Panic for the crypto gala, which loses 25%
In just two hours, the Gala crypto fell victim to a huge 25% decreasefollowing rumors that the cryptocurrency had been subjected to a hacker attack.
However, the company Gala Games assured its investors that it was not a hacker attack at all.
Panic for Gala crypto investors, but the news has been debunked
Following a report from PeckShield which claimed that an address on the blockchain had managed to mint 2 billion dollars of GALA token, there was a general panic among investors. In just two hours, the Gala Games company’s token fell 25%, drop from $0.0394 to $0.023.
However, the Gala Games community was urged to remain calm by the executives of the blockchain game company, who explained that there was no hacker attack and that it was fake news.
On Twitter, the Gala Games profile reassured its investors:
“An update for everyone. There is a lot of FUD going around $GALA, more people have started using words like “hack” or “blanket.” That’s not how it is.”
pNetwork was also among those who invited investors to inquire about the new platform update of BitBender. In fact, it was pNetwork that made the transaction that appeared to be a hacking attack.
The event was therefore overridden to configure the resource.
Jason Brinkthe president of Gala Games, specified that the unusual activity was to drain money and protect the assets from potential security problems and vulnerabilities:
“Before you panic, read this pNetwork thread. In summary: All is well! The activity you are witnessing on PancakeSwap is the work of pNetwork, working to drain the liquidity base. GALA on ETH has not been affected in any way.”
pNetwork later went on to clarify the news that had sent investors into a state of panic:
“We noticed that pGALA could no longer be considered safe, so we coordinated a white hat attack to prevent a malicious exploit against pGALA. Funds are safe, but users should NOT transfer or buy/sell pGALA on PancakeSwap.”
White hat hackers who helped the Gala crypto with the update
The so-called white hat hackers use their skills to detect security holes and help protect organizations from dangerous hackers. Sometimes the employees or contractors are employed by companies as security specialists with the goal of finding security holes.
White hat hackers are one reason why large organizations experience less downtime and experience fewer problems with websites. Many hackers know that it is more difficult to break into systems run by large companies than it is to break into systems run by small companies that likely don’t have the resources to investigate every possible security hole.
A subset of ethical hackers are penetration testers or “pentesters”, dedicated specifically to identifying vulnerabilities and assessing risks in systems.
Gala’s predictions for the coming period
After this event, which caused some investors in the gaming company Gala Games to sell, the $GALA token rose again almost immediately and returned to its original value.
Looking at the scene from a macro perspective, Gala Games’ crypto is still trading at a loss and has a key support level of $0.03892, which can be tested again before the token’s value manages to rise.
The best time to buy gala games may have been right around the time of the last 25% drop.
Gala Games could generate very good profits over the next few years as the market recovers. For the remainder of 2022, price action may remain weak and unpromising, unless Bitcoin manages to make a serious push above $30,000.