ALEX LAB

DESCRIPTION OF EVENTS

"Governing DeFi on Bitcoin. The ALEX Lab Foundation ("the Foundation") is a non-profit organization supporting the governance and growth of the ALEX DeFi protocol."

"ALEX (Automated Liquidity Exchange) is the first complete DeFi platform built for Bitcoin through Stacks smart contracts. Bring your Bitcoin to life: launch new projects, earn interest, swap tokens, rewrite finance, reinvent culture."

"Use the ALEX Decentralized Exchange (DEX) for trustless swaps. Everything done on the app is routed directly through your wallet so you always have custody of your tokens."

"You can become a liquidity provider by submitting two tokens to the liquidity pool to begin earning a share of the trading fees."

"ALEX staking involves “locking up” your $ALEX token on the platform for an amount of time (”rewards cycles”) in exchange for earning protocol rewards."

"By farming (staking/locking up) LP tokens, in addition to receiving liquidity pool transactions fees, you also earn $ALEX and APower rewards."

"Through lend/borrow ALEX is establishing a fundamental building block of Bitcoin finance: fixed-yield and fixed-term financial instruments. Unlike most lend/borrow on all the other DeFi protocols, however, ALEX uses dynamic Collateral Rebalancing Pools (CRPs) to avert the risk of forced liquidation."

"We want to update our community about a recent exploit involving ALEX liquidity pools where certain assets in certain ALEX liquidity pools are taken by the exploiter(s). We are actively collaborating with exchanges, partners, and ecosystem contributors to address the situation.

Part of the Misappropriated ALEX Assets have been moved by Exploiter to major exchanges, and such assets are presently frozen by these exchanges following our notification of the ALEX Exploit, thus preventing withdrawal by Exploiter.

ALEX Lab Foundation is offering Exploiter a bounty equivalent to 10% of Misappropriated ALEX Assets for the return of all Misappropriated ALEX Assets to the wallet address(s) from which Exploiter had taken the same. Subject to Exploiter’s return of the Misappropriated ALEX Assets, ALEX Lab Foundation will discontinue ongoing efforts and outreach to law enforcement for recovery of Misappropriated ALEX Assets.

The above bounty offer stands until 18 May at 0800 UTC for Exploiter’s acceptance. Exploiter should contact security@alexgo.io to discuss mechanics for bounty settlement and Misappropriated ALEX Users Assets recovery."

"We have launched a new page for all affected users to verify their LP (Liquidity Provider) positions. This is a crucial step as we prepare for the treasury grant and the distribution of recovered assets taken by the exploiter."

Alex Lab is an organization creating a protocol for swapping, liquidity, lending, and farming. Unfortunately, it appears that the team did not properly secure the private key for their contracts. Assets were withdrawn, mostly to centralized exchanges. A significant portion of the assets were recovered and plans are being made to distribute them to affected users.

Rekt - AlexLab - Rekt (May 21)
@RektHQ Twitter (May 21)
BNB Smart Chain Transaction Hash (Txhash) Details | BscScan  (May 21)
BNB Smart Chain Transaction Hash (Txhash) Details | BscScan  (May 21)
@ALEXLabBTC Twitter (May 21)
@XLinkbtc Twitter (May 21)
@CertiKAlert Twitter (May 21)

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