On June 6, 2025, the ALEX platform, a leading Bitcoin DeFi platform on Stacks, was hacked due to issues in its self-listing verification process. An attacker managed to steal assets worth over $8.37 million.
Circumstances of the Hack
The hack was enabled by an on-chain limitation in the self-listing verification process on Stacks, which allowed the attacker to bypass listing rules. As a result, over 8.4 million STX, 21.85 sBTC, and several types of stablecoins such as USDC, USDT, and WBTC were stolen.
Reimbursement Process
ALEX announced that all affected users would receive 100% reimbursement in USDC from the ALEX Lab Foundation’s funds. The reimbursement will be calculated based on the average exchange rates between 10:00 and 14:00 UTC on June 6, around the time of the hack. Affected users will receive a private on-chain notification by June 8, 2025, with a link to the claim form. The deadline to confirm the wallet address is June 10, 2025.
ALEX Team's Response
The ALEX team emphasized that their priority is to quickly and fully reimburse all users. The fast and open way ALEX handled this issue demonstrates how much they care about their customers, which may help the DeFi project recover from the incident. As hacks are becoming more common in the crypto industry, ALEX's promise to fully reimburse users is very reassuring.
The ALEX hack highlights the importance of reliability and security in the crypto industry. The promise to reimburse affected users may help restore trust in the project.
