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

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

Galxe unveils a comprehensive Fund Recovery Plan to reimburse affected users and bolster security following last week’s DNS breach.

Following last week’s security breach, leading web3 community-building platform Galxe unveiled a comprehensive ‘Fund Recovery Plan‘ 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.

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.

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 $396,000 to affected users. 

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.