Galxe’s recent front-end hack replaces 110% of users’ lost funds over $400K
Galxe is making up 110% of users who have recently lost money due to hacking, the company announced on October 10. “We want to express our deepest gratitude to those who have stood by us during this difficult time,” the company said.
Users' funds will be automatically returned to the wallet addresses from which they were taken on October 16, unless they request otherwise. Affected users will be calculated on Tether (USDT) as of October 9 at 10:00 UTC.
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Users who verified transactions on the phishing site on October 6 were affected, Galxe said in a letter to users. The hack lasted more than five hours.
A preliminary estimate on October 10 recorded a loss of over $396,000, with over $53,000 in coins alone. The company previously estimated that around 1,120 users were affected by the hack.
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Charles Wayne, the platform's co-founder, told Cointelegraph in a written response that Galsey is working with two security firms to trace the stolen funds. It has also updated its domain name service security settings, changed its domain provider and is conducting a security audit. Wayne said:
“The incident was mainly accidental. [domain registrar] Dynadot is redoing our account information and giving permission to an impersonator who has submitted a false document claiming to be an authorized member of Galxe.
The Galax protocol is a permissionless, self-sovereign identity infrastructure. Its own GAL token dropped from $1.20 to $1.15 on Friday, October 6th. It reached $1.21 with heavy trading over the weekend until Saturday morning. According to CoinGecko, it sits at $1.16 at the time of writing.
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