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ALEX Lab Suffers Major Security Breach, $8.3 Million in Crypto Stolen
ALEX Lab, a prominent decentralized finance (DeFi) protocol built on the Bitcoin blockchain, has fallen victim to a severe cyberattack. The incident occurred on June 6, resulting in the theft of over $8.3 million in digital assets.
How the Hack Happened: Vulnerability on Stacks Chain Exploited
According to initial reports, the attacker exploited a vulnerability in the platform’s automatic listing verification logic on the Stacks blockchain. This allowed unauthorized access to a range of crypto assets, including STX, sBTC, USDC, and WBTC, leading to significant losses for users.
In total, the hacker made off with more than 8.4 million STX tokens, about 22 sBTC, and various amounts of WBTC and stablecoins. This is the second time ALEX Lab has experienced a major security issue in the past two years, raising serious concerns about the safety of smart contracts on Bitcoin-based DeFi platforms.
Response and Compensation Plan
The ALEX Foundation has committed to fully reimbursing affected users in USDC, based on on-chain price rates recorded between 10:00 and 14:00 UTC on the day of the attack. The compensation process involves filling out dedicated claim forms and completing identity verification (KYC).
Although the crypto community has welcomed the swift response from ALEX, questions remain about whether users will regain trust in the platform. The incident highlights the ongoing need for rigorous smart contract security within the decentralized finance and blockchain sectors.
Source: coindoo
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