Security Breach at ALEX DeFi Platform
The decentralized finance (DeFi) platform ALEX, built on the Stacks blockchain, has reported a significant security breach. This incident stemmed from a flaw in the smart contract validation process that occurred during the platform’s recent asset listing. As a result, an attacker managed to siphon off funds from various liquidity pools, totaling an estimated loss of $8.37 million.
Details of the Stolen Assets
The breakdown of the stolen assets reveals the severity of the breach, with losses including:
- 8.4 million STX coins, roughly valued at $5.69 million
- 21.85 sBTC, equating to about $2.24 million
- 149,850 USDC/USDT, around $14,980
- 2.80 WBTC, approximately worth $28,740
Reimbursement Plan by ALEX Lab Foundation
In a show of commitment to their users, the ALEX Lab Foundation plans to fully reimburse those impacted by the attack, utilizing their treasury funds for compensation. The reimbursement process will utilize the average exchange rate recorded on-chain between 18:00 and 22:00 on June 6, 2025.
Users whose funds were compromised will receive private notifications by 7:59 on June 9, 2025, providing details on how to claim their compensation. To finalize the process, users must submit a claims form by 7:59 UTC on June 11, 2025, to verify their intended wallet address.
Compensation in USDC is set to be processed and sent out within seven business days post-verification.
