Huobi Exchange Users Furious After GALA Holdings Are Converted to ‘Meme Token’

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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.

 

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.

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