On June 6, the Bitcoin decentralized finance (DeFi) platform Alex Protocol, based on the Stacks blockchain, suffered a hacker attack, resulting in a loss of $8.3 million in digital assets.
In an announcement on the X platform, Alex Protocol stated that the vulnerability was caused by a flaw in its self-listing verification logic. The attacker exploited this defect to withdraw liquidity from multiple asset pools.
This Bitcoin DeFi platform reported that the attacker stole approximately 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 USDC and USDT, and 2.8 wrapped Bitcoin (WBTC). This incident is one of the largest hacker attacks in the Stacks ecosystem to date.
In response to this incident, the organization supporting the protocol, the Alex Lab Foundation, pledged to fully compensate affected users using its financial reserves.
Cointelegraph reached out to Alex Protocol via its X account, but had not received a response by the time of publication.
According to Alex Lab, compensation will be issued in the form of USDC tokens. The protocol will calculate the compensation amount based on the average on-chain exchange rate during the period from 10 AM to 2 PM UTC on the day of the attack.
Alex Lab stated that wallets affected by the attack will receive on-chain notifications by June 8, including personalized claim forms. Users must submit the completed forms and receiving wallet addresses by June 10.
The team indicated that they will verify the submitted claims and distribute USDC payments within seven days. Users who do not receive the forms are urged to contact the team via email.
The team did not disclose the technical mechanisms behind the hacker attack but is expected to release a post-mortem analysis report.
This is not the first time Alex Protocol has experienced a security incident resulting in millions of dollars in losses. In May 2024, the DeFi platform faced a hacker attack involving its cross-chain bridge infrastructure. This incident led to $4.3 million in cryptocurrency being unauthorizedly withdrawn from the platform.
The DeFi protocol indicated that the May hacker attack may be related to the North Korean cybercrime organization Lazarus. The team noted that three wallets were used in the attack and stated that they are collaborating with blockchain analyst ZachXBT to track the stolen assets.
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Original article: “Bitcoin (BTC) DeFi platform Alex Protocol suffers $8.3M loss to exploit”
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