Galxe has replaced 110% of the funds users lost in the recent front-end hack Cryptocurrency scrgruppen
Galxe announced on October 10 that it is making users 110% refundable if they lose money in a recent hack. “We want to express our deepest gratitude to those who stand by our side during this difficult time,” the company said.
Users’ funds will be automatically returned on October 16 to the wallet addresses from which they were taken unless they request further processing. Affected users will be paid in Tether (USDT) with value calculated as of 10:00 UTC on October 9.
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Users who authenticated transactions on the October 6 phishing site, Galxe, were affected He said In a message to users. The hack lasted just over five hours.
In an initial estimate dated October 10, losses of more than $396,000 were recorded, with amounts ranging from more than $53,000 to just pennies. The company had estimated Earlier, around 1,120 users were affected by the hack.
Related: Cryptocurrencies Suffer 153% YoY Increase in Hacks and Fraud in Q3: Immunefi
Galxe is working with two security firms to track down the hacked funds, Charles Wayne, the platform’s co-founder, told Cointelegraph in a written response. In addition, it has improved its domain name service security settings, changed its domain provider and is performing security audits. Wayne said:
“The accident was mainly caused by [domain registrar] Dynadot reset our account information and gave permission to an impersonator who provided false documents claiming to be a certified Galxe member.
The Galxe Protocol is a permissionless, self-sovereign identity infrastructure. Its native GAL token dropped from $1.20 to $1.15 on Friday, October 6. It reached $1.21 over the weekend with high trading volume until Saturday morning. It has settled at $1.16 at the time of writing, According to To Quinn Gekko.
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