Dear Bitrue Users,
In response to pNetwork's statement on the GALA incident, Bitrue’s response is as follows:
After some investigation, we have established the following key events timeline for Bitrue to be as follows:
(1) 11-03 20:13 (UTC)
pNetwork issued 27,814,200,000 pGALA.
(2) 11-03 20:27 (UTC)
pNetwork issued another 27,814,200,000 pGALA, increasing the total circulation of pGALA to 55.6 billion .
(3) 11-03 20:28 (UTC)
pNetwork issued an announcement falsely claiming the "misconfiguration of the pNetwork bridge", which led to the minting of over $1 billion worth of pGALA tokens on BNB Chain without any collateral.
(4) pNetwork has conveniently covered up the fact that it was the hacker in this incident, and attacked the loophole to issue 55.6 billion GALA tokens with any collateral. The act of dumping for profit constitutes a criminal offense.
(5) 11-03 23:27–11-04 02:35(UTC) Bitrue suspended all transactions including deposits and withdrawals because the transaction made during this time period was GALA_BEP20
(6) 11-04 17:35(UTC) GALA trading is been restored.
To protect the rights of our users, we have exchanged funds for BGALA during the time when the problem occurred - GALA tokens purchased by users after the incident will be renamed as BGALA (contract address on BSC: 0x7ddee176f665cd201f93eede625770e2fd911990), with the accident timestamp as the division point (2022-11-3, 20:27 UTC). BGALA will not be related to the original GALA token. As for plans for the BGALA token, please stay tuned for subsequent announcements.
During the period of this incident, GALA and pNetwork teams never tried to reach Bitrue via official communication channels to confirm the security and feasibility of their plans. Rather, they acted in bad faith and abused their management permission on BNB Chain by minting over 55.6 billion GALA tokens for profitable sell-offs.
We will continue to communicate with pNetwork and seek compensation options for our users, and hope that pNetwork will take ownership of its responsibilities.