Huobi Exchange Users Furious After GALA Holdings are Converted to ‘Meme Token’

The reason for the initial price drop stemmed from a confusing maneuver carried out by pNetwork – a firm that locks up GALA on Ethereum and re-mints it as “pGALA” on Binance Smart Chain. When pNetwork found a vulnerability in its bridging code, it executed a “white hat” attack on its own token – minting out billions of new pGALA tokens, and using them to drain the decentralized exchanges that allow users to swap between pGALA and other BSC-based tokens. The move effectively allowed pNetwork to assume control of user funds.