SECURITY

$1 billion created out of thin air! pGALA contract on BNB Chain attacked, pNetwork to redeploy contract

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$1 billion created out of thin air! pGALA contract on BNB Chain attacked, pNetwork to redeploy contract

According to CoinDesk, an address on the BNB Chain minted over $1 billion worth of pGALA tokens out of thin air and profited by selling them on PancakeSwap, causing the previous GALA token to plummet over 20% briefly.

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According to CoinDesk's report, an address on the BNB Chain minted over $1 billion worth of pGALA tokens out of thin air and sold them for profit on PancakeSwap, causing the price of GALA to plummet over 20% temporarily.

The cross-chain routing protocol pNetwork stated on Twitter that due to a misconfiguration in the cross-chain bridge, the pGALA contract on the BNB Chain needs to be redeployed. They are currently working with the Gala Games team and PancakeSwap to retrieve users' pGALA balances and restore deposit and withdrawal functions. pNetwork mentioned that the GALA cross-chain bridge is currently suspended, and they are trying to deplete liquidity on PancakeSwap. Users are advised not to trade pGALA on DEX on the BNB Chain.

pNetwork mentioned that after the new contract deployment, new pGALA tokens will be airdropped at a 1:1 ratio. A vulnerability report and progress update will be released within a few hours. Currently, GALA tokens on Ethereum and other assets on the bridge are safe.

According to Beosin's security risk monitoring platform, Beosin EagleEye, the attack on Gala Games on the BNB Chain was due to a misconfiguration in pNetwork's bridge, resulting in the minting of 55,628,400,000 pGALA tokens. The attacker has exchanged some of the newly minted tokens for 12,976 BNB, and the attacker (0x6891A233Bca9E72A078bCB71ba02aD482A44e8C1) has made approximately $4.34 million in profit. Beosin Trace found that the stolen funds are still in the attacker's address.

The two attack transactions are:

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