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Huobi Exchange Users Furious After GALA Holdings Are Converted To ‘Meme Token’
The move came after a bug forced a bridging service to relaunch the wrapped version of GALA that trades on Binance Smart Chain, sparking widespread confusion.
Himanshu S.
5:29 5th Nov, 2022
Markets

Crypto exchange Huobi delisted the GALA/USDT trading pair on Friday after a wrapped version of the token, pGALA, was temporarily rendered worthless after its issuers found a problem with its bridge code.

Huobi users who bought GALA tokens after the incident saw their coins converted to “pGALA,” named for the soon-to-be-retired version of the GALA token trading on Binance Smart Chain.

In an official statement on its website, Huobi referred to its new version pGALA as a “meme token,” noting that it “is not related to the original GALA token.”

Buyers of the mispriced GALA token on Huobi – including several market-making firms – are “pissed” that their GALA tokens have been converted to Huobi’s version of the pGALA token, according to a person familiar with the matter.

“Huobi will delist the GALA/USDT pair at 12:30 (UTC) today and rename GALA as pGALA,” the company said in a statement. Trading of the new pGALA/USDT pair on Huobi was halted as of press time.

In a follow-on announcement, Huobi said it would “convert users' pGALA (former GALA) assets that meet the redeeming conditions to GALA (new GALA) assets at 1:1.” It is unclear, however, how holders of any converted GALA tokens would be able to trade their holdings on Huobi without a GALA trading pair.

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