{"id":12854,"date":"2025-06-07T16:02:31","date_gmt":"2025-06-07T14:02:31","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=12854"},"modified":"2025-06-07T16:02:31","modified_gmt":"2025-06-07T14:02:31","slug":"alex-protocol-to-compensate-users-following-8-3-million-exploit-on-bitcoin-defi-platform","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/07\/alex-protocol-to-compensate-users-following-8-3-million-exploit-on-bitcoin-defi-platform\/","title":{"rendered":"Alex Protocol to Compensate Users Following $8.3 Million Exploit on Bitcoin DeFi Platform"},"content":{"rendered":"\n<div data-v-60373258=\"\">\n<p>Alex Protocol, a Bitcoin decentralized finance (DeFi) platform built on the Stacks blockchain, experienced an exploitation on June 6, which led to a loss of $8.3 million in digital assets.<\/p>\n<p>Through an X <a href=\"https:\/\/x.com\/ALEXLabBTC\/status\/1931014419133169734\" rel=\"nofollow noopener\" target=\"_blank\" title=\"https:\/\/x.com\/ALEXLabBTC\/status\/1931014419133169734\">statement<\/a>, Alex Protocol indicated that the compromise was due to a weakness in its self-listing verification system. The intruder took advantage of this loophole to extract liquidity from numerous asset pools.<\/p>\n<p>The Bitcoin DeFi platform reported that the perpetrators extracted approximately 8.4 million Stacks (<a href=\"https:\/\/cointelegraph.com\/stacks-stx-price-index\">STX<\/a>) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 in USDC (<a href=\"https:\/\/cointelegraph.com\/usdc-price-index\">USDC<\/a>) and USDt (<a href=\"https:\/\/cointelegraph.com\/tether-price-index\">USDT<\/a>), and 2.8 Wrapped Bitcoin (<a href=\"https:\/\/cointelegraph.com\/wrapped-bitcoin-price-index\">WBTC<\/a>). This occurrence is among the most significant breaches within the Stacks ecosystem to date.<\/p>\n<p>In light of the incident, the Alex Lab Foundation, which supports the protocol, committed to fully compensating impacted users by utilizing its treasury reserves.<\/p>\n<p>Cointelegraph attempted to contact Alex Protocol via its X account but did not receive a reply before the article&#8217;s publication. <\/p>\n<p><template data-ct-widget=\"buzzsprout\" data-buzzsprout-podcast-id=\"2040516\" data-buzzsprout-episode-id=\"17293350\"\/><\/p>\n<h2>Alex Protocol to compensate affected users following exploit<\/h2>\n<p>According to Alex Lab, restitution will be made in USDC tokens. The protocol plans to calculate reimbursement based on the average on-chain exchange rates from 10:00 am UTC to 2:00 pm UTC on the day of the incident.<\/p>\n<p>Alex Lab disclosed that wallets impacted by the breach will receive an on-chain notification by June 8, which will include a personalized claim form. Users need to submit the filled-out form along with a receiving wallet address by June 10.<\/p>\n<p>The team stated it will authenticate received claims and disburse USDC payments within a week. Users who do not acquire a form were encouraged to connect with the team via email.<\/p>\n<p>The team did not disclose the technical details regarding the exploit but is anticipated to publish a post-incident analysis.<\/p>\n<p><em><strong>Related: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/bybit-announces-security-overhaul-in-response-to-1-4b-hack\" title=\"null\"><em><strong>Bybit announces security enhancements in response to $1.4B breach<\/strong><\/em><\/a><\/p>\n<h2>Alex Protocol targeted by another breach in May 2024<\/h2>\n<p>This is not the initial security challenge where Alex Protocol has incurred significant losses. In May 2024, the DeFi platform was subject to an exploit involving its cross-chain bridge infrastructure. This event resulted in the unauthorized <a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/news\/alex-bridge-bnb-drained-after-suspicious-upgrade-certik\" title=\"null\">withdrawal of $4.3 million<\/a> in cryptocurrency from the platform.<\/p>\n<p>The DeFi protocol suggested that the May exploit was possibly <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-layer-2-alex-lab-may-exploit-lazrus-group-north-korea\" rel=\"\" target=\"_self\" title=\"https:\/\/cointelegraph.com\/news\/bitcoin-layer-2-alex-lab-may-exploit-lazrus-group-north-korea\">associated with the North Korean cybercrime group Lazarus<\/a>. The team referenced three wallets utilized in the attack and mentioned their collaboration with blockchain analyst ZachXBT to trace the pilfered assets.<\/p>\n<p><iframe title=\"Bybit Hack EXPOSED: Inside North Korea\u2019s Cybercrime Empire\" width=\"814\" height=\"458\" src=\"https:\/\/www.youtube.com\/embed\/NDv0RfehETQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><em><strong>Magazine: <\/strong><\/em><a data-ct-non-breakable=\"null\" href=\"https:\/\/cointelegraph.com\/magazine\/la-gate-liquidation-fiasco-sec-crypto-influencers-asia-express\/\" title=\"null\"><em><strong>China to prohibit Bitcoin ownership? Gate.io to pay $30M due to liquidations: Asia Express<\/strong><\/em><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\" data-ct-non-breakable=\"undefined\" label=\"Subscription Form: Markets Outlook\"\/>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-defi-platform-alex-protocol-loses-8-3m-to-exploit?utm_source=rss_feed&#038;utm_medium=rss&#038;utm_campaign=rss_partner_inbound\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alex Protocol, a Bitcoin decentralized finance (DeFi) platform built on the Stacks blockchain, experienced an exploitation on June 6, which led to a loss of $8.3 million in digital assets. Through an X statement, Alex Protocol indicated that the compromise was due to a weakness in its self-listing verification system. The intruder took advantage of<\/p>\n","protected":false},"author":3,"featured_media":12855,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[2662],"class_list":["post-12854","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-alex-protocol-to-reimburse-users-after-8-3m-exploit-on-bitcoin-defi-platform-gpt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alex Protocol to Compensate Users Following $8.3 Million Exploit on Bitcoin DeFi Platform - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/06\/07\/alex-protocol-to-compensate-users-following-8-3-million-exploit-on-bitcoin-defi-platform\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alex Protocol to Compensate Users Following $8.3 Million Exploit on Bitcoin DeFi Platform - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Alex Protocol, a Bitcoin decentralized finance (DeFi) platform built on the Stacks blockchain, experienced an exploitation on June 6, which led to a loss of $8.3 million in digital assets. 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