Hello Member INDODAX,
On November 6, 2022, pNetwork issued a post-mortem along with an official statement regarding the GALA Token incident that occurred on November 4, 2022, which can be read at: https://medium.com/pnetwork/pgala-post-mortem-measures-taken-to -safeguard-the-ecosystem-from-malicious-actors-and-recovery-6407048f4497
Some important points that we can conclude from the above document are as follows:
- pGALA (BEP20) was created to have a 1:1 ratio with GALA running on the Ethereum network.
- On November 3, 2022, the pNetwork team discovered a security vulnerability in pGALA’s smart contract ownership.
- Regarding the incident, GalaGames contacted several exchanges to close the GALA deposit feature. (Note: However, GalaGames never contacted INDODAX about this issue.)
- On November 4, 2022, at 3:13 am (WIB), pNetwork internal party published 27,814,200,000 pGALA. The issuance of this pGALA token is not done by hackers like the previous report, but is published by the internal pNetwork team.
- pNetwork is selling the newly issued pGALA tokens on PancakeSwap with the aim of acquiring existing BNB liquidity (At the same time dropping pGALA price by more than 90%).
- From the sale proceeds, pNetwork received 12,977 BNB.
- pNetwork will issue a “new pGALA” according to a snapshot prior to the incident.Thus, members who own GALA token before the incident do not need to worry because they will get a “new pGALA” token. The “new pGALA” token has 1:1 value to GALA token on Ethereum network. This token will again be referred to as “GALA” at the time of listing on INDODAX.
- pNetwork will airdrop BNB to pGALA owners who own it after the incident. The airdrop obtained is approximately 0.00000109 BNB for each pGALA. The airdrop calculation is according to the snapshot on Monday, November 7, 2022, at 15:00 WIB.
INDODAX statement regarding the GALA Token incident and the steps to be taken in the next few days:
- We are very disappointed that the discovery of the pGALA security issue and the plan to mint and dump was not informed to all centralized exchanges beforehand (INDODAX was not informed), INDODAX was not given time to suspend GALA deposit. INDODAX then initiatively suspended GALA deposit to protect INDODAX members, after we saw suspicious activities on GALA market.
- The pGALA address on the BSC network with the address 0x7dDEE176F665cD201F93eEDE625770E2fD911990 is a token officially written on the official GalaGames website (which was deleted after the incident). This address is also the address listed on the Coinmarketcap website.
- The number of pGALA minted by the pNetwork’s internal hacking was massively deposited into INDODAX.
- Due to this issue, INDODAX will change the current GALA ticker to pGALA because this token no longer has a 1:1 value with GALA to clarify and distinguish it from the GALA token.
- For INDODAX members who buy, own or deposit GALA tokens before the incident occurs, they will get GALA with the same value. No impact caused by this incident.
- The incident snapshot date in question is block #22745013, Nov-03–2022 at 19:45 UTC time ( https://bscscan.com/block/22745013 ).
- For members who have pGALA tokens on INDODAX on November 7, 2022, at 15:00 WIB, they will get an airdrop of approximately 0.00000109 BNB for each pGALA held during the snapshot according to the press release issued by the GALA team.
- The GALA token will be re-listed on INDODAX. A reminder for INDODAX members who own, buy and deposit GALA before the incident will still get their GALA balance back. Those who buy and deposit after the incident will get pGALA tokens and trade on INDODAX as pGALA. In the near future, there will be two tokens in INDODAX with the names pGALA and GALA.
- This incident occurred because of a security vulnerability in pGALA’s smart contract, the mint and dump action carried out by pNetwork, as well as the failure of GalaGames and pNetwork to convey information to all centralized exchanges (including INDODAX) before carrying out the mint and dump action.
- Regarding the recovery plan, INDODAX will only continue to disseminate the news and carry out the recovery actions carried out by the GALA team and pNetwork activities. Recovery steps can change at any time depending on the execution of recovery actions carried out by GalaGames and pNetwork.
We hope this Token GALA follow-up announcement can provide clarity of information for INDODAX members. This official statement will change from time to time in accordance with market developments and INDODAX management decisions.
If any INDODAX members have further questions and inquiries, members can contact us at 021-5065 8888 or via email at [email protected]. Our Customer Support team is on standby 24 hours and will be happy to provide further explanation.
Once again, we thank you for the trust you have placed in us. INDODAX is always committed to prioritize the safety and security of our members. Thank you for your continuous support.
Kind regards,
Oscar Darmawan
INDODAX CEO
