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Binance Delists GALA, But Not Quite, Here's What's Going on Here

Fri, 11/04/2022 - 13:18
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Yuri Molchan
Binance has announced that it has stopped supporting GALA token on exchange and on BNB chain
Binance Delists GALA, But Not Quite, Here's What's Going on Here
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Binance exchange has announced that it would be delisting the controversial GALA token. On Nov. 3, the platform temporarily shut down withdrawals and deposits of it until further notice.

The reason for this was cited as concerns about the token. However, according to the tweet, Binance will stop supporting GALA on Binance Smart Chain (BSC, also known as BNB Chain) but will not delist the Ethereum version of the coin.

Currently, Binance is negotiating with the pNetwork what the next steps of delisting will be and how to help affected users recover.

Earlier, CoinDesk reported a hack faced by the pNetwork when one billion USD in GALA tokens were minted out of thin air. However, reps of the network responded that the platform itself was behind the hack and this minting to prevent bad actors from stealing users' money.

Besides, apparently, the newly created tokens were used to help drain the liquidity pool of PancakeSwap DEX of other digital currencies.

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On this news, the price of GALA token fell 20%. This seems to be the reason why Binance is delisting BEP-20 GALA token and the "concerns" about this asset.

Initially, support for GALA was added by Binance in September of last year. This is a utility token on the gaming and NFT platform that was building an ecosystem for blockchain-based games.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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