Binance has announced that it has stopped supporting GALA token on exchange and on BNB chain
Binance exchange has announced that it will be delisting the controversial GALA token. On November 3, the platform temporarily closed withdrawals and deposits 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 in talks with pNetwork about the next steps for the delisting and how to help the 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.
In addition, apparently, the newly created token was used to help drain the liquidity pool of the Pancake Swap DEX of other digital currencies.
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. It is a utility token on the gaming and NFT platform that was building an ecosystem for blockchain-based games.
