CEX.IO News

Notice about the GALA recovery plan

, April 18, 2023

Strictly Without Prejudice

The CEX.IO community has been preoccupied with GALA over the past four months, and rightfully so. As a longstanding and reputable crypto ecosystem, we’ve monitored, read, and followed our users’ concerns regarding this problem from the very first. You have absolutely been heard. And we thank you for your patience.

Throughout this time, our primary goal has been to find the source of the issue, and develop a potential solution that makes things right with our users. We’ve been busy crunching the numbers to make sure everything is considered, down to the last decimal place. However, since the problem originated externally, it took us longer than expected. We apologize for any additional concern our diligence caused. 

Our users have been more than patient and as always, they deserve only the best. To deliver a satisfactory solution, we conducted detailed research on GALA-related user activity, and performed rigorous calculations of dedicated compensation. 

After performing due diligence, we’re defining the incident period as occurring from November 3, 2022, 20:00 UTC through February 8, 2023. The first date is our closest snapshot of the original pNetwork incident, which caused issues with GALA operations. The second date is when we suspended GALA transactions on CEX.IO to make the necessary calculations.

Although as we have already noted, the problem giving rise to the issues originated from external causes and therefore although strictly speaking CEX.IO are not responsible for the consequences, as a responsible and proactive company, CEX.IO are taking steps to minimize the consequences suffered by our clients.

We’re reaching out via email to every CEX.IO customer who performed GALA-related operations before, and during the said period. In these messages, we outline the compensation details, and the necessary steps that must be taken to receive it, if any. We ask users who were involved in GALA transactions during the period in question to check their email inboxes for these details. 

Please keep in mind that relevant emails will be sent sent from web@cex.io. Beware of scammers and impersonators. If you haven’t received the dedicated email, and have questions about whether you are eligible for compensation, please contact our Support team via email (support@cex.io), or live chat at support.cex.io

After compensation is distributed, we will re-enable deposits and withdrawals, as well as trading for GALA on Exchange Plus, our new trading platform. We will provide additional updates as they are available. Keep in mind that we will reopen operations only for Ethereum-based GALA. From this point forward, we will stop supporting BEP-20 transactions for this token. 

 

Disclaimer: For information purposes only. Not investment or financial advice. Seek professional advice. Digital assets involve risk. Do your own research.

 

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