Oh là là! ALEX Protocol’s $8.3 Million Misadventure: A Comedy of Errors!

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Ah, mes amis! Gather ’round as we regale you with the tale of the Bitcoin DeFi platform, ALEX Protocol, which has recently found itself in quite the pickle, losing a staggering $8.3 million in user funds! 🎭 This marks the second time this Stacks-based project has been the target of mischief, following a previous escapade by the infamous North Korean Lazarus hackers. Quelle surprise! 😱

ALEX Protocol: A Comedy of Self-Listing Verification Follies

In a post on the fateful day of June 6, the valiant developers of ALEX Protocol announced that their beloved DeFi project had been exploited due to a rather embarrassing flaw in its self-listing verification logic. This security mechanism, designed to keep the rascals at bay, failed spectacularly, allowing nefarious characters to introduce malicious, unauthorized, or downright fake assets into the ALEX protocol. Oh, the irony! 🤦‍♂️

By cunningly slipping past the self-verification logic, these digital bandits drained several asset pools, making off with a treasure trove of 8,403,867.57 Stacks (STX), valued at $5,691,255.93, 21.85 sBTC ($2,244,751.87), 149,850 USDC/USDT ($149,850), and 2.80 WBTC ($287,369.33), culminating in a grand total of $8,373,227.13! Mon dieu! 💰

ALEX Protocol: The Generous Compensation Plan

In the wake of this cyber calamity, the developers of ALEX Protocol have gallantly pledged to cover all user losses using the ALEX Lab Foundation Treasury. All compensation shall be paid in USDC, based on the average on-chain exchange value of the stolen assets during the exploit, between 10:00 UTC and 14:00 UTC on June 6, 2025. How noble! 🏰

By the stroke of midnight on June 8, all affected wallets should have received a private on-chain notification along with a claim form. Claimants are expected to fill out this form, including a receiving wallet address, and submit it before the deadline on June 10 at 23:59 UTC. Tick-tock! ⏰

The management team of ALEX Protocol assures that all affected wallets can expect full compensation within seven days after the submitted form is verified. And for those poor souls with questions or who have not received their notification email by the specified deadline, fear not! They are encouraged to reach out via the email provided in the announcement. 📧

Let us not forget, dear readers, that the ALEX Protocol is built upon the sturdy Bitcoin network using the Stacks blockchain. It is a popular DeFi platform offering a delightful array of services, including lending, borrowing, and trading. Additionally, ALEX supports cross-chain bridges, allowing users to transfer assets seamlessly from other networks such as Ethereum and BNB Smart Chain. Quelle merveille! 🌉

As previously mentioned, this DeFi project had suffered a prior exploit in May 2024 when the dastardly Lazarus group withdrew $4.5 million through the platform’s bridge on the BNB Smart Chain Network. Ah, the drama! 🎭

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2025-06-08 18:43