Galxe Compensates Users 110% for Recent Hack
Galxe, a cryptocurrency platform, has announced that it will compensate users by 110% if they lost funds in a recent hack. The company expressed its gratitude to those who stood by them during this difficult time. The affected users will have their funds automatically returned to their wallet addresses on October 16, unless they request a different handling method. The compensation will be paid in Tether (USDT) and will be calculated based on the value as of October 9.
Phishing Attack Affects Galxe Users
Galxe revealed that users who authenticated transactions on a phishing site on October 6 were impacted by the hack. The breach lasted for approximately five hours. According to preliminary estimates from October 10, losses amounted to over $396,000, with individual losses ranging from over $53,000 to small amounts. Earlier estimations indicated that around 1,120 users were affected by the attack.
Hot Take: Galxe Prioritizes User Compensation
In a commendable move, Galxe is taking responsibility for the recent hack and ensuring that affected users are made whole. By offering compensation at a rate of 110%, the company is demonstrating its commitment to customer satisfaction and trust. This proactive approach sets an example for other platforms facing similar incidents, highlighting the importance of promptly addressing security breaches and supporting impacted users. Galxe’s decision to automatically return funds and provide transparent communication shows their dedication to resolving the issue efficiently and maintaining strong relationships with their user base.
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