On June 6, 2025, ALEX, the leading Bitcoin DeFi platform on Stacks, was exploited because of a bug in its self-listing verification process. They managed to steal assets worth more than $8.37 million, including 8.4 million STX, 21.85 sBTC, 2.8 WBTC, and several types of stablecoins like USDC/USDT.
According to the official announcement from ALEXLabBTC, the issue stemmed from an on-chain limitation on Stacks, which allowed the exploit to bypass listing rules. Even though there was a breach, ALEX is covering the losses and will pay back all affected users 100% in USDC from the ALEX Lab Foundation’s funds.
To calculate reimbursements fairly, ALEX will use the average exchange rates between 10:00 and 14:00 UTC on June 6, right around when the hack occurred. Affected users will receive a private on-chain notification by June 8, 2025, with a link to the claim form. The deadline to complete and confirm the wallet address is June 10, 2025.
Once verified, USDC payouts will be distributed within seven business days. The team emphasized that its priority is to make every user whole as quickly as possible.
The fast and open way ALEX handled this problem shows how much it cares about its users, which may help the DeFi project recover from the incident. Since hacks are becoming more common in the crypto industry, ALEX’s promise to fully reimburse users is very reassuring.
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