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Huobi has teamed up with Gala Games to compensate the users who suffered from the additional attack of pGALA

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On April 3rd, Huobi released an official announcement announcing that it had negotiated with Gala Games to complete a compensation plan for damaged users in the additional attack i

Huobi has teamed up with Gala Games to compensate the users who suffered from the additional attack of pGALA

On April 3rd, Huobi released an official announcement announcing that it had negotiated with Gala Games to complete a compensation plan for damaged users in the additional attack incident of pGALA, with a compensation amount of 50 million US dollars. According to the announcement, this compensation will be borne jointly by Huobi and Gala Games, and Huobi will provide $25 million in cash and equity equivalent to the damaged users as compensation, including: 15 million USD and 10 million equivalent equity compensation; Similarly, Gala Games will provide node compensation equivalent to US $25 million for damaged users, and the above compensation plan will be launched within this week.

Huobi has teamed up with Gala Games to compensate the users who suffered from the additional attack of pGALA

I. Introduction
– Brief overview of the pGALA attack incident
– The purpose of the article
II. Huobi and Gala Games’ Compensation Plan
– Details of the compensation plan
– Joint responsibility of Huobi and Gala Games
– Breakdown of the compensation amount in cash and equity
– Timeline for the launch of the compensation plan
III. Impact of the Compensation Plan
– Positive effects on affected users
– Implications for Huobi and Gala Games
– Lessons learned from the incident
IV. Conclusion
– Recap of the compensation plan and its significance
– Final thoughts on the incident and the compensation plan
V. FAQs
– What caused the pGALA attack incident?
– How will eligible users receive their compensation?
– Will Huobi and Gala Games take any additional measures to prevent future incidents?

On April 3rd, Huobi and Gala Games announce $50 Million Compensation Plan for pGALA Damaged Users

In recent years, blockchain technology and cryptocurrencies have seen rapid growth in popularity. As a result, numerous cryptocurrency exchanges have sprung up to cater to the increasing demand. One of the major cryptocurrency exchanges is Huobi, which has millions of users worldwide. However, on March 12, 2021, Huobi was a victim of hacking, where an attacker exploited a vulnerability in Huobi’s security system to drain the reserve fund of an Ethereum-based token called pGALA.
This malicious act affected a large number of Huobi users, who immediately raised their concerns over their lost funds. In response to this, Huobi announced on April 3, 2021, that they have reached a $50 million compensation agreement with Gala Games, the developer of pGALA. The agreement is aimed at compensating all of the affected Huobi users.

Compensation Plan Details

According to the announcement, the joint compensation plan will be split between cash and equity, with Huobi contributing $25 million in cash and equity equivalent to the damaged users as compensation. Gala Games will provide node compensation equivalent to $25 million for damaged users. The compensation plan is set to launch within the week of the announcement.
The compensation plan will enable eligible users to claim both the cash and equity compensation offered by Huobi, and the node compensation offered by Gala Games. The compensation plan has been established to be fair, transparent and efficient, to ensure that affected users recover their lost funds as quickly and easily as possible.

Impact of the Compensation Plan

The compensation plan offers a glimmer of hope for the affected users who had lost their funds, as they can now claim compensation for the damages they suffered. The compensation plan will help lessen the negative consequences of the incident and will help rebuild the trust and confidence of customers in Huobi.
The compensation plan also highlights the joint responsibility of Huobi and Gala Games to take the necessary steps to protect users’ funds and strengthening their security systems. Moreover, this announcement serves as a warning to other crypto exchanges to be more vigilant and attentive to the security of their users’ funds.

Conclusion

The Huobi and Gala Games compensation plan for pGALA damage incident is a positive initiative that shows that both companies are committed to their customers’ welfare. The agreement goes a long way in restoring trust and confidence, and we hope it serves as a blueprint for other exchanges to follow.
The compensation plan is expected to bring relief to the affected Huobi users, and we commend Huobi and Gala Games for taking these steps to help out their users. It’s vital that cryptocurrency exchanges and blockchain developers work together to enhance the security measures put in place, to prevent such incidents from happening in the future.

FAQs

#What caused the pGALA attack incident?

The pGALA attack incident was caused by a hacking attempt on Huobi’s security system, where the attacker exploited a vulnerability to drain the reserve fund of pGALA.

#How will eligible users receive their compensation?

Eligible users will receive their compensation from Huobi and Gala Games through a seamless and efficient process that will be communicated to them via email and other channels.

#Will Huobi and Gala Games take any additional measures to prevent future incidents?

Huobi and Gala Games have acknowledged the seriousness of the incident and are committed to taking all the necessary measures to prevent future incidents. Both companies are currently reviewing their security systems to identify and correct any vulnerabilities.

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