On October 6, the Web3 platform Galxe’s website was down for nearly an hour. At 14:44 UTC, Galxe posted on X (previously Twitter) that their website was offline. Forty minutes later, it confirmed that a security compromise affecting its DNS record had occurred. It sent a warning not to access the portal until the problem was fixed.
Galxe hadn’t formally declared that their website was once again secure at the time of writing. Some X commenters claimed that Google had disabled the website after it was restored. ZachXBT, a crypto investigator, said that money was being taken from Galxe. Following the restoration of the Galxe website, the wallet ZachXBT associated with the exploit went on to amass cash and was, according to DeBank, hovering at nearly $160K at 17:15 UTC.
Apart From Galxe, Balancer, Attacks On Web3 Projects Have Risen Extensively
ZachXBT proposed a connection between the Galxe exploiter as well as the group responsible for the Sept. 19 attack on the Balancer protocol. In the last month, Balancer has experienced a second attack. $238,000 was lost as a result of Balancer’s second strike. The issue was described by the Balancer group as a social mechanism assault on their DNS server by a cryptocurrency wallet drainer known as Angel Drainer. According to blockchain security company SlowMist, the attacker may have had ties to Russia.
In the first three months of 2023 compared to the third part of 2022, damages to Web3 projects drastically rose, according to new research from security system Immunefi. Attacks increased from 31% to 75% year over year, and the losses in Q3 2023 were nearly $686M. The Mixin breach on September 25 caused the most loss during that time. A representative for the platform spoke at 21:25 UTC with an assertion that she stated would be published on X later. The website for Galxe was unavailable, it said. Once the right DNS records have been published globally, we will set it back up.
