ChainCatcher news, the multi-chain routing protocol pNetwork announced on Twitter that it has deepened its partnership with the Algorand ecosystem automated market maker Tinyman. Now pNetwork users can earn ALGO by providing pBTC liquidity on their platform. (source link)

ChainCatcher news, the blockchain gaming platform Gala Games announced that it is suing pNetwork on behalf of pGala victims. Gala Games stated that pNetwork caused further damage due to negligence leading to security vulnerabilities and intentionally executing a failed recovery plan, which negatively impacted the market's perception of Gala and the GALA Token, harmed Gala's reputation, and damaged Gala's relationships with trading platforms.As a result, Gala is claiming $27,671,934.80 from pNetwork for self-paid expenses incurred due to breach of contract, additional damages, punitive damages, and other fees that the court deems just and fair. (Source link)

ChainCatcher news, the multi-chain routing protocol pNetwork tweeted that the Raven, Lbry, and Safemoon cross-chain bridges will be offline within two weeks starting today. Currently, pegins have been disabled, and pegout will be disabled starting December 19.pNetwork reminded in the tweet that each pSFM, pRVN, and pLBC token holder should redeem their native tokens as soon as possible to avoid asset loss. (source link)

ChainCatcher message, pNetwork responded to Huobi's accusation of "maliciously increasing GALA issuance" by strongly condemning Huobi's false claims against pNetwork. pNetwork will take appropriate legal action and has evidence proving that its actions were in good faith, and all actions were agreed upon in advance with GalaGames officials.pNetwork further stated that Huobi received the notification at 7:24 PM UTC on Thursday (3:24 AM Beijing time on November 5) and confirmed the emergency two minutes later, but only blocked deposits several hours later. pNetwork did not gain any profit from this action.It is reported that Huobi's official announcement mentioned that pNetwork had notified them in advance, but also stated that pNetwork did not explain its preparation to exploit vulnerabilities, nor did it mention that it would issue 55.6 billion GALA for a massive sell-off in the market within fifty minutes, which would cause extremely significant losses to innocent users and trading platforms. (source link)

ChainCatcher message, Huobi Global released a statement regarding the truth of the GALA incident: pNetwork maliciously exploited management privileges to issue over 55.6 billion GALA tokens on the BNB Chain, which is not a white hat action, but a premeditated hacking attack aimed at malicious profit. The claim of being a white hat is an illegal excuse sought to evade legal sanctions. Huobi will hold them fully accountable and seek compensation in accordance with the law on behalf of the industry and users. (source link)

ChainCatcher news reports that the cross-chain protocol pNetwork has released an analysis of the previous GALA incident, stating that the team noticed a configuration error in the pNetwork cross-chain bridge for GALA on November 3. The team observed that due to the configuration error, the ownership of the pGALA smart contract (deployed on BSC) had been secretly taken over. The attacker who gained ownership of the smart contract did not launch any attacks, but this situation highlighted a high-security risk that needed immediate mitigation. Therefore, pNetwork contacted GalaGames to decide to suspend cross-chain bridge activities and execute a white-hat drain of the pGALA/BNB PancakeSwap pool in an attempt to preserve the BNB funds in that pool so that they could be returned to their rightful owners (liquidity providers) once the situation was under control. The white-hat drain recovered 12,977 BNB (approximately 4.5 million USD), and the funds will be returned to the holders of currently uncollateralized pGALA, with a snapshot taken on November 7, 2022, at 16:00.The cross-chain protocol pNetwork minted over 1 billion USD worth of pGALA in the early morning of November 4 after redeploying the pGALA contract to "crash" the original pGALA pool, or due to the failure to communicate with the Huobi platform, temporarily shutting down deposit and withdrawal services, which led to a large number of users transferring coins from DEX to the Huobi platform and subsequently selling, triggering a price crash. (Source link)