The incident, which took place on October 6, resulted in an unauthorized access attack that affected approximately 1,120 users and led to the theft of around $270,000 in what is now referred to as the Galxe hack.
Dear Galxe fam,
Today you were truly upset, hurt, and attacked by this security incident. So were we.
The website has now fully recovered, and we are continuing to enhance security.
We sincerely apologize for what happened.
Here are the details:https://t.co/4rzvCtGoMc
— Galxe (@Galxe) October 7, 2023
In a detailed account of the breach, Galxe hack revealed that an unknown individual, impersonating an authorized member of the platform, approached domain service provider Dynadot. Utilizing forged documents, the impostor managed to circumvent security procedures and gain access to domain accounts. With control over these accounts, the malicious actors redirected unsuspecting users to counterfeit websites and initiated transactions that resulted in the theft of their funds.
Galxe’s Resilient Smart Contracts
Despite the breach, Galxe reassured its users that all smart contracts and technical systems remained secure and intact throughout the incident. The focus has now shifted to assisting the affected users and recovering the stolen funds.
To this end, Galxe is actively collaborating with law enforcement experts and third-party specialists to devise a comprehensive fund recovery strategy for those impacted by the Galxe hack. The goal is to ensure that users who fell victim to the attack are reimbursed for their losses and that those responsible for the breach are held accountable.
The security breach at Galxe serves as a reminder of the ever-present threats within the cryptocurrency space. While the core systems remained resilient, the incident highlights the need for constant vigilance and robust security measures, especially in Web3 environments where user interactions with blockchain technology are expanding.
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