ALEX Recovers Assets and Helps Victims of Hacking Incidents

Bittime - ALEX, a Bitcoin DeFi platform, moved quickly to address the impact of an exploit incident that occurred some time ago. ALEX announced an asset recovery plan, user ownership verification, and assistance programs for affected communities

ALEX Provides LP Ownership Verification

ALEX plans to release a new page that allows affected users to verify ownership of Liquidity Provider (LP) positions. This step is very important for preparing the distribution of compensation funds and assets recovered from exploiters. An announcement regarding the verification page will be announced soon.

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Asset Recovery Efforts by ALEX

ALEX continues to make asset recovery efforts. Most of the missing tokens were recovered, except for 13.8 million STX which is currently in frozen accounts at several Centralized Exchanges (CEX) and the exploiter's on-chain wallets.

ALEX maintains intensive communication with CEX to block and freeze accounts and assets belonging to exploiters. Based on monitoring by the ALEX team, the movement of stolen assets from on-chain wallets to CEX shows a significant slowdown. ALEX will continue to update the information on the spreadsheet.

Collaboration with Many Parties  

Additionally, ALEX collaborates with other DeFi projects in the Stacks ecosystem, such as Arkadiko Finance, Bitflow Finance, StackingDao, Stackswap, VelarBTC, and Zest Protocol to block transactions carried out by exploiters. 

This form of cooperation includes blocking STX swaps to other project tokens, asset bridging, and sales on CEX. These efforts succeeded in preventing exploiters from moving further user assets. ALEX expressed its thanks to all projects that have collaborated.

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Legal Steps and Future Plans

ALEX has filed a police report in Singapore and submitted it to 24 CEX who require the report for follow-up law enforcement purposes. Additionally, ALEX is in the process of filing a police report in Panama.

To minimize asset movement by exploiters and help affected users, ALEX focuses on the following.

• Community Assistance Program: ALEX will develop programs to assist communities that are victims of exploitation.
• Partnership with Security Experts: Currently, ALEX is working with Ancilla Inc, a cybersecurity company known for its continuous monitoring services, as well as rapid breach detection and response. ALEX is also in the process of establishing partnerships with security companies specifically for the Stacks ecosystem.
• Phased Reopening of AMM: ALEX will reopen AMM in phases after ensuring all safety measures have been implemented.

ALEX appreciates users' patience and support during this challenging situation. ALEX prioritizes recovering stolen assets, providing assistance to affected users, and ensuring the security and integrity of the ALEX protocol. ALEX will also continue to provide the latest information regarding further developments.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.