In just two hours, the Gala crypto was the victim of a tremendous 25% drop, following rumors that the cryptocurrency had suffered 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 by PeckShield claiming that an address on the blockchain had managed to mint $2 billion of the GALA token, there was a general panic among investors. In just two hours, the Gala Games company’s token plummeted 25%, dropping from $0.0394 to $0.023.
However, the Gala Games community was urged to remain calm by the executives of the blockchain games company, who explained that there was no hacker attack and that it was fake news.
On Twitter, Gala Games’ profile reassured its investors:
“An update for everyone. There is a lot of FUD going around about $GALA, several people have started using words like ‘hack’ or ‘rug.’ This is not the case.”
pNetwork was also among those inviting investors to inquire about the new platform update by BitBender. Indeed, it was pNetwork that made the transaction that appeared to be a hacking attack.
The event therefore was premeditated in order to configure the asset.
Jason Brink, the president of Gala Games, precisely clarified that the unusual activity was to drain cash and to protect the assets from potential security problems and vulnerabilities:
“Before you panic, read this pNetwork thread. In summary: It’s all good! The activity you are witnessing on PancakeSwap is the work of pNetwork, working to drain the liquidity pool. GALA on ETH has not been affected in any way.”
pNetwork later went on record clarifying the news that had put investors in a panic situation:
“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 that helped the Gala crypto in its update
The so-called white hat hackers use their skills to discover security holes and help protect organizations from dangerous hackers. Sometimes they are employees or contractors hired 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 Web sites. 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 probably do not have the resources to examine every possible security hole.
One subgroup of ethical hackers are penetration testers or “pentesters,” dedicated specifically to identifying vulnerabilities and assessing risks within systems.
Gala’s predictions for the coming period
Subsequent to this event, which led some investors in the gaming company, Gala Games, to sell, the $GALA token rose again almost immediately and returned to its initial value.
Looking at the scene from a macro perspective, the crypto of Gala Games is still trading at a loss and has a key support level at $0.03892, which could 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 its last 25% drop.
Gala Games could generate very good profits over the next few years as the market recovers. For the rest of 2022 the price action could remain weak and unpromising, unless Bitcoin manages to make a serious push above $30,000.