🚨 BREAKING: ALEX Protocol Hacked for $8.3M – Full Reimbursement Promised! 🚨

💥 What Happened?

Alex Protocol, a leading Bitcoin DeFi platform on Stacks, was exploited due to a flaw in its self-listing verification logic, draining $8.33M in STX, sBTC, WBTC, and stablecoins (USDC/USDT) . This marks the second major hack after a $4.3M breach in May 2024, linked to North Korea’s Lazarus Group .

🔧 The Exploit Explained

The attacker bypassed security checks by exploiting an on-chain limitation in Stacks’ transaction verification, allowing fake tokens to siphon liquidity .

💰 Reimbursement Plan

- 100% compensation in USDC, based on asset prices at the time of the hack .

- Claim forms sent via on-chain notifications (deadline: June 10) .

- Payouts within 7 days after verification .

📉 Market Impact

- $ALEX token plunged 45% post-hack .

- DeFi users urge stricter audits as exploits surge .

🔒 Lessons Learned?

While Alex’s swift response is commendable, repeated breaches raise questions about DeFi security. Will this trigger industry-wide reforms?

🗣️ Your Take:

Is DeFi’s risk-reward balance worth it? Comment below! 👇

#DeFi #CryptoHack #Bitcoin #Stacks #ALEXProtocol

(Sources: Cointelegraph, The Block, Bitget)