Bitcoin DeFi Platform Alex Protocol Suffers $8.3M Exploit

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Alex Protocol, a decentralized finance (DeFi) platform built on the Stacks blockchain, suffered a major security breach on June 6, resulting in the loss of approximately $8.3 million in digital assets.

In an announcement on X (formerly Twitter), the team revealed that the exploit stemmed from a vulnerability in its self-listing verification logic. The attacker exploited this flaw to drain liquidity from multiple asset pools.

The stolen funds included:

8.4 million Stacks (STX) tokens

21.85 Stacks Bitcoin (sBTC)

149,850 USDC and USDT

2.8 Wrapped Bitcoin (WBTC)

This incident marks one of the most significant exploits ever recorded in the Stacks ecosystem.

User Reimbursement Plan Announced

The Alex Lab Foundation, the team behind the protocol, has committed to fully reimbursing affected users using treasury reserves. Compensation will be provided in USDC tokens.

Reimbursement will be based on the average on-chain exchange rates recorded between 10:00 am and 2:00 pm UTC on June 6—the day of the attack. Affected wallets will receive an on-chain notification by June 8, along with a personalized claim form. Users must submit their completed forms and wallet addresses by June 10.

Approved claims will be paid within seven days, and users who do not receive a claim form are encouraged to contact the team via email.

A detailed post-mortem report explaining the exploit’s technical details is expected to be released soon.

Second Major Exploit in 13 Months

This is the second major security incident for Alex Protocol. In May 2024, the platform suffered a separate exploit targeting its cross-chain bridge infrastructure, resulting in the unauthorized withdrawal of $4.3 million.

That earlier attack was allegedly linked to the North Korean Lazarus Group, with analysts— including blockchain investigator ZachXBT— assisting in tracking the stolen assets across three identified wallets

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