I. Project Introduction 

PGALA is a meme token that’s created due to the pNetwork cross-bridge misconfiguration. Please note that PGALA is no longer pegged to the former GALA token.

On November 4, 2022, over $1 billion pGALA tokens were minted out of thin air on BNB Chain due to a misconfiguration on pNetwork. In the spirit of protecting users’ interests, Huobi has decided to rename the GALA assets bought by users after the accident as PGALA. (BSC contract: 0x7ddee176f665cd201f93eede625770e2fd911990).
The following mechanisms are updated for PGALA for the interests of the community:
- Tax burn mechanism: A 1.2% two-way tax burn rate will be charged for PGALA spot trading. This PGALA tax burn rate does not affect any other tokens;
- Repurchase & burn: The BSC GALA tokens that were illegally minted on BNB Chain and deposited to Huobi are regarded as unjustified enrichment and will be used to repurchase and burn PGALA. The trading fees generated from GALA-related trades from 00:00 to 24:00 (UTC+8) on November 4, 2022, will all be used to repurchase and burn PGALA.

Note: The project introduction comes from the materials published or provided by the official project team, which is for reference only and does not constitute investment advice. Huobi does not take responsibility for any resulting direct or indirect losses.

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Huobi reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi makes no recommendations or guarantees in respect of any digital asset, product, or promotion on Huobi. Prices of digital assets are highly volatile and trading digital assets is risky. Please read our Risk Reminder text here.