Declaration of pGALA incident

Dear users,

Due to a cross-bridge misconfiguration with the multi-link routing protocol pNetwork recently, a BNB Chain address has minted over $1 billion pGALA tokens out of thin air. Pionex suspended the trading and deposit and withdrawal services of GALA at 23:00 on November 3rd, 2022 (UTC).

The GALA Team has adopted a redeployment of pGALA on the BNB Chain and will convert pGALA (former GALA) tokens that meet the redeeming conditions to GALA (new GALA) tokens at 1:1. Pionex and some exchanges renamed the under-attacked GALA (former GALA) tokens as pGALA.

After the GALA was under attack, some individual users deposited minted pGALA (BSC) to Pionex, and viewed it as GALA to sell them into USDT, causing the liquidity of GALA to drop dramatically. Pionex suspended these accounts' trading, deposit, and withdrawal function at the first time, and solved the liquidity issue with Pionex-owned funds. Pionex converted these users' former GALA tokens to new GALA tokens at a ratio of 1:1 automatically and reopened the trading of GALA at 13:00 on November 04, 2022 (UTC). 

For those users who deposited minted pGALA (BSC) to Pionex, and viewed it as GALA to sell them into USDT, Pionex will reclaim the sold USDT and return the sold pGALA. For those who deposited minted pGALA (BSC) to Pionex, but not credited to Pionex account, Pionex will return pGALA.

Pionex will take the initiative to contact the affected users, and users could provide the receiving address of pGALA by contacting our online customer service directly. Pionex will transfer the pGALA to the designated address.

If users had an issue suffering the price gap loss between the pGALA deposits and withdrawals, Pionex will compensate based on the circumstances (When the gap price of users' pGALA purchasing on other exchanges/blockchains deduct the price of other exchanges while depositing is negative). Please provide photos or screenshots of your pGALA buying transaction record on the other exchanges/blockchains, and Pionex will compensate the users after verifying the price. 

Risk warning：
Trading in the crypto market carries a substantial risk and the possibility of making both significant profits and losses. Please trade cautiously. Though Pionex will make its best efforts to choose high-quality assets, Pionex could not assure any profit and will not be responsible for your trading loss.

Thanks for your support!

Pionex Team
Nov 08, 2022