Alex Protocol to Reimburse Users After $8.3M Exploit on Bitcoin DeFi Platform

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Alex Protocol, a Bitcoin decentralized finance (DeFi) platform on the Stacks blockchain, suffered an exploit on June 6, leading to $8.3 million in digital asset losses.  

In an X announcement, Alex Protocol stated the breach was brought on by a vulnerability in its self-listing verification logic. The attacker used the flaw to empty liquidity from a number of asset swimming pools. 

The Bitcoin DeFi platform stated the attackers siphoned about 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 in USDC (USDC) and USDt (USDT), and a couple of.8 Wrapped Bitcoin (WBTC). The incident is without doubt one of the largest exploits within the Stacks ecosystem thus far.

In response to the incident, Alex Lab Basis, the group supporting the protocol, pledged to totally reimburse affected customers utilizing its treasury reserves. 

Cointelegraph reached out to Alex Protocol by means of its X account however didn’t obtain a response by the point of publication.