Alex Protocol to Reimburse Users After $8.3M Exploit on Bitcoin DeFi Platform
Alex Protocol, a Bitcoin DeFi platform on the Stacks blockchain, experienced an exploit on June 6, resulting in losses of $8.3 million. The breach was due to a vulnerability in its self-listing verification logic, allowing the attacker to drain liquidity from multiple asset pools. Approximately 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 USDC, USDt, and 2.8 Wrapped Bitcoin (WBTC) were siphoned. The Alex Lab Foundation pledged to reimburse affected users using treasury reserves, with compensation in USDC based on average on-chain exchange rates from the attack day. Affected wallets will receive notifications by June 8, and users must submit claims by June 10. Payments will be distributed within seven days after verification. A post-mortem report on the exploit is expected. Alex Protocol previously suffered a $4.3 million exploit in May 2024, linked to the Lazarus cybercrime group.
