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

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). 

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. 

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.

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