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Huobi and Gala Games to Compensate Victims of pGALA Scheme with $50M

Huobi and Gala Games have announced plans to distribute up to $50 million worth of cryptocurrencies and software licenses to GALA token holders who lost money in a scheme involving the latter's utility token last fall.

Huobi has pledged $25 million worth of cash and user benefits, while Gala Games will offer $25 million worth of node licenses to affected users.

The compensation comes five months after a bad actor minted $1 billion worth of pGALA, a wrapped version of GALA, and offloaded the tokens on decentralized exchanges, plunging the price of GALA by 94%. Huobi has also joined Gala Games' lawsuit seeking $27.7 million in damages and compensation from pNetwork.

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