$USDC
Bitcoin DeFi platform Alex Protocol loses $8.3M to exploit
Alex Lab Foundation said it will fully reimburse users affected by the $8.3 million exploit, with compensation issued in USDC following a structured claims process.
Alex Protocol, a Bitcoin decentralized finance (DeFi) platform on the Stacks blockchain, suffered an exploit on June 6, resulting in $8.3 million in digital asset losses.
In an X announcement, Alex Protocol said the breach was caused by a vulnerability in its self-listing verification logic. The attacker used the flaw to drain liquidity from several asset pools.
The Bitcoin DeFi platform said the attackers siphoned about 8.4 million Stacks
STX
$0.6534
tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 in USDC
USDC
$0.9994
and USDt
USDT
$1.00
, and 2.8 Wrapped Bitcoin
$105,323.20
. The incident is one of the largest exploits in the Stacks ecosystem to date.
In response to the incident, Alex Lab Foundation, the organization supporting the protocol, pledged to fully reimburse affected users using its treasury reserves.
Cointelegraph reached out to Alex Protocol through its X account but did not receive a response by the time of publication.
REF: cointelegraph
