Bitcoin DeFi Undertaking ALEX Protocol Focused In $8.3M Exploit
Bitcoin decentralized finance (DeFi) platform ALEX Protocol has lately suffered an assault, shedding $8.3 million in consumer funds. This represents the second exploit of the Stacks-based undertaking in simply over a yr following a earlier heist by the infamous North Korean Lazarus hackers group from North Korea.
ALEX Protocol Falls Sufferer To Self-Itemizing Verification Flaw
In an X submit on June 6, the event crew behind the ALEX Protocol introduced the DeFi undertaking skilled an exploit as a consequence of a vulnerability in its self-listing verification logic i.e. a safety mechanism meant to forestall unauthorized asset listings. A failure is that this safety system may doubtlessly permit unhealthy actors to introduce malicious, unauthorized or pretend belongings to the ALEX protocol which will be exchanged for legit belongings.
By slipping previous the self-verification logic, hackers had been capable of drain a number of asset swimming pools making away with 8,403,867.57 Stacks (STX), valued at $5,691,255.93, 21.85 sBTC ($2,244,751.87), 149,850 USDC/USDT ($149,850), and a pair of.80 WBTC ($287,369.33) resulting in a complete haul of $8,373,227.13.
ALEX Protocol Pronounces Compensation Plan
Following this current cyber assault, the builders behind ALEX Protocol has pledged to cowl all consumer losses utilizing the ALEX Lab Basis Treasury. All compensation will probably be paid in USDC and primarily based on the common on-chain trade worth of the stolen belongings on the time of the exploit between 10:00 UTC – 14:00 UTC on June 6,2025.
By 23:59 UTC on June 8, all affected wallets ought to have obtained a non-public on-chain notification alongside a declare kind. The claimants are anticipated to fill the shape which ought to embody a receiving pockets deal with earlier than continuing to submit forward of the deadline on June 10 by 23:59 UTC.
The ALEX Protocol administration crew additional states that each one affected wallets ought to anticipate a full compensation inside seven days after the submitted kind is verified. It’s price stating that each one victims with questions or those that fail to obtain notification electronic mail earlier than specified deadline are suggested to succeed in out through the e-mail acknowledged within the announcement.
The ALEX Protocol is constructed on the Bitcoin community utilizing the Stacks blockchain. It’s a widespread DeFi platform providing a variety of providers, together with lending, borrowing, and buying and selling. Moreover, ALEX helps cross-chain bridges, enabling customers to switch belongings seamlessly from different networks comparable to Ethereum and BNB Sensible Chain.
As earlier acknowledged, the DeFi undertaking had suffered a earlier exploit in Could 2024 when the Lazarus group withdrew $4.5 million by the platform’s bridge on the BNB Sensible Chain Community.Â
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