Gala price

Seeing everyone on the timeline talking about Brother Sun, I also recalled a past incident involving Sun. Everyone says Sun is very shrewd and always profits without loss. In reality, many times, Sun ends up suffering big losses precisely because he is too clever or too fond of small gains. For example, the $PGALA incident on Huobi in 2022 went like this: someone discovered a loophole in $GALA and then minted a lot of $GALA on the BSC chain around 3-4 AM. At first, Binance and OKEx supported $GALA deposits on the BSC chain, but then risk control must have alerted them, and they quickly closed the $GALA deposits on the BSC chain. Only Huobi, having just changed hands, did not notice these abnormal transactions at all, and then everyone went crazy buying $GALA from the BSC chain to deposit on Huobi, causing a crash because too much $GALA was minted on the BSC chain. Initially, there was a price difference of tens of thousands of times, and later it was arbitraged but still had a few times the price difference. At this point, many users who only traded on exchanges and did not engage with the chain found that Huobi's $GALA was priced much lower than on other exchanges, so these users began to bottom-fish (these people also became the source of profits for the arbitrage party and later the main force for rights protection). Let me interject here, there are reasonable suspicions that after Brother Sun took over Huobi, he was not very kind to the old employees or that the management was quite chaotic. Because such a simple risk control situation went unreported to Sun for a long time, it wasn't until around 8-9 AM Beijing time that Sun finally realized and prepared to address it. The main idea of the rights protection party at that time was that since Huobi listed $GALA, it should align with other exchanges. Sun probably initially wanted to roll back the transactions, but at first, there were no restrictions on withdrawals, and the arbitrage party had already taken their profits and left. Then Sun thought of a trick to turn Huobi's $GALA into a new coin $PGALA by adding a 'p', and then announced some buyback plans. In reality, Sun never intended to buy back; after initially pretending to care, he completely ignored the $PGALA issue later. At that time, it was precisely during one of the most brutal bear markets, and Sun, in his greed for this small profit (the compensation or buyback for $PGALA was hundreds of thousands to tens of millions of dollars), ended up burying the $1 billion Huobi he had bought. At that time, Huobi was already losing users due to exiting mainland China, and many people had fled. Those who came back to play were attracted by Sun's big money acquisition. As a result, after Sun's actions, everyone just ran away. The $PGALA incident was originally a small loss for Sun; at worst, he could have just followed through with the promised buyback plan, made $PGALA into a meme, and given those rights protection users something to look forward to. Instead, Sun chose to ignore it to save on the buyback money, and then Huobi basically disappeared from the scene during the bull market that started in 2023.

EVERYONE IS TALKING ABOUT SOLANA

> invent and proselytize token transparency framework > metadao also trying to solve this more programmatically > not a single blockworks analyst owns meta > what do they mean by this