Alex Protocol Initiates Treasury Fund to Repay Over $8 Million in Incurred Losses
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Hey there! Let's talk about the latest move by Alex Protocol, a Bitcoin-centric DeFi platform.
To make things right after a recent hack that wiped out over $8.3 million from users' accounts, Alex Protocol has launched a Treasury Grant Program. This program aims to repay users who were unfortunate victims of the breach, and the deadline to claim your reimbursement is June 17.
The attack specifically targeted several liquidity pools, causing substantial losses in STX sBTC aUSD, and aBTC tokens. While the techicalities of the breach are yet to be fully detailed, it appears that an unauthorized user exploited a vulnerability in the self-listing verification logic.
Now, let's dive into the details of this Treasury Grant Program. The program offers compensation in a mix of original assets and their equivalent in USDC, depending on the specific asset type lost during the exploit. For example, STX holders can expect full USDC reimbursement at a fixed rate of 0.68 USDC per STX. The payout calculation is based on average on-chain prices observed at the time of the incident.
Here's the step-by-step process: Affected users must connect their impacted wallets to the official grant interface, review their offers, and sign a confirmation message to accept the terms. Notifications and instructions for claiming funds were sent to affected addresses by June 8.
Remember, if you don't claim your compensation before the deadline, you'll miss out on the reimbursement.
This isn't the first time Alex Protocol has dealt with such a security issue. In fact, back in 2024, the platform faced a $4.3 million breach linked to its cross-chain bridge infrastructure, which some speculated could be the work of the North Korean hacker group Lazarus. The platform had earlier offered a 10% bounty for the return of 90% of the stolen assets but later withdrew the offer without explanation. The current Treasury Grant marks a new attempt to restore user funds and trust.
Stay tuned for updates, and make sure to follow official announcements from Alex Protocol for the most accurate and up-to-date information.
- In light of the breach, Alex Protocol is providing compensation to affected users in a mix of original assets and their USDC equivalents, setting a deadline of June 17 for claims.
- Despite the recent hack, the crypto industry continues to rely on technological advancements, with Alex Protocol's Treasury Grant Program using USDC reimbursement rates based on average on-chain prices observed at the time of the incident.
- The cryptocurrency industry, including DeFi platforms like Alex Protocol, remains vulnerable to attacks, as demonstrated by the past exploitation of self-listing verification logic, resulting in over $8.3 million in losses.
