Bittime – ALEX addresses new hack exploits by moving quickly and keeping the community informed about recovery efforts. Yesterday, ALEX became aware of an attack that leveraged private keys that had been compromised via a phishing scheme.
The hacker successfully took assets from the ALEX protocol, so the ALEX team immediately took action to respond.
Quick and Transparent Response from ALEX
The community and other users rated ALEX as responding to new hacking exploits quickly and transparently. The attack targeted one of the vaults associated with the ALEX liquidity pool, impacting all assets within it. Approximately 13.7 million STX tokens were reported missing, with approximately 3 million STX sent to various centralized exchanges (CEX).
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ALEX's Various Steps to Minimize Losses
The ALEX team is actively monitoring the hack's wallet and has notified all relevant CEXs. All CEX accounts belonging to the identified hacking perpetrators have been frozen.
The deposit and withdrawal functions on the exchange have also been temporarily suspended. ALEX has implemented several alarms to monitor suspicious addresses that may be created by hackers, to assist in tracking stolen funds.
Asset Recovery Efforts
Efforts to recover the stolen funds are ongoing. Some assets have been identified and are in the process of being recovered from one CEX. ALEX works with other exchanges to facilitate additional refunds.
A portion of the stolen funds has been identified and is in the process of being recovered from one CEX. ALEX is actively working through the necessary processes with other CEXs to facilitate additional refunds.
ALEX is also preparing a police report to request law enforcement assistance if the hacking perpetrator does not cooperate.
Because there is no guarantee that all stolen funds will be recovered, ALEX is evaluating the use of $ALEX reserves held by the ALEX Lab Foundation to fund a cash grant program to support the ALEX community impacted by this attack during this difficult time.
Additionally, ALEX is also considering the possibility of submitting a proposal (SIP) to the @Stacks community for the burning of STX in wallets holding unaccounted-for ALEX community stolen funds and a new minting of STX for the affected ones.
ALEX's quick and transparent response to this hack demonstrates its commitment to protecting user assets and maintaining trust in the community. This incident is a reminder of the importance of cyber security and good private key management in the cryptocurrency world.
ALEX Security Update
Through its official account on the X platform, ALEX provided an official statement regarding its security update.
“Yesterday, we became aware of an exploit that used private keys that had been compromised via a phishing attack. The exploiter managed to take some assets from the ALEX protocol. Our current priority is supporting the community and we will share more detailed figures as the funding blockage progresses.”
Here are some important points from ALEX's statement.
1. Affected Assets
The exploiter conducted a targeted attack, assuming control as admin of one of the vaults associated with an ALEX liquidity pool and impacting all assets in that vault.
The impact included about 13.7 million STX, of which about 3 million were sent to various centralized exchanges (CEXs) in increasing amounts and the rest resided in various wallets.
2. Resecured Assets
So far, ALEX has successfully re-secured all aBTC, sUSDT, xBTC, xUSD, ALEX, atALEX, LiSTX, LUNR, SKO, CHAX, $B20, ORDG, ORMM, ORNJ, TRIO, TX20, and STXS.
3. ALEX Infrastructure Security
ALEX's smart contract code and underlying infrastructure are unaffected and remain secure.
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Monitoring and Action from ALEX
The exploiter's wallet is being closely monitored and all relevant centralized exchanges (CEXs) have been notified. All CEX accounts known to be associated with the exploiter have been frozen.
The exchanges have also been asked to suspend all deposit and withdrawal functions until further notice.
To support efforts to track stolen funds, ALEX has set up several alarms to monitor all suspicious addresses suspected of being created by exploiters for the movement of funds.
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Legal Steps Taken by ALEX
As a further effort to recover the stolen funds, ALEX is preparing to file a police report to obtain their support in ALEX's recovery efforts if the exploiter does not cooperate with ALEX within a reasonable time.
To monitor further exploiter movements and block additional funds transfers, ALEX will share up-to-date forensic data with all relevant CEXs. You can see the details in this Forensic Data Sheet https://www.howelawfirm.com/e-discovery-and-forensics/computer-evidence/google-docs-sheets/. ALEX will continue to update this sheet with new information based on the perpetrator's movements.
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