Galxe Vows Full Compensation Plus Interest to Users Post Recent Cyber Attack
Summary:
Galxe pledges to recompense users affected by a recent cyber attack by returning 110% of the lost funds. The payout will be in Tether (USDT), based on its value at a specific time. The hack affected users who unknowingly transacted on a fraudulent website, with losses exceeding $396,000 altogether. Galxe is now working with two cybersecurity firms to trace the stolen funds and has upgraded its security measures significantly.
On October 10, Galxe pledged to compensate users for 110% of the funds they lost in a recent cyber attack. The company expressed its profound appreciation to its steadfast supports in these challenging times. Unless otherwise directed, the lost funds will be fully reinstated to the original wallet addresses they were extracted from by the 16th of October. Repayment will be made in Tether (USDT), based on its value at 10:00 UTC on October 9.
Remember to be alert, Raisers! Our first partnership campaign for October lands on Galxe at 12 PM (UTC) on the 5th! Be quick, only 200 slots are available - first come first served! Show off your Galxe allegiance on Discord and stay tuned to Galxe for exclusive event sneak peeks!...
On October 6, users who unknowingly authorized transactions on a bogus website were victimized, Galxe informed its users in a letter. The cyber attack persisted for a little over five hours. Preliminary estimates from October 10 suggested total losses surpassing $396,000, with individual losses ranging from just a few cents to over $53,000. Earlier approximations suggested that about 1,120 users fell victim to the hack.
Presenting to you a significant annual increase of 153% in scams and hacks in Crypto's third quarter: courtesy of Immunefi
In a writeup to Cointelegraph, Galxe co-founder Charles Wayn detailed how the company is collaborating with two cybersecurity companies to trace the diverted funds. On top of upgrading its domain name service security measures and switching its domain provider, Galxe is running security audits. According to Wayn, the incident happened when their account information was reset, and access was granted to an impostor by the domain registrar, Dynadot. The fraudster presented bogus documentation, posing as an authorized Galxe representative.
The Galxe model operates as a permissionless self-reliant identity infrastructure. Its local GAL token value dropped from $1.20 to $1.15 on October 6, then recovering in value to $1.21 over the weekend, with a surge in trading activity through Saturday morning. At the time this report was written, its value has settled down to $1.16, as recorded on CoinGecko.
In our upcoming magazine: Is it wise for crypto initiatives to negotiate with hackers? Probably.
Published At
10/10/2023 9:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.