Summary
- Pro-XRP lawyer John Deaton argues that Bitcoin at $106K is less risky than it was at $25K.
- He attributes this to shifts in the macroeconomic landscape, strong institutional adoption, and clearer crypto regulations.
- Deaton has 82% of his net worth in Bitcoin, most of it bought below $25K.
- He believes Bitcoin’s fundamentals and hedge status have matured significantly.
- Regulation like the GENIUS Act and Trump’s proposed “Big Beautiful Bill” are improving trust.
- More companies and governments are adding Bitcoin to their portfolios.
The DeFi Exploit of 8.3M: What has Alex Protocol done?
On June 6, Alex Protocol, was hit by a hacker, resulting in a loss of more than 8.3 million dollars.
Examples of affected assets are 8.4M STX, 21.85 sBTC, 149850 aUSD and 2.8 aBTC.
Treasury Grant Program: Reimbursement Initiative of Alex Protocol
Treasury Grant Program to recompense the affected users was announced.
With the grant interface, users can connect a wallet, see the offers, and accept their terms.
The STX will be reimbursement at a single USDC at the fixed exchange rate of 0.68 USDC/STX.
The losses on sBTC and aBTC will be reimbursement at 100% and 75%, respectively, in aBTC, leaving the rest in USDC.
The aUSD holders will receive 91 percent aUSD and 9 percent USDC.
By June 17, all payments will be sent to the qualified addresses on Ethereum.
The $8.3M DeFi Exploit: What happened to Alex protocol?
June 6, Alex Protocol, a DeFi platform constructed on the BTC Network, became a victim of a major security vulnerability.
A vulnerability in the logic used to verify the registration of the platform was exploited by hackers who were able to get into several liquidity pools unethically.
As a result of this breach, there was theft of:
- 8.4 million STX
- 21.85 sBTC
- 149,850 aUSD
- 2.8 aBTC
Even though a technical breakdown of the exploit is yet to be announced, one of the members of the community surmised that a restriction in the Stacks network may have served as a root cause.
Treasury Grant Program: Reimbursement Initiative of Alex Protocol
Alex Protocol has also reacted by announcing a Treasury Grant Program on June 8 to reimburse wallet owners of finances lost.
This is a decisive action that is necessary in restoring community confidence following the exploit.
Users can:
- Hook up affected wallets with the official interface of grants.
- Review compensation packages that are individualized.
- Some terms and conditions can be accepted by signing an authentication message.
The team pointed out that the payout amounts are according to average on-chain prices between the time 10.00 am to 2.00 pm UTC time of the day of the hack.
Reimbursement Structure: Who Gets What?
STX Token holders
- 100% reimbursement
- In USDC
- Fixed rate: 0.68USDC per STX
sBTC & aBTC owners
- sBTC: 100 percent reimbursed by aBTC
- aBTC: 75 percent compensated via aBTC, rest 25 percent in USDC
- Conversion rate: 102,734 USDC of aBTC
aUSD Holders
- 91 percent of it went back in aUSD
- 9% of this amount came back in USDC
- Re-priced on 1:1 parity
🗓 Deadline: All eligible payments will be distributed by June 17 to linked Ethereum wallets.
Inclusion of Surrounding Middle & Transparency
At least so far no detailed post-mortem report on the exploit has been published by Alex Lab.
A lot of people in the crypto community have however welcomed transparency in communication regarding the Treasury Grant Program.
The local residents are keenly waiting to find out more details about the technical cause.