pNetwork: Draining pGALA pool has detected high security risks, draining BNB funds will be returned to uncollateralized pGALA holders

2022/11/06 05:24

The cross-chain protocol pNetwork released the previous GALA abnormal event sharing. On November 3rd, 2022 a misconfiguration of the pNetwork-powered bridge for the GALA token was noticed by the pNetwork team. Such a misconfiguration does not affect the pNetwork protocol as a whole, but it relates specifically to the cross-chain bridge for the GALA token. The team noticed that the ownership of the pGALA smart contract (deployed on BSC) had been covertly taken over due to the misconfiguration. Loss of ownership over the pGALA token smart -contract posed a security risk and was irreversible, meaning pGALA could potentially have been maliciously taken over at any time. This led to the decision of suspending the processing of swap operations on the cross-chain bridge and of performing a whitehat draining of the pGALA/BNB PancakeSwap pool in an attempt to save the BNB funds within that pool so that they may be returned to their rightful owners (the liquidity providers) once the situation was under control. The whitehat pool-draining was successful in saving the liquidity pool’s initial funds. This meant that the pool’s liquidity continued to increase during the pool-draining operation, resulting a final whitehat-driven liquidity extraction of 12,977 BNB, worth of $4,589,449 at the time. This, as above, will be returned to users involved. The snapshot S2 will be taken Monday November 7th, 2022 at 8am UTC time.

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