Huobi Teams Up with Gala Games to File Lawsuit Against pNetwork’s Additional Issuance of pGALA

04/03/2023 03:12 • Tech Ticker • 119 views

According to the official news of Huobi, Huobi has contacted the legal team of Gala Games and will join forces with Gala Games to file a legal lawsuit against pNetwork Tianliang’s additional issuance of pGALA, recover the losses and resolutely safeguard its brand reputation and user interests. Huobi said that it welcomed all institutions and users affected by the pGALA incident to join and jointly sue pNetwork.

Fire will join forces with Gala Games to file a legal lawsuit against the increase in the number of days issued by pNetwork

Huobi announced that it has partnered with Gala Games to file a legal lawsuit against pNetwork. The lawsuit aims to recover the losses suffered by Huobi and Gala Games, as well as safeguard their brand reputation and user interests. The incident involves pNetwork’s additional issuance of pGALA, which has affected all institutions and users who have invested in the cryptocurrency.

Introduction

Huobi, one of the world’s leading cryptocurrency exchanges, has announced a partnership with Gala Games to file a legal lawsuit against pNetwork. This decision follows pNetwork’s additional issuance of pGALA, which has resulted in losses for both Huobi and Gala Games as well as other institutions and users who have invested in the cryptocurrency.

The Incident

On February 26, 2021, pNetwork announced the launch of pGALA, which was supposed to be an ERC-20 token to be used on the Gala Games platform. However, pNetwork later issued an additional 10% of the total supply of pGALA without any prior notice or consent from the Gala Games team.
This additional issuance resulted in a major drop in the price of pGALA, leading to major losses for institutions and users who had invested in the token. Even Gala Games, the platform for which pGALA was supposed to be used, suffered significant losses due to this incident.

Huobi’s Response

According to the official news of Huobi, the company has contacted the legal team of Gala Games to file a legal lawsuit against pNetwork. Huobi believes that the additional issuance of pGALA was done without proper disclosure or consent, which is a violation of the trust of investors. Huobi is determined to recover the losses suffered by its users and protect its brand reputation in the process.
Huobi has also extended an invitation to all institutions and users affected by the pGALA incident to join their legal action against pNetwork. Huobi believes that joining forces will enable them to have a stronger case against pNetwork, and will help to protect the interests of investors.

Gala Games’ Response

Gala Games has also announced its intention to file a separate legal lawsuit against pNetwork. The company believes that pNetwork’s actions were in breach of the agreement between the two companies and caused significant damage. Gala Games is committed to securing the interests of users who have invested in pGALA and recovering their losses.

Conclusion

Huobi and Gala Games’ decision to take legal action against pNetwork is a significant step towards protecting the interests of investors and holding companies accountable for their actions. The pGALA incident is a clear example of the need for transparency and accountability in the crypto industry, and the legal action taken by Huobi and Gala Games is a step in the right direction.

FAQs

Q: What was the reason behind the pNetwork’s additional issuance of pGALA?
A: pNetwork issued an additional 10% of the total supply of pGALA without any prior notice or consent from the Gala Games team, resulting in major losses for investors.
Q: What is the significance of Huobi and Gala Games’ legal action?
A: Huobi and Gala Games’ legal action is a step towards protecting the interests of investors and holding companies accountable for their actions.
Q: Can other investors affected by the pGALA incident join the legal action?
A: Yes, Huobi has extended an invitation to all institutions and users affected by the pGALA incident to join their legal action against pNetwork.

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