Galxe’s Generous 110% Compensation After Recent Hack: What You Need to Know

The Great Galxe Recovery Plan

In a heartwarming (or wallet-warming) move, Galxe has declared that users who lost funds in the recent hack will receive a jaw-dropping 110% compensation. This news, announced on October 10, is not just a PR stunt; it’s a genuine effort to restore faith in the platform. “We want to express our deepest gratitude to those who are standing by us during this difficult time,” the company stated, probably while wiping a tear from their eye.

Getting Your Funds Back

Mark your calendars for October 16, folks! That’s when funds will automatically flow back into the wallet addresses they were originally taken from, unless you’ve got other plans for your lost moolah. The recoveries will be paid in Tether (USDT), and the values will be locked in as of 10:00 am UTC on October 9. So, if you’ve always wanted that USDT to go back to its original owner—great news!

A Quick Review of the Hack

The hacking debacle struck on October 6 when users authenticated transactions on, you guessed it, a phishing site. The phish lasted just over five hours but made a hefty bite out of wallets, totaling over $396,000 in losses. From big players losing over $53,000 to those tragically losing just pennies, almost 1,120 users found themselves in a sticky situation.

Team Galxe’s Damage Control

Co-founder Charles Wayn has been busy as a bee, working with two security firms to chase down the stolen funds. “The incident was mainly caused by [domain registrar] Dynadot resetting our account information and granting permission to an impersonator,” he explained. It’s like handing your keys over to a doppelgänger—who wouldn’t want to avoid that?

What Lies Ahead for Galxe

As part of their recovery, Galxe has tightened its security measures, including improving its domain name service settings and changing its domain provider. They even conducted security audits just to make sure things aren’t about to go boom again. Meanwhile, the value of the platform’s native GAL token fluctuated like a rollercoaster, settling around $1.16 as of now. Talk about a wild weekend!

In a lighter vein, one might ponder whether crypto projects should ever negotiate with hackers. But for now, Galxe is focusing on rebuilding trust, one Tether at a time.