- The exploit of Alex Protocol led to a loss of $ 8.3 million, which influenced the trust of Stacks Ecosystemstem
- Alex Lab has promised full USDC allowance to affected users
Pile [STX] The price saw falling sharply in the charts, falling to $ 0.6532 after shifting 1.37% in 24 hours, 9.64% in a week and 31.12% in the past month.
What did STX fell from the bullish hit lists?
Although Markt-wide weakness played a role, the real blow came from a large exploit on 6 June that hit the Alex protocol to a core defi project on the Stacks Blockchain.
In a statement posted On X, the Alex Protocol team revealed that the infringement resulted from an error in his self -listing logic.
The attacker operated the same to transfer liquidity of multiple assetools and to cast a shadow over the security prospects of the network.
The newest exploit on the Alex protocol stands out as one of the most important infringements of security in the Stacks Ecosystem.
According to official disclosures, the attackers even succeeded in removing approximately 8.4 million STX -Tokens, 21.85 SBTC, 149.850 in combined USDC and USDT, and 2.8 wrapped Bitcoin, in a big blow to the liquidity of the platform.
Alex Protocol’s Action Plan
In an attempt to restore the user’s confidence and reduce the fall -out, the Alex Lab Foundation, which supports the protocol, has promised to fully repay affected users by pulling out of his treasury reserves.
Note on the same, the post noted”
“With the help of the Alex Lab Foundation Treasury we will cover 100 % of the loss of each affected user, paid in USDC. To calculate each refund, we will use the average of exchange chains on the chain that were taken between 10:00 UTC and 14:00 UTC on June 6, 2025.”
After the recent exploit, Alex Lab outlined a detailed reimbursement plan and strived to compensate for affected users in USDC.
Compensation will be based on average exchange rates between 10:00 am to 2:00 pm UTC on 6 June.
Users receive a report from the chain and a claim form before 8 June. Submissions will close on 10 June.
Once verified, reimbursements will be completed within seven days. Everyone without a form can e -mail the team.
Not the first time!
However, this is not the first exploit of Alex Protocol. In May 2024, the project lost $ 4.3 million after a cross-chain bridge trap-coupled at the Lazarus group in North Korea.
The team collaborated with on-chain analyst Zachxbt to trace stolen funds over three portfolios, although the full recovery still remains unclear.
Despite recurring safety problems, broader confidence in the Stacks ecosystem has not disappeared.
Ambcrypto analysts even predict that STX could recover $ 0.89 in 2025 and achieve, which is a reflection of the trust of investors in the long-term potential of the project.
Credit : ambcrypto.com
