On Friday, the Huobi exchange ended up becoming a huge pain for users as it proceeded with the delisting of the GALA/USDT pair.
pGALA became Worthless
This happened as pGALA, a wrapped version of the GALA token ended up becoming worthless temporarily.
It was revealed that a problem had been discovered on the side of the issuers that ended up causing the major problem. The root cause of the problem was the bridge code that ended up facing an issue.
GALA Tokens Converted to pGALA
According to a report, the users who proceeded with the purchase of the GALA tokens, after the incident took place, had their GALA tokens swapped with pGALA.
It was confirmed that the users did not perform such action of replacing their GALA tokens with pGALA.
The Huobi exchange later released a public statement claiming that the pGALA token has nothing to do with the GALA tokens. They revealed that pGALA has been created to exist as a meme token.
Buyers are “Pissed”
It was mentioned that the users who bought the GALA tokens from the Huobi exchange and had their tokens turn into pGALA were not happy at all.
They are extremely happy and have shared their anger with the officials at GALA through multiple social media and communication channels.
Even some of the most prominent market-making firms from all over the world are extremely unhappy at the sight they have witnessed.
The independent users as well as the firms are unhappy to see their investments turn into nothing but waste. They are unhappy that the GALA tokens have been changed to pGALA without having any connection at all.
One of the inside men at the Huobi exchange has revealed that they have witnessed a great backlash from their users about the recent mess-up.
Statement by the Huobi Exchange
The officials at the Huobi exchange communicated that they would proceed with the delisting of the GALA/USDT pair.
They revealed that the delisted pair would be named pGALA. As of now, the trading of the pGALA/USDT is halted on the Huobi exchange.
As the investors showed great concern and anger against the pGALA conversion, the Huobi exchange had to make a follow-on announcement.
They announced that they would let the users redeem the pGALA in place of GALA at a 1:1 ratio.
The investors are Unhappy
The investors are extremely unhappy as to how they would be able to use the converted GALA tokens.
This has raised many concerns among the investors and they are unsure how their holdings would be used in the future.
Gala Games and the Huobi exchange are yet to comment on the situation.