).Binance Gift Card will delist the token(s) mentioned above at 2024-04-03 03:00 (UTC) Users are encouraged to manage Gift Cards containing these token(s) in advance to avoid any inconveniences.Binance Pay will delist the aforementioned token(s) at 2024-04-01 03:00 (UTC).Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2024-04-03 03:00 (UTC) where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.There may be discrepancies in the translated version of this original article in English. Please reference this original version for the latest or most accurate information where any discrepancies may arise.
We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth.
Thank you for your support!
Binance Team
2024-03-20
🔴 Following the delisting announcement by #Binance of #DREP , #mobilecoin and #pNetwork - the tokens experienced a significant drop in value:
➜ $DREP plummeted by 54% within an hour,
➜ $MOB saw a 52% decrease in the same timeframe
➜ $PNT dropped 64% since the announcement.
#TrendingTopic
➜ $DREP plummeted by 54% within an hour,
➜ $MOB saw a 52% decrease in the same timeframe
➜ $PNT dropped 64% since the announcement.
#TrendingTopic
