- ALEX Lab’s bounty program underscores a proactive approach to recovering stolen assets, fostering collaboration in the DeFi community.
- The swift response from major exchanges to freeze the hacker’s assets highlights collective efforts to mitigate further misuse.
- Past crypto breaches, like Ronin’s and Harmony’s, serve as cautionary tales, emphasizing the urgent need for robust security measures.
The ALEX Lab Foundation, grappling with a recent security breach that drained over $4.3 million from its Bitcoin DeFi application, has embarked on an unconventional route to recover the stolen funds. In a bold move, the ALEX team has proposed a unique bounty program, offering a 10% reward on the total stolen funds in exchange for the return of 90% of the assets.
This initiative comes on the heels of a suspected private key compromise that targeted ALEX’s XLink bridge service, facilitating the unauthorized transfer of a substantial sum across various tokens.
Security analysts at CertiK have shed light on the modus operandi of the attackers, pointing to a probable exploitation of a compromised private key associated with ALEX’s XLink bridge. This breach enabled the h…
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