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

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

In an X announcement, Alex Protocol said the breach was caused by a vulnerability in its self-listing verification logic. The attacker used the flaw to drain liquidity from several asset pools. 

The Bitcoin DeFi platform said the attackers siphoned about 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 in USDC (USDC) and USDt (USDT), and 2.8 Wrapped Bitcoin (WBTC). The incident is one of the largest exploits in the Stacks ecosystem to date.

In response to the incident, Alex Lab Foundation, the organization supporting the protocol, pledged to fully reimburse affected users using its treasury reserves. 

Cointelegraph reached out to Alex Protocol through its X account but did not receive a response by the time of publication.