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Huobi to Sue pNetwork Over Additional Issuance of pGALA Token

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According to the official news of Huobi, Huobi has contacted the legal team of Gala Games and will join forces with Gala Games to file a legal lawsuit against pNetwork Tianliang\’s

Huobi to Sue pNetwork Over Additional Issuance of pGALA Token

According to the official news of Huobi, Huobi has contacted the legal team of Gala Games and will join forces with Gala Games to file a legal lawsuit against pNetwork Tianliang’s additional issuance of pGALA, recover the losses and resolutely safeguard its brand reputation and user interests. Huobi said that it welcomed all institutions and users affected by the pGALA incident to join and jointly sue pNetwork.

Fire will join forces with Gala Games to file a legal lawsuit against the increase in the number of days issued by pNetwork

Introduction

Huobi, one of the leading cryptocurrency exchanges in the world, has announced that it will be filing a legal lawsuit against pNetwork for the issuance of pGALA tokens. The company has partnered with Gala Games to take legal action against pNetwork and recover any lost funds while safeguarding the interests of its users and brand reputation.

The pGALA Incident

On September 13, 2021, pNetwork Tianliang announced that it would be adding an additional 3.3 million pGALA tokens to its circulating supply, adding to the existing 26.8 million tokens already in existence. This unscheduled addition to the supply led to a significant drop in the value of pGALA, with prices falling from $5.6 to $0.044 overnight.
This sudden change in supply and price manipulation caused widespread anger and frustration among the investors who had purchased and held pGALA tokens. Many users accused pNetwork of engaging in market manipulation and insider trading.

Huobi’s Response

Huobi has stepped up to support the affected users and institutions by taking legal action against pNetwork. The exchange has already contacted Gala Games and is in the process of filing a lawsuit against pNetwork.
Huobi has called on other affected institutions and users to join in and sue pNetwork jointly. The exchange is committed to recovering any losses incurred by its users and preventing any future market manipulation by pNetwork or any other exchange.

The Importance of Legal Action

The cryptocurrency industry has always struggled with the issue of market manipulation and insider trading. The addition of 3.3 million pGALA tokens to its supply has brought this issue to the fore again. The actions of pNetwork have not only impacted Huobi and Gala Games but also other investors with holdings in this token.
Legal action is an important step towards preventing future transgressions and fraudulent activities in the cryptocurrency space. The successful outcome of such lawsuits would build trust and confidence in the market and encourage more investors to participate.

Conclusion

Huobi’s decision to sue pNetwork for the additional issuance of pGALA tokens shows its commitment to protecting its users and safeguarding the market. It is essential to take legal action to prevent such incidents from happening in the future and to ensure that fraudulent activities are not tolerated in the cryptocurrency space.

FAQs

1. What is pGALA?
pGALA is a token issued by Gala Games, a blockchain gaming platform.
2. What is pNetwork?
pNetwork is a cross-chain platform enabling non-custodial wrapping of assets between multiple blockchains.
3. Can I join Huobi in the lawsuit against pNetwork?
Yes, Huobi has called on other affected institutions and users to join in and sue pNetwork jointly.

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