Galxe Takes Measures to Reassure Community After DNS Attack
Galxe, a Web3 credentials and rewards platform, has responded to a DNS attack by announcing a refund for affected users. Over 980 users will receive a refund totaling slightly over $396,000, along with an additional 10% compensation on the lost funds.
The funds will be automatically returned to the wallet addresses unless alternative instructions are provided. The refunds will be processed on Oct. 16 in Tether (USDT).
Galxe’s Compensation Plan
The attacker exploited a DNS hijack, redirecting users to a malicious site and compromising their funds. In response, Galxe has developed a recovery plan and promised compensation in USDT on the Polygon network. They have also committed to adding an extra 10% from the project treasury as goodwill.
Affected users who authenticated transactions on the phishing site can expect compensation. Galxe has encouraged users who believe they were affected but are not listed to contact their support team with relevant evidence for resolution.
Enhanced Security Measures Implemented
The initial estimate of losses due to the attack was over $396,000, affecting approximately 1,120 users. Galxe is working with security firms to trace the hacked funds and has implemented enhanced security measures. They have changed their domain provider and conducted security audits.
The incident was caused by Dynadot resetting their account information and granting permission to an impersonator. Galxe’s native token GAL experienced a drop in value but has since stabilized at $1.14 per CoinGecko.
Hot Take: Galxe Prioritizes User Security and Compensation
Galxe’s swift response to the DNS attack demonstrates their commitment to user security and compensation. By refunding affected users and providing additional compensation, they are taking responsibility for the incident. The implementation of enhanced security measures shows their dedication to preventing future attacks.
However, the incident highlights the importance of remaining vigilant and verifying the authenticity of websites to avoid falling victim to phishing attacks. Galxe’s collaboration with security firms and their efforts to assist affected users are commendable. Overall, Galxe’s response to the attack showcases their dedication to protecting their community.
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