Galxe, a Web3 credentials and rewards platform, has responded to a recent DNS attack by offering a refund to affected users. Over 980 users were impacted by the attack, and Galxe will be refunding a total of slightly over $396,000 to these individuals. In addition, Galxe is providing an extra 10% compensation on the lost funds as a goodwill gesture. The refunds will be automatically returned to the wallet addresses from which they were taken, unless alternative instructions are provided. The refunds will be made in Tether (USDT) and are scheduled to be processed on October 16.
The attacker exploited a DNS hijack, redirecting visitors from Galxe’s official website to a malicious phishing site. This led to a compromise of user funds and prompted Galxe to quickly develop a comprehensive recovery plan. The platform reassured affected users that they are recognized the impact of the security incident and are committed to making them whole. Users who suffered losses will receive compensation in USDT on the Polygon network, valued as of October 9.
Galxe has also committed to supplementing an additional 10% to the initial loss amount from the project treasury as a goodwill gesture. The platform clarified that only users who authenticated transactions on the phishing site were affected, while other aspects of the site remained uncompromised. Galxe encouraged users who believe they were affected but are not listed or notice discrepancies in their loss valuation to reach out to the platform’s support team with evidence for resolution.
At the time of estimation, the losses due to the attack were reported to be over $396,000, ranging from over $53,000 to just a few cents. Galxe co-founder Charles Wayn stated that the platform is collaborating with two security firms to trace the hacked funds. To prevent future attacks, Galxe has implemented enhanced security measures including changes to its domain name and service security settings, a change in domain provider, and security audits.
The Galxe protocol is a permissionless self-sovereign identity infrastructure, and its native token GAL experienced a drop from $1.20 to $1.15 following the attack, but subsequently reached $1.21 over the weekend. At the time of writing, it has stabilized at $1.14.
In conclusion, Galxe has taken prompt action to address the DNS attack on its platform. By offering refunds and additional compensation, the platform aims to mitigate the impact on affected users. Enhanced security measures have also been implemented to prevent such incidents in the future..
#Galxe #Announces #Refund #DNS #Attack
The attacker exploited a DNS hijack, redirecting visitors from Galxe’s official website to a malicious phishing site. This led to a compromise of user funds and prompted Galxe to quickly develop a comprehensive recovery plan. The platform reassured affected users that they are recognized the impact of the security incident and are committed to making them whole. Users who suffered losses will receive compensation in USDT on the Polygon network, valued as of October 9.
Galxe has also committed to supplementing an additional 10% to the initial loss amount from the project treasury as a goodwill gesture. The platform clarified that only users who authenticated transactions on the phishing site were affected, while other aspects of the site remained uncompromised. Galxe encouraged users who believe they were affected but are not listed or notice discrepancies in their loss valuation to reach out to the platform’s support team with evidence for resolution.
At the time of estimation, the losses due to the attack were reported to be over $396,000, ranging from over $53,000 to just a few cents. Galxe co-founder Charles Wayn stated that the platform is collaborating with two security firms to trace the hacked funds. To prevent future attacks, Galxe has implemented enhanced security measures including changes to its domain name and service security settings, a change in domain provider, and security audits.
The Galxe protocol is a permissionless self-sovereign identity infrastructure, and its native token GAL experienced a drop from $1.20 to $1.15 following the attack, but subsequently reached $1.21 over the weekend. At the time of writing, it has stabilized at $1.14.
In conclusion, Galxe has taken prompt action to address the DNS attack on its platform. By offering refunds and additional compensation, the platform aims to mitigate the impact on affected users. Enhanced security measures have also been implemented to prevent such incidents in the future..
#Galxe #Announces #Refund #DNS #Attack
