Bitcoin DeFi Hit by $8.3M Exploit

Alex Protocol Loses $8.3M in Exploit on Stacks Blockchain

• • Alex Protocol, a Bitcoin decentralized finance (DeFi) platform, was exploited on June 6, losing $8.3 million in digital assets.

• • The breach was due to a vulnerability in the self-listing verification logic, allowing attackers to drain liquidity from asset pools.

• • The attackers siphoned approximately 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 USDC and USDt tokens, and 2.8 Wrapped Bitcoin (WBTC).

• • Alex Lab Foundation pledged to fully reimburse affected users using its treasury reserves with compensation issued in USDC tokens.

• • This incident follows a previous exploit in May 2024 involving the protocol’s crosschain bridge infrastructure that resulted in a $4.3 million loss.

Alex Protocol experienced a significant security breach resulting in an $8.3 million loss due to a vulnerability in its self-listing verification logic. The Alex Lab Foundation has committed to reimbursing affected users with USDC tokens from its reserves.