Read

Galxe

<p class="is-style-lead">Galxe unveils a comprehensive Fund Recovery Plan to reimburse affected users and bolster security following last week’s DNS breach.</p>
<p>Following last week’s <a href="https://crypto.news/breaking-web3-platform-galxe-is-hacked-multiple-users-report-lost-funds/" rel="noopener noreferrer nofollow">security breach</a>, leading web3 community-building platform Galxe unveiled a comprehensive ‘<a href="https://help.galxe.com/en/articles/8461267-october-6th-security-incident-fund-recovery-plan" target="_blank" rel="noopener noreferrer nofollow">Fund Recovery Plan</a>‘ to address the losses incurred by its user base. The initiative aims to provide a structured approach to reimbursing affected parties and fortifying the platform’s security infrastructure.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We have crafted a thorough recovery plan to make you whole for the incident. <br><br>In addition to recovering the full amount, we’re including an extra 10% as a commitment of goodwill and faith. <br><br>Read more: <a href="https://t.co/y3H79ZrsG3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/y3H79ZrsG3</a> <a href="https://t.co/2W1Z5Esn8F" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/2W1Z5Esn8F</a></p>— Galxe (@Galxe) <a href="https://twitter.com/Galxe/status/1711825245123084319?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 10, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Affected users are requested to submit pertinent documentation, such as screenshots or transaction addresses, to verify their claims. By default, Galxe will direct the recovered funds to users’ original wallet addresses. However, for those who prefer an alternative, the platform has made available a special form to designate a different wallet address for the transaction.</p>
<p>The company expressed its commitment to heightened security measures, backed by the expertise of top-tier engineers and cybersecurity professionals. The breach was caused by a DNS attack on Galxe’s domain nameservers on Dynadot. The platform has pledged a refund of <a href="https://twitter.com/Galxe/status/1710561491433197673" target="_blank" rel="noopener noreferrer nofollow">$396,000</a> to affected users.&nbsp;</p>
<p>While the breach was a significant setback, Galxe’s swift and structured response is being commended by the community. Galxe is also effectively interacting with any users who have concerns about the platform’s future security.&nbsp;</p>

Galxe announces fund recovery plan worth $396k following security breach

crypto.news

Other articles published on Oct 11, 2023

Only 6% of Global Sovereign Debt is AAA Rated Now

1970’s Stagflation Inbound for the US or Just a Hard Landing?

Circle launches on Polygon native USDC tokens.

Bitcoin Price Prediction as Lightning Network Growth Reaches 1,000% in Two Years – Adoption on th...

BAD Idea AI joins forces with Tangem

Shiba Inu Falls to July 2021 Lows

Join our free newsletter for daily crypto updates!