Stacks [STX] down 31% after Alex Protocol exploit – Details
- Alex Protocol’s exploit led to a lack of $8.3M, affecting Stacks ecosystem’s confidence
- Alex Lab has promised full USDC reimbursement to affected customers
Stacks [STX] noticed its value drop sharply on the charts, falling to $0.6532 after shedding 1.37% in 24 hours, 9.64% in every week, and 31.12% over the previous month.
What led to STX falling off the bullish charts?
Whereas market-wide weak point performed a job, the true blow got here from a serious exploit on 06 June that hit the Alex Protocol – A core DeFi undertaking on the Stacks blockchain.
In an announcement posted on X, Alex Protocol’s group revealed that the breach stemmed from a flaw in its self-listing verification logic.
The attacker exploited the identical to siphon liquidity from a number of asset swimming pools, casting a shadow over the community’s safety outlook.
The most recent exploit on the Alex Protocol stands out as some of the important safety breaches inside the Stacks ecosystem.
The truth is, in response to official disclosures, the attackers managed to empty roughly 8.4 million STX tokens, 21.85 sBTC, 149,850 in mixed USDC and USDT, and a pair of.8 Wrapped Bitcoin, in a serious blow to the platform’s liquidity.
Alex Protocol’s plan of motion
In a bid to revive consumer confidence and mitigate the fallout, the Alex Lab Basis, which backs the protocol, has dedicated to completely reimbursing affected customers by drawing from its treasury reserves.
Remarking on the identical, the submit noted,
“Utilizing the ALEX Lab Basis treasury, we are going to cowl 100 % of every affected consumer’s loss, paid in USDC. To calculate every reimbursement, we are going to use the typical of on-chain change charges taken between 10:00 UTC and 14:00 UTC on June 6, 2025.”
Following the current exploit, Alex Lab outlined an in depth reimbursement plan and dedicated to compensating affected customers in USDC.
Compensation shall be primarily based on common change charges between 10:00–14:00 UTC on 6 June.
Customers will obtain an on-chain notification and a declare kind by 8 June. Submissions will shut on 10 June.
As soon as verified, reimbursements shall be accomplished inside seven days. Anybody with out a kind can e mail the group.
Not the primary time!
This isn’t Alex Protocol’s first exploit although. In Might 2024, the undertaking misplaced $4.3 million after a cross-chain bridge assault – Linked to North Korea’s Lazarus Group.
The group collaborated with on-chain analyst ZachXBT to hint stolen funds throughout three wallets, although full restoration stays unclear nonetheless.
Regardless of recurring safety issues, broader confidence within the Stacks ecosystem hasn’t vanished.
The truth is, AMBCrypto analysts predict that STX may get better and hit $0.89 in 2025, reflecting sustained investor confidence within the undertaking’s long-term potential.
