Web3 Credentials Platform Galxe to Refund $396,000 to Affected Users Post DNS Attack – Here's the Latest

Web3 Credentials Platform Galxe to Refund $396,000 to Affected Users Post DNS Attack – Here's the Latest

Web3 credentials and rewards platform Galxe has announced intentions to refund over $396,000 to more than 980 users who were impacted by a significant DNS attack last week. 

In addition to the refund, Galxe has committed to adding an extra 10% to the lost funds as a goodwill gesture, according to a document shared by the project. 

Last week, Galxe experienced a security breach affecting its DNS record, which enabled hackers to redirect visitors from the official website to a malicious phishing site. 

“We recognize the impact that recent events have had upon our users and are quickly working to take remedial action,” the team said at the time. 

Users who suffered losses will receive compensation in USDT on the Polygon network, based on the valuation as of October 9th, 3 a.m. PT. 

Furthermore, Galxe has pledged to supplement the initial loss amount by an additional 10% from the project treasury.

It's important to note that only users who authenticated transactions on the phishing site were affected during the attack, with other aspects of the Galxe platform remaining uncompromised. 

Galxe clarified that users who believe they were impacted but are not listed or notice discrepancies in their loss valuation can reach out to the platform's support team, providing relevant evidence for rectification.

Hacks Continue to Plague Crypto World

The crypto space has been plagued by a series of hacks and scams since the start of the year, particularly in the third quarter of 2023. 

According to a report by blockchain security platform Immunefi, there were 76 hacks on crypto and Web3 projects and firms in Q3 2023, a significant increase compared to the 30 hacks reported in the same period in 2022.

In total, approximately $332 million has been lost to various exploits, hacks, and scams throughout September, marking a record-high month for crypto exploits. 

One notable event was the Mixin Network attack on September 23. The Hong Kong-based decentralized cross-chain transfer protocol suffered a substantial breach, resulting in a loss of $200 million due to a breach of its cloud service provider.

Another major incident occurred on September 12, when CoinEx, a cryptocurrency exchange, experienced a suspected attack following a substantial outflow from four of its hot wallets. This breach led to losses exceeding $53.1 million across the hot wallets.

More recently, Stars Arena, a social platform supported by Avalanche's Contract Chain, has fallen victim to a significant security breach.

Meanwhile, crypto exchange HTX, which experienced a security breach in late September that resulted in the loss of $8 million worth of crypto assets, has managed to recover the stolen funds. 

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