Bitcoin Platform Gets Hacked for $8.37M – And They’re Actually Paying It Back!

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Ah, the sweet, sweet world of DeFi—where the best protocols meet their untimely demise, one hack at a time. On June 6, 2025, ALEX, the so-called “leading” Bitcoin DeFi platform on Stacks, experienced a spectacular breach. Who did it? Well, the culprit took full advantage of an adorable little problem in ALEX’s self-listing verification process. The result? A delightful heist worth over $8.37 million. The treasure included a stunning array of stolen assets, from 8.4 million STX to a mix of sBTC, USDC, USDT, and WBTC. 🤑

But hold your horses—ALEX isn’t drowning in sorrow. Oh no. They’re doing what any self-respecting DeFi protocol would do: throwing cash at the situation. According to their official statement, the disaster happened due to an on-chain glitch in Stacks—an error that allowed the hacker to bypass all listing rules like a drunken ballerina at a waltz. However, in a move that will surely be studied in protocol rescue courses for years to come, ALEX is covering the losses, promising 100% reimbursement in USDC from their oh-so-generous ALEX Lab Foundation’s coffers. 💸

On June 6, 2025, ALEX Protocol was exploited via a flaw in the self-listing verification logic (an on-chain limitation on Stacks). As a result, the attacker drained several asset pools, with the breakdown of lost assets as follows:

STX: 8,403,867.57 STX → $ 5,691,255.93
sBTC:…

— ALEX 🟧 No. 1 Bitcoin DeFi (@ALEXLabBTC) June 6, 2025

But wait, the plot thickens. To make sure no one gets more or less than their fair share, ALEX is calculating reimbursements based on the average exchange rates between 10:00 and 14:00 UTC on that fateful day. That’s right, it’s all happening in a time window as narrow as a bureaucrat’s heart! Affected users will receive a private on-chain notification by June 8, 2025—just in case they weren’t already busy crying in their crypto wallets—and a link to the claim form. The deadline to complete and confirm the wallet address? June 10, 2025. No pressure, right? 🕒

Once your claim is verified (cross your fingers), expect USDC payouts to roll in within a mere seven business days. Oh, and let’s not forget, ALEX’s team is fully committed to making everyone whole again. How touching. Perhaps they should get a Nobel Prize in ‘Making It Right After Disaster’? No? Just me? 🤷‍♂️

In a world where hacks are as common as bad crypto advice, ALEX’s fast response and reassuring promises might just be the balm the DeFi world needs. Will they rise from the ashes like a blockchain phoenix? Well, with $8.37 million worth of motivation, who’s to say? 🔥

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2025-06-07 09:58