Gala(GALA) Tax Burn for BNB Chain on Huobi
GalaDear Huobi Users,
As the pGALA token has been recreated to replace Gala Token (former GALA), we are taking the following measures to protect users' assets:
1. Close the deposit service for pGALA;
2. Adopt the tax burn mechanism to charge a 1.2% two-way tax burn rate for pGALA spot trading. This pGALA tax burn rate does not affect any other tokens;
3. All the tax fees will be used to repurchase and burn pGALA. This tax burn mechanism is scheduled to take effect for pGALA at 16:00 UTC on November 4, 2022;
4. The pGALA tokens that were illegally minted on BNB Chain and deposited to Huobi are regarded as unjustified enrichment and will be used to repurchase and burn pGALA. The trading fees generated from GALA related trades during 00:00 to 24:00 (UTC+8) November 4, 2022, will all be used to repurchase and burn pGALA;
5. Huobi will continue its efforts to negotiate with the Gala team for compensating users' losses incurred by this event.
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