June 7, 2025 — Alex Protocol, a DeFi platform built on the Stacks blockchain, has been hit with its second major exploit in just over a month, losing $8.3 million in crypto assets on June 6 due to a smart contract vulnerability.

🧨 What Was Stolen:

  • 8.4 million STX (~$5.5M)

  • 21.85 sBTC

  • 2.8 WBTC (~$295K)

  • USDC & USDT worth ~$149.8K

The attack exploited a flaw in Alex’s self-listing verification logic, allowing the hacker to drain multiple liquidity pools in one coordinated strike.

🕵️ A Troubling Pattern

This follows a $4.3M hack in May 2024, which targeted Alex’s cross-chain bridge. That breach was suspected to involve the Lazarus Group, a North Korean-linked hacking syndicate. In total, $12.6M has been lost in two incidents over five weeks.

🛠️ Reimbursement Plan

Alex Lab Foundation has pledged to fully reimburse affected users:

  • Payouts in USDC

  • Based on market rates during the attack window (10:00–14:00 UTC, June 6)

  • Claim forms sent via onchain notifications by June 8

  • Users must respond by June 10

  • Payments expected within 7 days of verification

🤐 Still No Post-Mortem

Despite the reimbursement promise, no technical post-mortem has been released yet. The silence has frustrated users, and confidence in the project is hanging by a thread.

💬 Community Sentiment: Cautious and Tired

Two hacks, over $12M lost, and ongoing transparency issues have left many in the Stacks and DeFi community wondering: Can Alex bounce back?

Even with refunds, trust is harder to recover than tokens.

Stay safe, and always DYOR.

#Crypto #DeFi #AlexProtocol #STX #Stacks #Bitcoin #Hacks #Web3