Alex Protocol Loses $8.3M in Exploit on Stacks Blockchain
- Bitcoin DeFi platform Alex Protocol experienced an exploit 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.
- The attackers stole approximately 8.4 million Stacks (STX) tokens, 21.85 Stacks Bitcoin (sBTC), 149,850 USDC and USDt, and 2.8 Wrapped Bitcoin (WBTC).
- This incident is one of the largest exploits within the Stacks ecosystem.
- Alex Lab Foundation plans to reimburse affected users with USDC tokens based on average exchange rates during the attack period.
Alex Protocol suffered a significant exploit resulting in $8.3 million losses due to a vulnerability, marking one of the largest incidents in the Stacks ecosystem. The organization has committed to compensating affected users using its treasury reserves.
STX Drops 16% After Alex Protocol Exploit – $0.643 Support in Focus
– ? SELL Signal (3/10) | High Risk Trade
– ? Entry: $0.66-0.67 | Targets: $0.62, $0.59 | Stop: $0.70
– ⏰ Act quickly; price volatile
– ? Key: Short-term bearish continuation play after exploit-driven selloff.
The Alex Protocol exploit, resulting in an $8.3M loss, triggered a 16% STX crash from $0.747 to $0.668. The vulnerability allowed attackers to drain liquidity, shaking investor confidence. While RSI sits at 35.6 (oversold), it’s not extreme, hinting at further downside potential. The bearish MACD and price below the EMA20 ($0.686) and EMA50 ($0.732) reinforce the downtrend.
Technical Analysis: $STX
SELL (Score: 3/10)
HIGH
Trading Action
Enter short at $0.66-$0.67. Target 1 is $0.62 (-6.5%), followed by $0.59 (-11.9%). A tight stop-loss at $0.70 (-4.5%) mitigates risk. The exploit creates strong bearish momentum; however, an RSI bounce or broader market recovery could invalidate the short thesis. Monitor price action closely for a break above $0.70.
Bottom Line
Short-term traders can capitalize on the bearish momentum; set tight stop losses. Long-term holders should consider waiting for price stabilization and confirmation of a bottom before adding to positions. Watch the $0.643 support level for potential breakdown or bounce.
Not financial advice. DYOR.
