Bitcoin DeFi Platform Alex Protocol Loses $8.3 Million Due to Exploit 🤪
$USD
The Alex Lab Foundation announced it will fully compensate users affected by the vulnerability for $8.3 million, with the compensation being issued in USDC after a regulated claims process.
Bitcoin DeFi Platform Alex Protocol Loses $8.3 Million Due to Exploit
News
Alex Protocol, a Bitcoin decentralized finance (DeFi) platform on the Stacks blockchain, was exposed to an exploit on June 6, resulting in $8.3 million in digital asset losses.
In an announcement, Alex Protocol stated that the breach was caused by a vulnerability in its self-listing verification logic. The attacker exploited this vulnerability to drain liquidity from several asset pools.
The Bitcoin DeFi platform said that attackers withdrew approximately 8.4 million Stacks
$0.6562
tokens, 21.85 Bitcoin (sBTC), 149,850 USDC
USD$0.9994
USDt
Tether
$1.00
and 2.8 wrapped Bitcoin
WBTC
$105,510.13
tokens. This incident is one of the largest exploits in the Stacks ecosystem to date.
In response to the incident, the Alex Lab Foundation, the organization supporting the protocol, pledged to fully compensate affected users using its treasury reserves.
Cointelegraph contacted Alex Protocol through its X account but had not received a response by press time.
Alex Protocol to compensate affected users after the exploit
According to Alex Lab, compensation will be issued in USDC. The protocol's calculations will be based on the average on-chain exchange rates between 10:00 AM and 2:00 PM UTC on the day of the attack.
Alex Lab stated that wallets affected by the attack will receive an online notification by June 8, including a claim form in person. Users must submit the completed form along with the wallet address received by June 10.
The team announced that it will verify the submitted claims and distribute USDC payments within seven days. It urged users who have not received the form to contact the team via email.
The team did no
Alex Protocol, a Bitcoin decentralized finance (DeFi) platform on the Stacks blockchain, was exposed
