Gala Games to Airdrop GALA v2 Token

P2E-project Gala Games announced the airdrop of the second version of the GALA v2 token. The original asset rose on the news.

Owners of GALA v1 will receive the new asset at a 1:1 ratio. The project team strongly urged users, by the snapshot on May 15, to move tokens out of all liquidity pools or trading platforms to non-custodial wallets.

The developers noted that they had contacted many exchanges about the airdrop, but cannot promise proper distribution of tokens across them.

“We cannot guarantee that GALA, once included in liquidity pool contracts, can be recovered. It is better to be safe than sorry,” they stressed.

After the airdrop, support for GALA v1 will be terminated immediately. The Ethereum contract for the new token includes improvements to the recording mechanism, security, and potential future upgrades.

GALA price, in the wake of the airdrop announcement, rose by almost 15% in 24 hours. The asset trades near $0.05. CoinGecko.

In April, Huobi and Gala Games presented a compensation plan to those affected by the incident with the synthetic token pGALA. 

On November 3, 2022, unknown released ~55.6 billion pGALA for up to $2.2 billion on the BNB Chain. Some assets they sold through DEX PancakeSwap, earning over $4.5 million. Huobi believes that further coordinated attacks from multiple addresses brought the attackers more than $10 million in profits via arbitrage. 

The exchange’s team at the time accused of “malicious conduct” by the developers of the DeFi protocol pNetwork. In April, Huobi and Gala Games filed a lawsuit against the project.

#Huobi & #Gala Games have initiated a lawsuit against pNetwork. Previously, Huobi had provided $pgala users $25 million in cash and equity equivalent compensation, Gala Games will also provide $25 million equivalent in node compensation. @GoGalaGames pic.twitter.com/aePICQ5ATm

— Huobi (@HuobiGlobal) April 3, 2023

Earlier in March, Huobi announced a strategic partnership with Gala Games to work on Web3 initiatives.