The Alex protocol, a bitcoin decentralized finance (DEFI) platform on the stack blockchain, faced an exploitation on 6 June, resulting in $ 8.3 million in digital asset loss.
In an x AnnouncementThe Alex Protocol said that Breech was due to vulnerability in its self-listed verification logic. The attacker used defects for drainage of liquidity with several asset pools.
The Bitcoin Defee platform stated that the attackers took around 8.4 million stacks (STX) tokens, 21.85 stack bitcoin (SBTC), USDC (USDC) and USDT (USDT) 149,850, and 2.8 wrapped bitcoin (WBTC). This phenomenon is one of the largest exploits in the stack ecosystem.
In response to the incident, the Alex Lab Foundation, an organization supporting the protocol, promised to fully reimburse the affected users using its treasury reserves.
Cointelegraph reached Alex protocol through its X account, but did not receive the response until the time of publication.
Alex protocol post-exploded for reimbursement of affected users
According to Alex Lab, compensation will be issued in USDC tokens. The protocol will form the basis for its reimbursement calculation at an average onchain exchange rates between UTC and 2:00 PM UTC at 10:00 pm on the day of the attack.
Alex Lab said the attack wallets would receive an onchane notification by June 8, including an individual claim form. Users will have to submit a complete form with a received wallet address by June 10.
The team said that it would verify the claims presented and distribute USDC payment within seven days. Users who do not get any form were urged to contact the team via email.
The team did not reveal the technical mechanism behind exploitation, but is expected to release the post -mortem report.
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Alex protocol hit from another hack in May 2024
This is not the first security incident in which the Alex Protocol has lost millions. In May 2024, the DEFI platform faced an exploitation associated with its crosschain Bridge Infrastructure. The incident led to an unauthorized return of $ 4.3 million in Crypto from the platform.
The DEFI Protocol said that the possibility of exploitation of May was associated with North Korean Cybercrime Group Lazarus. The team pointed to the three wallets used in the attack and said they worked with blockchain analyst ZachxBT to find out the stolen property.
https://www.youtube.com/watch?v=NDV0RFEHETQ
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