On November 4, in the evening, the price of the pGala experienced a monumental drop of more than 20%. A drop that would be due to a hack on the GALA blockchain if we refer to the comments spread on the internet. After this event, blockchain specialists try to explain what really happened. SlowMist, for example, gives his version via a tweet thread.
The PGala Incident: What Happened?
On the evening of November 4, the price of GALA tokens experienced an unprecedented drop (by 20%). This after a single address managed to mint over a billion GALA tokens. She then sold some through PancakeSwap.
According to the explanations of CEO of Gala Games, this unusual activity on PancakeSwap was due to a malfunction in the pNetwork Bridge. The latter was working at that time to empty the liquidity pool.
SlowMist highlights the 3 roles of the pGala proxy contract
SlowMist is a blockchain security company. It aims to make the blockchain ecosystem as secure as possible for everyone. By providing its version of analysis on the pGala incident, SlowMist therefore speaks as a specialist.
To explain the incident, SlowMist prefers to evoke the three roles of the proxyGala contract:
- Administrator: to manage upgrades and changes of the administration address
- Default_Admin _Role: to manage various privileged roles in logic
- Minter_Role: to manage the pGala token minting authority
In his tweet thread, SlowMist explains that during the incident, the Default_Admin_Role and Minter_role roles were controlled by pNetwork.
After this incident, the price of PGala is gradually recovering. Upstream, the two Gala and pNetwork protocols have constantly reassured their community. Additionally, according to pNetwork, new pGala tokens will be created to replace the old compromised tokens. These new tokens will be sent to those who owned pGala before the incident. To be continuedâŚ
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