Alex Protocol's Bold Move: Launches Treasury Grant Program After $8M Exploit

Users to Be Reimbursed in Original Tokens and USDC

Hang onto your hats, crypto fans! Bitcoin-centric DeFi powerhouse Alex Protocol just dropped a bombshell with their new Treasury Grant Program. This isn't just some band-aid solution; they're stepping up big time to make things right after a jaw-dropping exploit that sucked over $8 million out of their users' pockets.

Get this: in a June 8 announcement that sent shockwaves through the community, Alex Protocol revealed their master plan to throw a financial lifeline to the victims. We're talking a mix of original tokens and USDC equivalents, tailored to whatever assets got swiped from you.

Here's the deal: if you got hit, you gotta hustle over to their official grant interface, hook up your battered wallet, eyeball your custom compensation offer, and slap your digital signature on a confirmation message to lock in the terms. No messing around!

Now, let's rewind to the chaos of June 6. Alex Protocol got slammed hard by some slick hacker who zeroed in on multiple liquidity pools. The platform's team confirmed the attacker exploited a sneaky vulnerability in their self-listing verification logic. Boom! They walked away with a haul of about 8.4 million STX, 21.85 sBTC, 149,850 aUSD, and 2.8 aBTC, leaving behind a staggering $8.3 million in damages.

Alex Lab's still playing it close to the vest with no technical post-mortem report yet, but one eagle-eyed community member is pointing fingers at a "Stacks limitation" as the root of the problem. And get this, they initially thought they had the hack figured out but later admitted, "I was wrong with my initial assessment of this hack – I didn't understand fully how ALEX contract was meant to work. But now I can confirm it was Stacks limitation that theoretically can be mitigated, but in practice, I don't think it is feasible."

Hold onto your seats, because the payout details are wild. They're basing the amounts on average onchain prices snapped between 10:00 am and 2:00 pm UTC during the attack. By June 8, notifications and claim instructions were already zooming out to the affected addresses.

The reimbursement structure? It's like a crypto buffet! STX holders, you're getting full USDC compensation at a locked-in rate of 0.68 USDC per STX. sBTC losers, you're scoring 100% reimbursement in aBTC. And if you're an aBTC holder, buckle up for 75% of your losses in aBTC, with the remaining 25% in USDC at a rate of 102,734 USDC per aBTC. As for aUSD losses, 91% is coming back in aUSD, with the last 9% in USDC at parity.

Mark your calendars, folks! Support payments are set to hit eligible Ethereum addresses by June 17. But don't sleep on it – you've gotta accept those grants before a deadline they'll blast out through official channels.

And if you thought this was Alex Protocol's first rodeo, think again. Last year, they got hit with a $4.3 million breach tied to their cross-chain bridge setup. Word on the street was that the notorious North Korean hacker group Lazarus might've been behind it. Talk about a wild ride!

In a twist that had everyone talking, ALEX Lab initially dangled a 10% bounty for the return of 90% of the stolen assets. But then, poof! They yanked the offer without a word. You can't make this stuff up!