News

Galxe Hack Witnesses $200,000 In Losses

Key Points:

Galxe hack loss hits $200,000; website offline for DNS fix.
Users are warned against wallet transactions; secure if not authorized.
Galxe takes security steps after a domain breach and plans fund recovery.

In the latest developments surrounding the Galxe hack, users continue to receive updates as the extent of the damage becomes clearer. Losses have now soared to an estimated $200,000.

Galxe Hack: Losses Mounting as Website Remains Offline

According to a statement from Galxe, the website is currently offline and will be restored once the correct Domain Name System (DNS) records are disseminated worldwide.

Users are urged to be cautious and refrain from approving any transactions linked to their wallets with the Galxe hack. The good news is that funds and personal information are secure for those who haven’t authorized any transactions during this time frame.

Security Measures and Recovery Plan in Progress

Galxe relied on Dynadot’s domain registration service, and it was revealed that the domain http://Galxe.com was previously compromised, with an unauthorized individual briefly gaining control of the Dynadot account. Galxe regained ownership of the domain on October 6 and cooperated with Dynadot to bolster account security.

Preliminary assessments indicate that the total loss may be approximately or below $200,000. The Galxe team has taken proactive measures by contacting relevant law enforcement agencies and will soon release a comprehensive report outlining their plan to recover the funds.

This incident follows an earlier outage of the Galxe website on October 6, lasting approximately an hour. The platform confirmed a security breach involving its DNS record. Crypto detective ZachXBT reported that funds were stolen from Galxe during this period, with the associated wallet accumulating around $160,000 in assets.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.