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Huobi and Gala Games have announced that they will compensate victims of the pGALA incident with up to $50 million worth of cryptocurrencies and software licenses.
Huobi has pledged $25 million in cash and user benefits, including 15 million tether ($USDT) and $10 million in equity compensation. Gala Games will offer its affected users $25 million worth of node licenses.
Huobi platform is planning to support the conversion of pGALA into a new token, ROCK (Rock Dao), and be the first to launch it after the conversion is complete. ROCK is a Web3 game token initiated by Gala Games in collaboration with Huobi and TRON.
The pGALA incident involved a bad actor minting $1 billion worth of pGALA, a wrapped version of GALA, and offloading the tokens on decentralized exchanges, causing the price of $GALA to plummet by 94%. The firms will begin compensating victims within the next week. In addition to the compensation, Gala Games has filed a lawsuit seeking $27.7 million in damages and compensation from pNetwork.
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