If you have Gala Token on the former BNB Chain or Binance Smart Chain network and are looking for a way to cash it, this article is written for you. The news of 100% growth of Gala in three days has drawn the attention of many users to this cryptocurrency. In the meantime, those who had pGALA and were not aware of the November events of this cryptocurrency, have encountered problems in cashing out their assets. In this article, first briefly Gala hack stream We review and then to How to convert pGALA to GALA we pay Stay with the country of blockchain.
What was the story of hacking Gala and PNetwork bridge?
If you agree, let’s introduce two important members of this story to start. Gala Games is a company whose field of activity is the development of blockchain games. In the Gala Games ecosystem, there are more than 1 million monthly users and several games, including Town Star, whose items can be bought and sold in the form of unique tokens (NFT). The utility token of this platform is GALA, which was created on the basis of the Ethereum network and with the ERC20 standard.
Another and bolder member of the story is called PNetwork. PNetwork is a decentralized platform for cross-chain communication between blockchain networks. More than 10 different blockchains including Ethereum and BNB Chain are supported on this platform. By using the PNetwork bridge, you can get a recoded version of a token in the destination network called Ptoken.
PNetwork will announce to Gala Games in mid 2021 that they are looking to launch a bridge to transfer GALA from Ethereum to BNB Chain. In this way, pGALA token was born with BEP20 standard and 1:1 ratio. Some time later, this token was accepted in centralized exchanges as well as providing liquidity in decentralized exchanges such as Pancake Swap; Of course, PNetwork has announced that it had no activity or role in accepting or providing liquidity for this token.
At the beginning of November 2022 (Aban 1401), with the release of a large number of pGALA, rumors about hacking the Gala bridge and an exploit attack were raised, leading to a drop in the price of GALA, as well as a loss of parity between the ERC20 and BEP20 versions. Then it is announced that there is no hacking and new tokens are released without support by the PNetwork team itself. The purpose of this action is to preserve users’ capital and empty the BNB/pGALA pool. With this background, it’s time to see what happened.
The story begins when, on November 3, the PNetwork team notices a problem that exists only in Gala Bridge (and not in the entire PNetwork ecosystem). This problem was the ownership of the pGALA smart contract in the BSC network by someone else due to incorrect configuration. That person could have created unbacked tokens or changed the name of pGALA altogether, but no malicious action had been taken until then. They immediately do the following:
- Report the problem to the Gala Games team and work together to solve the problem
- Stop processing Gala to pGALA conversion transactions on the PNetwork bridge
- Coordination with exchanges that listed pGALA, such as Binance and Hubei, to stop depositing and withdrawing
Collaterals of the ERC20 version of the GALA token on PNetwork were not damaged; So the only part that could be attacked was the BNB/pGALA pool in Pancake Swap, which had about $400,000 in cash. Gala Games and PNetwork’s solution was to create a new pGALA token and issue the old pGALA token without backing, and by selling them in a pancake swap (white hat attack), take over the existing Binancecoins.
In this way, they could distribute BNB in the future and under fair conditions among the users who contributed to the pool. Also, by designing a recovery plan, those users who had old pGALA could get a new pGALA by presenting it, which is no longer a worthless token. Then convert the new pGALA to ERC20 Gala in the PNetwork bridge.
Some time after the beginning of the process of emptying the pool, PNetwork and Gala Games in a tweet Users are warned not to buy pGALA token for now. This warning was given after the start of the process so that the owner of the smart contract does not issue tokens without support and empty the pool before the PNetwork team.
The designed scenario was almost successful. The only problem was that despite the coordination, the trading suspension of some exchanges had not been stopped at the time of the white hat attack on the pool. As a result, some users started arbitrage and the liquidity inside the pool was constantly increasing. Finally, 12,977 BNB worth $4,589,449 were withdrawn from the pool.
What is the recovery program of pGALA?
bThe vote to restore the old pGALA token, two snapshots were taken on November 12 (November 3) and November 16 (November 7). All moves made after the second snapshot date in the BSC network will be invalid in the recovery plan. The lowest amount of the user’s balance between these two snapshots is considered as the recoverable amount. Also, if a user only has inventory in the second snapshot, he will not have a share in the recovery process. So any pGALA purchased recently in Pancake Swap cannot be recovered and be careful not to lose your capital. To distinguish between new and old pGALA, we put the smart contract address of both:
Old pGALA: 0x7ddee176f665cd201f93eede625770e2fd911990
New pGALA: 0x419c44c48cd346c0b0933ba243be02af46607c9b
- Those who have old pGALA in their hardware or software wallets at the time of the snapshots can recover their holdings and convert them to ERC20 standard GALA.
But what will happen to those who provided cash on different platforms or had pGALA on exchanges?
- Those who had pGALA on centralized exchanges should contact the exchange itself to recover their tokens. Because the asset was at the address of the exchange at the time of the snapshot, and the exchange itself must recover and then distribute the token to users.
- Those who locked the pGALA token on a platform or decentralized exchange other than Pancake Swap at the time of the snapshot should contact the team of that platform for recovery. Because the balance was in the smart contract address at the time of the snapshot, and the owner of the contract can recover all the tokens.
- As for those who funded in the PancakeSwap pool, we also saw that all BNBs were removed from the pool by the PNetwork team, and only the worthless pGALA tokens remained. BNBs were supposed to be distributed very quickly among users participating in the liquidity pool, but the PNetwork team at a tweet He announced that due to some legal and legal issues, he is currently unable to pay BNB to individuals. There is still no news about when and how these Binancecoins will be distributed.
How to convert pGALA to GALA
First by logging in This link And by entering your wallet address, you can check if you are eligible to participate in the recovery plan or not. This page will show you how many pGALA tokens you can claim and how many have already been claimed.
If you were eligible for the new pGALA, to This link Go ahead and connect your wallet. Read the written contract and tick Accept. Then click on Accept and Claim. By clicking Add pGALA to your wallet and then clicking Add Token in the wallet, the new pGALA token will be added to your wallet.
If you had the old pGALA token on a hardware wallet like before the snapshots, you need to connect your ledger to Metamask first and then follow the steps above.
Next, if you want to convert your pGALA token to Ethereum version, enter PNetwork app become Connect your wallet. In the Swap section, by selecting the GALA token on BSC in the From section, convert it to GALA on the Ethereum network.
- Is pGala hacked?
No, PNetwork bridge has not been hacked. The PNetwork team noticed a problem with the pGala smart contract. To prevent the attack from happening, they created a new pGala token and stopped processing the old pGala transactions. They also emptied the BNB/pGALA liquidity pool by issuing unbacked old tokens.
- How to recover pGala token?
There are conditions for recovery, which we have discussed in detail in the article. If you had the old token before the date of the PNetwork snapshots, you can get a new pGala token by visiting the page designed for recovery.
- What should I do if I have pGala on centralized exchange?
If you had an old pGala token in a centralized exchange before the snapshot time, the exchange must handle the recovery process. Contact the exchange to track the status of your token.
Many users are looking for sales with the price of Gala more than doubling in the last month P Gala token (GALA on BNB Chain), but they just realized that there is a problem and about two months ago something like a hack happened to Gala. In this article, we first discussed the issue of hacking and issuing the new pGala, and then different conditions for Pi Gala recovery We checked Finally, the steps Convert old pGala to new pGala We taught Have you also invested in pGala and had problems? Any questions about pGala recovery and share your experience in this field in the comments section.