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News

Galxe Hack: $270K Stolen, Site Restored to Normal Operations!

October 7, 2023 - Around 2 mins mins to read

Key Points:

  • Galxe is back online after a major breach involving unauthorized access and $270,000 in losses.
  • Despite the hack, Galxe’s core systems and smart contracts remain unaffected and robust.
  • Galxe is actively working with experts and authorities to recover funds for affected users.
Galxe hack has officially announced that its site is fully restored and operational following a significant security breach.
Galxe Hack: $270K Stolen, Site Restored to Normal Operations!

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.

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Galxe Hack

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Galxe Hack: $270K Stolen, Site Restored to Normal Operations!

Key Points:

  • Galxe is back online after a major breach involving unauthorized access and $270,000 in losses.
  • Despite the hack, Galxe’s core systems and smart contracts remain unaffected and robust.
  • Galxe is actively working with experts and authorities to recover funds for affected users.
Galxe hack has officially announced that its site is fully restored and operational following a significant security breach.
Galxe Hack: $270K Stolen, Site Restored to Normal Operations!

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.

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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