Galxe to Refund Users Affected by DNS Attack
Galxe, a web3 credentials and rewards platform, has announced its plans to refund more than 980 users who were impacted by a DNS attack last week. The company will be returning over $396,000 to affected users and will also add an extra 10% as a goodwill gesture. The attack redirected visitors from Galxe’s official website to a malicious phishing site. Galxe assures its users that other aspects of its platform were not compromised during the incident. Users who suffered losses will receive compensation in USDT on the Polygon network, based on the valuation as of October 9th.
Hacks Continue to Affect the Crypto Space
The crypto industry has been facing numerous hacks and scams this year, particularly in the third quarter of 2023. According to a report by Immunefi, there were 76 hacks on crypto and web3 projects in Q3, compared to 30 hacks reported during the same period in 2022. These attacks have resulted in approximately $332 million in losses throughout September alone, setting a record for crypto exploits. Notable incidents include the Mixin Network attack that led to a loss of $200 million and the suspected attack on CoinEx resulting in losses exceeding $53.1 million. Stars Arena and HTX have also fallen victim to security breaches.
Hot Take: Increased Security Measures Needed for Crypto Platforms
The recent surge in hacks and security breaches within the crypto industry highlights the need for increased security measures across platforms. As more users enter the space and invest in cryptocurrencies, it becomes crucial for companies to prioritize cybersecurity and protect their users’ assets. Implementing robust security protocols can help prevent unauthorized access and mitigate potential risks associated with DNS attacks, phishing attempts, and other malicious activities. Additionally, users should remain vigilant and exercise caution when engaging with crypto platforms, ensuring they authenticate transactions on legitimate websites to avoid falling victim to scams. By prioritizing security and fostering a safe environment, the crypto industry can continue to grow and gain the trust of its users.
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