Crypto news: Gala v2 Airdrop Announced - The Cryptonomist

Important crypto news: Gala v2 Airdrop recently announced

GALA holders are thus scheduled for an airdrop in the current month, although they should be careful about keeping their funds on exchanges, liquidity pools or smart contracts.

Below are all the details.

Gala v2 Airdrop: crypto exchanges contacted for smooth transition

As anticipated, the Web3 Gala Games project will distribute GALA v2 tokens to all GALA holders on 15 May, the team announced in a blog post.

In addition, an automatic 1:1 conversion has been set up for all users, with support for the GALA v1 token being removed immediately. In any case, no action is required from users holding GALA in their Ethereum wallets.

However, the team has advised users to remove their GALA tokens from any liquidity pools or smart contracts before the snapshot on 15 May, because if the tokens are left in a liquidity pool, the liquidity pool will be released and the GALA may not be recoverable.

Not only that, exchanges have been contacted to facilitate a smooth transition, but the team “strongly recommends” storing the tokens in a personal wallet to ensure that the drop is delivered directly to the holder.

In any case, the update to the Ethereum smart contract brings improvements including improved burning mechanisms, security enhancements, and future upgrade possibilities.

Gala Games: the innovative Web3 game

As we know, Gala Games is one of the largest Web3 game projects, which has launched titles including The Walking Dead: Empires and Spider Tanks.

It also has a larger ecosystem that includes the Web3 entertainment platform Gala Film. The GALA token is used as a payment method for digital assets within the ecosystem.

Not surprisingly, the airdrop comes on the heels of the news that Hollywood stars Danny Trejo, Mena Suvari and Emilio Rivera have been announced as guest stars in “RZR” , a Web3 TV series by Gala Film.

The eight-episode show is set in a dystopian Los Angeles where cryptocurrency and artificial intelligence are deeply intertwined with the criminal world.

Gala has also announced, in collaboration with cryptocurrency exchange Huobi, that it will support users affected by an incident that saw significant losses for them in November 2022.

In that case, according to Huobi, pNetwork minted over $1 billion worth of pGALA tokens “out of thin air” on the BNB Chain and sold them on PancakeSwap, causing GALA tokens on the BNB Chain to plummet by 97%.

As a result, Huobi and Gala pledged to distribute up to $50 million to GALA token holders who lost money due to the pGALA incident.

Gala Games and Houbi’s lawsuit against pNetwork

As a result of the above, Huobi and Gala filed a lawsuit in April against pNetwork to recover the lost funds. Specifically, Huobi has contacted Gala Games’ legal team and will join forces to protect its brand reputation and the interests of its users.

In a statement, Huobi invited all organizations and users affected by the pGALA incident to join the joint lawsuit against pNetwork. Huobi would come to the aid of $pGALA users affected by the recent attack.

Under the planned recovery plan, Huobi would jointly bear the cost of compensation, providing $25 million in cash and capital equivalent to users who suffered losses.

The compensation package includes 15 million USDT and $10 million in equity compensation. In addition, Gala Games will receive $25 million in node compensation.

The move by Huobi and Gala Gams has reportedly come after pNetwork issued pGALA tokens in November 2022. The issuance caused a significant drop in the value of the token, leading to losses for many investors.

The joint lawsuit allegedly aims to reverse the token losses and protect the interests of those affected by the incident.

Experts see the joint lawsuit by Huobi and Gala Games as a move to restore industry confidence and a message to other companies that such incidents will not be taken lightly.