💥 Bitcoin‑DeFi Platform Alex Protocol Exploited for $8.3M — Users to be Fully Reimbursed!

📅 June 10, 2025

Alex Protocol, a Bitcoin-based DeFi platform on the Stacks blockchain, suffered a major exploit on June 6, resulting in a loss of $8.3 million in assets—including STX tokens, sBTC, USDC, USDT, and WBTC. Fortunately, the protocol has committed to fully reimburse affected users via its treasury using USDC at current exchange rates.

🔍 Key Details:

- What happened: Attacker exploited a vulnerability in self-listing verification logic to drain multiple asset pools.

- Funds stolen include:

8.4 million STX (~ $5.7M)

21.85 sBTC (~ $2.2M)

~150K USDC/USDT + 2.8 WBTC

- Reimbursement plan:
Affected wallets will receive on-chain notifications and must submit a claim by June 10. Repayments—based on average exchange rates—will be processed in USDC.

📈 Why It Matters:

🛡️ Security spotlight: Another reminder that even Bitcoin DeFi protocols are at risk—smart contract audits are critical.

💳 Good-faith recovery: The protocol’s full reimbursement shows a strong commitment to user trust and transparency.turn0search1

📌 Investor alert: Keep an eye on Stacks-based projects—they offer opportunity, but also increased DeFi risks.

💬 What’s Your Take?

Is Alex Protocol’s response a new standard for DeFi exploits?
Do you still trust Bitcoin-based DeFi after incidents like this?

👇 Share your insights and reactions below!

#defi #Stacks #BitcoinDeFi #alexprotocol #CryptoSecurity