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Galxe

Galxe Protocol Plagued By Security Issues: Users Sound Alarm On Asset Theft

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to recent reports, the Galxe protocol, a prominent Web3 platform, has suffered a security breach resulting in the theft of users’ assets. 

Several users have reported unauthorized access to their wallets and subsequent asset losses following their engagement with the Galxe platform.

Galxe Protocol Faces Security Breach

The situation came to light when the Galxe protocol issued an urgent warning to its community regarding potential security issues through its official communication channels, including X (formerly Twitter). 

Related Reading: Cardano Founder Debunks Hydra’s Alleged Scaling Issues

The protocol acknowledged that the Galxe website was temporarily down and assured users they were actively working to resolve the issue. 

In a subsequent update, the Galxe protocol disclosed that a security breach had been detected, specifically affecting the Domain Name System (DNS) record for the protocol’s website through their Dynadot account, a domain registrar.

Disturbingly, reports have emerged of users falling victim to the security breach, with some claiming the loss of substantial asset values. One user, in particular, has alleged a $100,000 theft due to the incident, highlighting the severity of the breach.

Users Urged To Safeguard Assets

In response to the security breach, the Galxe protocol has issued the following instructions to its users:

  • Don’t connect wallets: Users are strongly advised against connecting their wallets to the Galxe platform until the security concerns have been fully addressed and resolved.
  • Do not sign any transaction: Users should refrain from authorizing or signing any transactions using their wallets on the Galxe platform during this period of heightened security risk.
  • Disconnect wallets: As an additional precautionary step, users are encouraged to disconnect their wallets from the Galxe platform until further notice.

Galxe, a Web3 protocol, aims to foster a vibrant and secure community by providing various services, including decentralized finance (DeFi), non-fungible tokens (NFTs), and other Web3 solutions. 

However, the recent security breach has raised concerns about the platform’s security infrastructure and prompted questions regarding user assets and personal information safety.

The Galxe protocol has assured users that they are actively investigating the breach and taking necessary steps to enhance security. 

Related Reading: Binance Sees Spot Market Share Fall To 34%, What’s Going On?

As the investigation unfolds and the protocol works towards resolving the issue, affected users are encouraged to monitor official communication channels for the latest updates and guidance. 

Users are also advised to take precautionary measures such as changing passwords, enabling two-factor authentication, and reviewing their transaction history for suspicious activity.

Galxe
GAL’s drop on the daily chart. Source: GALUSDT on TradingView.com

As of the time of writing, the native token of the protocol, GAL, has experienced a negative reaction in response to the recent news of the security breach. Since the disclosure of the breach, the token has retraced over 2% in value trading at $1.1587. 

Adding to the downward trend, GAL has been on a prolonged decline for the past 14 days, witnessing a significant drop of 13.5% during this period.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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