pNetwork suffers big harm after taking a fallacious try to repair a supposed misconfiguration. Nevertheless, pNetwork suffered a hacking try and showcased the blockchain-based enterprise’s curse. Hackers minted $1B value of pGALA tokens on BNB Chain’s high alternate, PancakeSwap dropping its value to 94%. The incident uncovered the darkish facet of blockchain-based companies.
Gala Video games bought upset after this incident. The Gala Video games president stated they weren’t included in that course of. pNetwork operates independently, and they didn’t seek the advice of Gala Video games earlier than they minted 28.4 B of GALA tokens. Nevertheless, pNetwork appears to cowl their mistake by redeploying the contract.
To this, pNetwork got here ahead and stated that the catastrophic occasion was as a consequence of a mere misunderstanding. Later, it tweeted that it had purposely minted the pGALA tokens to cut back the PancakeSwap pool and shield token holders from the misconfiguration recognized in its contract. It additional clarified that every one the GALA tokens on Ethereum, together with bridge collateral, are Secure, they usually expressed remorse for the inconvenience brought on to the group.
The staff will return pGALA and BNB tokens to liquidity suppliers after creating a brand new pGALA token and airdrop it to the holder’s pockets with the identical quantity they had been holding earlier than this incident.