ALEX Protocol DeFi Platform Loses $8.3 Million in Recent Cyber Attack

The ALEX Protocol, a decentralized finance (DeFi) platform built on the Bitcoin network using the Stacks blockchain, was recently targeted in a cyber attack resulting in the loss of $8.3 million in user funds. This marks the second breach of the project within a year, with the previous incident involving the North Korean Lazarus hackers group. The exploit was attributed to a vulnerability in the platform's self-listing verification logic, allowing hackers to drain multiple asset pools. In response, the ALEX Protocol developers have committed to reimbursing all affected users using the ALEX Lab Foundation Treasury. Compensation will be provided in USDC based on the average on-chain exchange value of the stolen assets. Affected users have been instructed to fill out a claim form by a specified deadline to receive full compensation within seven days. The platform offers various DeFi services and supports cross-chain bridges for seamless asset transfers. Read more AI-generated news on: https://app.chaingpt.org/news