ALEX to Dedicate Foundation Assets for Stolen Asset Recovery and Treasury Support

ALEX to Dedicate Foundation Assets for Stolen Asset Recovery and Treasury Support

On June 25, ALEX, a DeFi protocol based on Stacks (STX), unveiled plans to allocate foundation assets to facilitate the recovery of hacked assets and support treasury subsidy programs. These measures come in response to a bridge exploit that occurred on June 14. The foundation receives 20% of the total ALEX supply, as per the protocol's whitepaper. Of this, 1% has been utilized for foundation operations over the past three years, and 3% was recently liquidated to secure 10 million USDC. The remaining 16% has remained unutilized. ALEX Foundation intends to allocate the 10 million USDC acquired from the liquidation of foundation assets as follows: - 7 million USDC for bounties on stolen assets and treasury subsidy programs - 800,000 USDC for foundation payroll over the next two years - 700,000 USDC for business development and marketing expenses over the next two years - 800,000 USDC for security contracts with external vendors over the next two years - 700,000 USDC for legal and other expenses related to recovering stolen assets ALEX confirmed that approximately 4 million STX (approximately $8 million) of the stolen assets were transferred to 27 exchanges. Of these, approximately 1 million STX (approximately $2 million) is estimated to be irrecoverable. The foundation is working with legal counsel and law enforcement to recover the remaining 3 million STX. Recovery is expected to be a lengthy process, with approximately 10 million STX (approximately $20 million) currently held in on-chain wallets believed to belong to the hacker. ALEX is actively attempting to engage with the hacker to recover the stolen assets.