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Galxe, a digital finance company, has announced its intention to compensate users who were impacted by a recent hack. They will provide affected users with an additional 10% on top of the funds they lost in the security breach.
The company expressed its gratitude for the patience and trust exhibited by its users during the challenging period. To simplify the compensation process, Galxe will automatically return lost funds to users' original wallet addresses by October 16. Users who prefer alternative compensation methods will have the option to make those arrangements.
Compensation will be provided in Tether (USDT), with the value based on rates at 10:00 UTC on October 9. The security breach occurred when users mistakenly validated transactions on a deceptive website on October 6. The breach lasted for just over five hours, resulting in losses of over $396,000, impacting approximately 1,120 users. Individual user losses ranged from over $53,000 to just a few cents.
Charles Wayn, a key member of the Galxe team, revealed that the company is collaborating with two prominent security agencies to trace the diverted funds. Galxe has taken proactive measures, including enhancing domain name security, changing domain providers, and conducting thorough security assessments. The security breach was attributed to the domain registrar Dynadot mistakenly granting access to an imposter who presented counterfeit documents.
The company's native GAL token experienced fluctuations in value but has since stabilized. It initially dropped from $1.21 on October 6 to $1.16, then saw a brief surge to $1.22 before settling at $1.17, according to recent data from CoinGecko.
