Galxe, a cryptocurrency platform, has announced that it will be compensating users who lost funds in a recent hack by 110%. The company expressed its gratitude to those who have supported them during this difficult time. The affected users will have their funds automatically returned to their wallet addresses on October 16, unless they request a different handling. The compensation will be paid in Tether USDT, with the value calculated as of October 9. The hack, which lasted just over five hours, affected users who authenticated transactions on a phishing site on October 6. In a preliminary estimate, losses of over $396,000 were recorded, with amounts ranging from over $53,000 to small amounts. Galxe is working with two security firms to track down the hacked funds and has taken steps to improve its security settings and conduct security audits. The incident was caused by a domain registrar resetting Galxe’s account information and granting permission to an impersonator. The native GAL token’s value fluctuated during this period but has settled at $1.16 at the time of writing.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	0
People	Charles Wayn
Companies	CoinRaise, Dynadot, CoinGecko, Galxe
Currencies	Tether
Securities	None