ALEX Compensating Hack Victims with All Revenue Since June 5th

IconCryptoNewsTerminal Staff19 Aug, 2024

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ALEX Compensating Hack Victims with All Revenue Since June 5th

ALEX, a DeFi protocol built on Stacks, announced via Twitter that it has been "using all revenue since June 5th, 2023 to compensate victims of the hack." In May, ALEX reported losing a significant amount of STX in an exploit. While the exact amount was not disclosed in the tweet, a previous report indicated a loss of 13.7 million STX. ALEX's decision to allocate all revenue towards compensating victims demonstrates the team's commitment to restoring funds and rebuilding trust within the community. The ongoing efforts to address the aftermath of the hack underscore ALEX's dedication to transparency and accountability. As the investigation into the hack continues, ALEX remains focused on strengthening its security measures to prevent similar incidents in the future. The protocol's commitment to user safety and asset protection is a testament to its long-term commitment to the Stacks ecosystem.

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