Summary – Key Takeaways
- Alex Protocol was hacked on June 6, leading to a loss of over $8.3 million.
- Affected assets include 8.4M STX, 21.85 sBTC, 149,850 aUSD, and 2.8 aBTC.
- Treasury Grant Program launched to compensate affected users.
- Users can connect wallets, review offers, and accept terms via the grant interface.
- STX will be reimbursed 100% in USDC at a fixed rate of 0.68 USDC/STX.
- sBTC and aBTC losses will be compensated 100% and 75% in aBTC, with remaining in USDC.
- aUSD holders will get 91% aUSD and 9% USDC.
- All payments will be processed by June 17 to eligible Ethereum addresses.
The $8.3M DeFi Exploit: What Happened to Alex Protocol?
On June 6, Alex Protocol—a DeFi platform built on the BTC Network—fell victim to a critical security exploit. Hackers manipulated a flaw in the platform’s registration verification logic, gaining unauthorized access to multiple liquidity pools. This breach led to the theft of:
- 8.4 million STX
- 21.85 sBTC
- 149,850 aUSD
- 2.8 aBTC
Although a technical breakdown of the exploit is still awaited, one community member speculated that the root cause could lie in a Stacks network limitation.
Treasury Grant Program: Alex Protocol’s Reimbursement Initiative
In response, Alex Protocol introduced a Treasury Grant Program on June 8 to financially compensate affected users. This proactive step marks an essential move in rebuilding community trust after the exploit.
Users can:
- Connect their affected wallets to the official grant interface.
- Review personalized compensation offers.
- Sign an authentication message to accept terms and conditions.
The team emphasized that payout values are based on average on-chain prices observed between 10:00 am to 2:00 pm UTC on the day of the hack.
Reimbursement Structure: Who Gets What?
Here’s a clear breakdown of the reimbursement policy:
✅ STX Token Holders
- 100% reimbursement
- Paid in USDC
- Fixed rate: 0.68 USDC per STX
✅ sBTC & aBTC Holders
- sBTC: 100% reimbursed in aBTC
- aBTC: 75% reimbursed in aBTC, remaining 25% in USDC
- Conversion rate: 102,734 USDC per aBTC
✅ aUSD Holders
- 91% returned in aUSD
- 9% returned in USDC
- Reimbursed at 1:1 parity
🗓 Deadline: All eligible payments will be distributed by June 17 to linked Ethereum wallets.
Community Reaction & Transparency
As of now, Alex Lab has not published a detailed post-mortem report on the exploit. However, transparency in communication around the Treasury Grant Program has been appreciated by many in the crypto space. Community members are eagerly awaiting more insights into the technical root cause.