#pGALA tokens issued over $1 billion on BSC#
On November 4th, an address on the BNB Chain minted more than 1 billion US dollars of pGALA tokens out of thin air on the address on the BNB Chain, and made a profit by selling them on PancakeSwap, which caused GALA to drop by more than 20% in a short period of time. Affected by the additional issuance of counterfeit coins, the price of Gala on Huobi plummeted, falling by more than 90% at one point, and there was a significant price difference with other platforms.
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The biggest turning point in Sun Ge's reputation should be pgala. Before all that horse racing, BTT, TRON DeFi, HT, I just felt like I was bad at it, not skilled enough, and couldn't beat Brother Sun. I'll play again next time. But Pgala is different. The official Gala holders lost money before the issuance, but users of Gala who bought at the bottom after the buy the dips still lost money. Moreover, this was because the user didn't close the account and re-engage, so the user should be compensated by the user. At the time, Gala's market value was only a few tens of millions of US dollars, and the user losses were probably in the range of several hundred to ten or twenty million US dollars. Sun initially set a 1.2% transaction fee rate, which consumed a lot of it. According to the official announcement, FireBet paid 10 million USD in compensation and equivalent benefits, while Gala provided 25 million USD in node benefits. After rambling on and on, I bought two Pgala purchases, and the actual compensation I received was as follows: 1) When I first deposited money into Binance, it showed "awaiting block confirmation," so I thought I could arbitrage and sent it. However, it never arrived in my account. When I contacted Huobi, they refused to acknowledge the transfer. This part was completely wiped out. But because of this, I still have the rare Pgala in my CEX account. 2) Later, he continued to buy the dips more Pgala shares at rock-bottom prices, but in the end, he definitely didn't receive a bunch of rights, or if he did, they were completely worthless. Then it was mapped to Rock. According to the statement at the time, Sun would use the tens of millions he got back from Gala and his own money to buy back Rock. Everyone was waiting for Rock to open and take off, but it opened with a huge drop, even lower than before. At this point, some people were still buy the dips, thinking that it would take off once Sun bought back shares. A few days later, the official announcement said that the buyback had been completed, and everyone fell silent as they watched the K-line chart of the old lady going down the stairs. In hindsight, it was really not worth it. Sun spent 1 billion to acquire Huobi. Even if Pgala had put out 10 million US dollars for real compensation, it wouldn't have caused his and Huobi's reputation to completely collapse. 10 million was just 1% more than the acquisition cost. After that, whenever Huobi is mentioned, everyone's first reaction is Pgala... When Mumu says she's losing money, people will ask whether it's based on the coin standard or the USD standard. When Star says he's losing money, people ask how long the process will take. When Big Brother says he's losing money, people ask if it's the UID or the wallet. When Sun says he's losing money, people's first reaction is to pay in pUSDT, or to unlock it linearly over 80 years. Reputation isn't built overnight, and forced whitewashing and arguing are useless. Lastly, a quick ad: selling a rare PGala! 🤡🤡🤡
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