The Web3 sector continues to be preoccupied with security concerns, as Galxe, a prominent Web3 community platform, recently fell victim to a significant security breach. This incident comes amid a surge in attacks and losses, totaling nearly $686 million in Q3 2023, as reported by Immunefi.
Since the beginning of the third quarter, the Web3 community has witnessed an alarming increase in exploitative activities, resulting in numerous security breaches. A recent revelation from the REKT database has sent shockwaves throughout the crypto space, with over $204 million worth of cryptocurrency lost in the last month alone.
DNS attacks result in ongoing losses exceeding $150K
The Galxe security breach, which occurred on October 6, 2023, left the platform’s website offline for approximately an hour. Galxe promptly reported the issue on X (formerly Twitter), confirming that the incident was caused by a breach in their DNS records.
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Galxe took immediate action by warning its users not to access the platform until the situation was fully resolved. However, as of the time of writing, the platform had not officially declared that it was safe to use again. Even after the website was restored, some users encountered issues, with Google blocking access to the site.
Web3 cybersecurity experts revealed that the attackers modified DNS records to redirect users to a phishing site, potentially draining their wallets. Crypto detective ZachXBT reported that funds were stolen from Galxe, with the exploitative wallet amassing around $160,000 even after the website’s restoration.
Additionally, ZachXBT suggested a possible connection between the Galxe attacker and the party responsible for the Balancer protocol attack on September 19, indicating a worrying trend in the Web3 space.
Urgent need for enhanced cybersecurity measures
The incident highlights the growing threat to Web3 projects, with a recent report from Immunefi revealing a surge in attacks and losses, totaling nearly $686 million in Q3 2023. Improved cybersecurity measures are imperative for safeguarding Web3 assets and user privacy in this decentralized landscape. Galxe and other affected platforms face increased scrutiny and must bolster their security protocols accordingly.