ALEX Lab team commits to fully compensating users, despite this being the second attack within the past year.
ALEX Lab hacked for 8.3 million USD due to smart contract error
On the evening of 06/06/2025, the DeFi project on Bitcoin, ALEX Lab, revealed that it had become the target of a crypto attack, causing asset pools to be drained by hackers.
On June 6, 2025, ALEX Protocol was exploited via a flaw in the self-listing verification logic (an on-chain limitation on Stacks). As a result, the attacker drained several asset pools, with the breakdown of lost assets as follows:
— ALEX 🟧 No. 1 Bitcoin DeFi (@ALEXLabBTC) June 6, 2025
STX: 8,403,867.57 STX → $ 5,691,255.93
sBTC:…
The damage from the hack is over 8.3 million USD, stemming from a verification logic error in the smart contract on Stacks, the platform ALEX was built on.
ALEX Lab commits to 100% compensation for users, requiring those affected to complete an asset declaration form and provide their wallet address to the project.
Immediately after the attack, the ALEX token price dropped by 45% in just a few minutes.
ALEX token price movement in the past 7 days, screenshot from CoinGecko at 10:35 AM on 08/06/2025
This is the second time the ALEX protocol has been hacked within the past year. In May 2024, the DeFi project was attacked by phishing and exposed its private key, allowing bad actors to steal 4.3 million USD. ALEX accused North Korean hackers of being behind the incident and sought help from exchanges to freeze part of the funds and use the treasury to compensate affected users.
However, according to the latest update, only 8 out of 15 CEX have refunded money to ALEX, with the complete recovery timeline set for the second quarter of this year.
Compiled by Coin68
