Huobi and Gala Games Negotiate for Compensation Plan for pGALA Damaged Users

04/03/2023 02:56 • Metaverse & Beyond • 67 views

On April 3rd, Huobi released an official announcement announcing that it had negotiated with Gala Games to complete a compensation plan for damaged users in the additional attack incident of pGALA, with a compensation amount of 50 million US dollars. According to the announcement, this compensation will be borne jointly by Huobi and Gala Games, and Huobi will provide $25 million in cash and equity equivalent to the damaged users as compensation, including: 15 million USD and 10 million equivalent equity compensation; Similarly, Gala Games will provide node compensation equivalent to US $25 million for damaged users, and the above compensation plan will be launched within this week.

Huobi has teamed up with Gala Games to compensate the users who suffered from the additional attack of pGALA

Introduction

On April 3rd, 2021, Huobi, one of the largest cryptocurrency exchange platforms in the world, announced that it had negotiated with Gala Games, a blockchain gaming platform, to complete a compensation plan for damaged users in the additional attack incident of pGALA. The compensation amount would be $50 million, which would be provided jointly by Huobi and Gala Games. This article will detail the compensation plan and how it will function for pGALA users.

The Attack on pGALA

Before diving into the compensation plan, it is essential to understand what happened in the attack that affected pGALA users. pGALA is an NFT (Non-Fungible Token) gaming platform that allows players to collect unique digital cards. The platform had provided its users the ability to purchase tokens from its official website, and users could store them in their wallets.
In a targeted attack, a hacker exploited a vulnerability within the blockchain used by pGALA, which resulted in a loss of over 4,000 Ethereum tokens. The hacker also stole several NFTs, resulting in significant monetary losses for pGALA users.

The Compensation Plan for Users

Huobi and Gala Games have jointly pledged to support the pGALA users who were affected by the hack, with a $50 million compensation plan. Huobi will provide $25 million in cash and equity equivalent to the damaged users as compensation. Their compensation will include $15 million in cash and $10 million in equivalent equity compensation.
Similarly, Gala Games will provide node compensation equivalent to US $25 million for damaged users. This compensation plan will be launched within this week. Specific details about the compensation distribution have not yet been announced by either Huobi or Gala Games.

Huobi’s Efforts to Enhance User Security

Huobi recognized the magnitude of the pGALA attack and has taken steps to address the issue. They have hired a dedicated risk control team, and further risk control measures have been put in place. This new team will examine potential vulnerabilities within the platform and work to correct any issues before a potential hacker can exploit them.
Huobi has also announced that they will be upgrading their systems and increasing security measures to prevent future attacks. This upgrade will include hiring more staff members to help maintain and monitor security systems.

Conclusion

The announcement of the Huobi and Gala Games compensation plan is a significant step forward for pGALA users affected by the attack. The fact that two large-scale blockchain platforms were willing to work together to resolve the issue benefits users and shows the dedication that Huobi and Gala Games have toward user security. This compensation plan shows that companies within the blockchain industry are starting to prioritize user security to prevent attacks in the future.

FAQs

1. What is pGALA?
pGALA is an NFT gaming platform that allows players to collect unique digital cards.
2. What was the compensation plan announced by Huobi and Gala Games?
Huobi and Gala Games announced a compensation plan that will jointly provide a compensation amount of $50 million for pGALA users affected by the attack.
3. What will the compensation package include?
Huobi will provide $25 million in cash and equity equivalent to the damaged users as compensation, while Gala Games will provide node compensation equivalent to US $25 million for damaged users.

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