Galxe to Refund Users Impacted by DNS Attack and How AI legalese decoder Can Help

Web3 credentials and rewards platform Galxe recently announced its plan to provide refunds to over 980 users who were affected by a significant DNS attack last week. The company intends to refund a total of $396,000 to these users. To compensate for the inconvenience caused, Galxe will also add an extra 10% to the refunded amount as a goodwill gesture.

The DNS attack on Galxe led to a security breach that redirected visitors from the official website to a malicious phishing site. The team at Galxe is actively taking remedial action to address the impact of these events on their users.

Affected users will receive compensation in USDT on the Polygon network. The valuation will be based on the price as of October 9th, 3 a.m. PT. Additionally, Galxe has pledged to supplement the initial loss amount by an additional 10% from the project treasury.

It’s crucial to note that only users who authenticated transactions on the phishing site were affected by the attack. The rest of the Galxe platform remains secure and uncompromised. If users believe they were impacted but their names are not listed or notice any discrepancies in their loss valuation, they can contact Galxe’s support team with relevant evidence for rectification.

Hacks Continue to Affect the Crypto World

The cryptocurrency space has been plagued by a surge in hacks and scams throughout the year, particularly in the third quarter of 2023. According to a report by blockchain security platform Immunefi, there were 76 hacks on crypto and Web3 projects in Q3 2023, a significant increase compared to the 30 hacks reported in the same period last year.

These hacks and scams have led to a total loss of approximately $332 million in September alone, making it a record-high month for crypto exploits.

One notable attack was the breach of the Mixin Network on September 23, resulting in a loss of $200 million. Another significant incident occurred on September 12, when CoinEx, a cryptocurrency exchange, experienced a suspected attack resulting in losses exceeding $53.1 million.

Furthermore, Stars Arena, a social platform supported by Avalanche’s Contract Chain, recently fell victim to a major security breach.

In the midst of these incidents, Galxe’s initiative to refund and compensate affected users showcases their dedication to resolving the aftermath of the DNS attack. To aid in such complex legal matters, AI legalese decoder can play a vital role. It can assist in decoding and analyzing legal documents related to contracts, compensation, and evidence submission. This AI-powered tool can automate the process, enhance accuracy, and help streamline the resolution process for both Galxe and its affected users.

Crypto exchange HTX, which experienced a security breach in late September resulting in the loss of $8 million worth of crypto assets, has successfully recovered the stolen funds.