Follow-up Notice on Gala Token Abnormality Event (5)
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Dear Huobi Users,
In the spirit of protecting users' assets and after good-faith communication with the Gala team, Huobi will delist the GALA/USDT pair at 12:30 (UTC) today and rename GALA as PGALA. In the meantime, the concerned assets will be redeemed for new GALA assets as arranged below：
1. Huobi will convert users' PGALA (former GALA) assets that meet the redeeming conditions to GALA (new GALA) assets at 1:1. The following asset snapshot time and formula will be used to determine users' PGALA asset holdings and the redeemable amount. The PGALA assets after conversion will be burnt.
2. The redeeming conditions and snapshot time are defined as follows:
1) Users' PGALA assets in their spot, futures, strategy, and margin accounts at 20:15 (UTC) November 3, 2022. (Any outstanding PGALA borrowings by margin traders will be deducted from their snapshot asset balances);
2) Users' PGALA assets that were deposited and arrived at the target addresses via the ERC20 chain during the period from 20:15 (UTC) November 3, 2022 to 04:15 (UTC) November 4, 2022.
Either or both, as the case may be, of users' PGALA assets in these two scenarios will be compared to their PGALA holdings at the delisting & renaming time, the lower value of which will determine the amount for the 1:1 conversion.
Example: A user held 100 PGALA at 20:15 (UTC) Nov 3, and deposited a total of 100 PGALA from 20:15 (UTC) Nov 3 to 04:15 (UTC) Nov 4 (100 PGALA + 100 PGALA = 200 PGALA). At the delisting & renaming time, this user holds 150 PGALA. Then the redeemable amount shall be the lower one, i.e. 150 PGALA.
Note: The minimum redeemable amount is 0.000001 PGALA.
3. The conversion starts as soon as the delisting happens and is expected to be completed on November 5 at the latest. Please follow up on your asset status.
We appreciate your understanding and support.
November 4, 2022
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Huobi Global reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi Global makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on Huobi Global. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.