Alex’s protocol, a decentral financing platform (Defi) on Bitcoin on Stacks Blockchain, to exploit on June 6, which led to $ 8.3 million of digital asset losses.
In x advertisementThe Alex Protocol said the breach was the result of a gap in the logic of authentication. The attacker used a defect to drain liquidity from several asset pools.
The Bitcoin Defi platform said that the attackers have made about 8.4 million components (STX), 21.85 Bitcoin (SBTC), 149,850 in USDC (USDC), USDT (USDT), and 2.8 Bitcoin (WBTC). This incident is one of the largest dictates in the ecosystem that is stacked so far.
In response to the accident, the Alex Lab Foundation, the institution that supports the protocol, pledged to pay the entirely affected users using its cabinet reserves.
Cointelegraph connects to the ALEX protocol through the X account, but he did not receive a response to the time of publication.
According to Alex Lab, compensation will be released in the USDC codes. The protocol will build the payment accounts on the average onchain exchange rates between 10:00 am UTC and 2:00 pm UTC on the day of the attack. Alex Lab said that the governor affected by the attack will receive a notice on Onchain by June 8, including the dedicated claim form. Users should send the complete form with a receipt wallet address by June 10. The team said it would be achieved from the claims submitted and distributing USDC payments within seven days. Users who do not receive a model have been urged to contact the team via email. The team did not reveal the technical mechanisms behind the exploitation, but it is expected to issue a report after death. Related to: Bybit reveals a security reform in response to the penetration of 1.4 billion dollars This is not the first security incident in which Alex’s protocol lost millions. In May 2024, the Defi platform suffered an exploitation that includes the infrastructure of the Crosschain Bridge. The accident led to unauthorized withdrawal of $ 4.3 million in encryption from the platform. The Defi Protocol said that the May exploitation is likely to be associated with the North Korean Lazarus group. The team referred to three governors used in the attack and said they worked with Blockchain Zachxbt analyst to track stolen assets. https://www.youtube.com/watch? magazine: China to ban Bitcoin’s possession? Gate.io to pay $ 30 million on liquidation: Asia Express
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