Huobi Global described its new edition of pGALA as a "meme token" in a formal announcement on its website, emphasizing that it is not linked to the original GALA token. One who is aware of the situation claims that purchasers of the GALA token that was undervalued on Huobi, among them numerous market-making businesses, are infuriated that their GALA tokens have been changed to Huobi's pGALA token.
Huobi announced that it would remove the GALA/USDT pair and rebrand GALA as pGALA. Huobi Global later declared that it would transform users' pGALA (old GALA) assets that fulfill the redemption requirements to GALA (new GALA) assets at 1:1.
Without a GALA trading pair, it is unknown how owners of transformed GALA tokens will be able to swap their assets on Huobi.