Yup… it’s happened again.
On June 6, Alex Protocol, a Bitcoin-based DeFi platform on the Stacks blockchain, was hit with a massive $8.3 million exploit — marking its second major breach in just over a month. 😬
💸 What the attacker stole:
• 8.4 million STX tokens (~$5.5M)
• 21.85 sBTC
• 149,850 in USDC & USDT
• 2.8 WBTC (over $295K at current prices)
The exploit was traced to a vulnerability in Alex’s self-listing verification logic, which allowed the attacker to drain multiple liquidity pools in one coordinated strike.
It’s a huge blow to the Stacks ecosystem, and the second time Alex has lost millions to a breach.
🕵️♂️ Flashback: May 2024 Hack
This isn’t their first rodeo. In May 2024, Alex Protocol suffered a $4.3 million exploit targeting its cross-chain bridge infrastructure.
That attack was suspected to be linked to the infamous North Korean Lazarus Group.
The team identified three wallets involved and worked with blockchain sleuth ZachXBT to trace the stolen funds.
⚠️ That’s now over $12.6M lost in two separate attacks in just five weeks.
✅ What’s Being Done Now?
To their credit, Alex Lab Foundation has pledged to fully reimburse all users affected by the June 6 exploit. Here’s how:
• Payouts in USDC
• Calculations based on average onchain rates from 10:00–14:00 UTC on the day of the attack
• Claim forms sent via onchain notifications by June 8
• Users must submit forms (with a receiving wallet) by June 10
• Payments to go out within 7 days of verification
• Anyone missing a form should email the team directly
Still, the technical root of the exploit hasn’t been disclosed yet. A post-mortem is expected, but many are already questioning whether Alex can bounce back from two back-to-back multimillion-dollar hits.
Cointelegraph reportedly tried to contact the team, but no official public response has surfaced beyond the posts on X.
💬 The vibe in the community? Cautious. Frustrated. Tired.
Two exploits. $12.6M gone.
Even with reimbursements, trust is a hard thing to buy back in DeFi.
#CryptoNews #DeFi #Bitcoin #alexprotocol #Stacks #STX #Web3 #Hacks #LazarusGroup #zachxbt #USDC #CryptoSecurity #DYOR 🔍💥📉
