Restore

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 The Alex Labs Foundation, the developer of the Bitcoin Layer 2 platform ALEX, has <a style="color: #0000ff;" href="https://x.com/ALEXLabBTC/status/1795810028470808825" rel="noopener noreferrer nofollow">announced</a> its plans to regain community trust and restart its platform following the recent security breach.
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During a<a style="color: #0000ff;" href="https://twitter.com/ALEXLabBTC/status/1795816440634716286?t=sLHfpLmGTSeILU0LH35osg&amp;s=19" rel="noopener noreferrer nofollow"> May 29 X Space session</a>, the team outlined the recovery steps, which include initiating two governance votes focused on reopening pools and migrating its native token and automated market maker (AMM).
The two governance votes include the Treasury Grant Program (TGP), aimed at recovering community assets, and a vote to reopen unaffected pools, including several Stacks (STX) pools.
The TGP vote will determine how best to use the recovered assets and other resources, offering five options for the community to choose from. However, options three and four carry risks due to their synthetic nature.
While the community is eager for a swift reopening of the platform, the Foundation emphasized the need to balance the benefits of reopening the pools against the potential risks.
While talking about the <a style="color: #0000ff;" href="https://x.com/ALEXLabBTC/status/1791020176332230988" rel="noopener noreferrer nofollow">recent breach</a>, they noted that they have enhanced security measures, including <a style="color: #0000ff;" href="https://twitter.com/ALEXLabBTC/status/1793463819819217076?t=lcscF-T5ClXgoq6_ytaxnQ&amp;s=19" rel="noopener noreferrer nofollow">partnering</a> with Kaamel Technology to investigate the incident, conducting a new smart-contract-based multisig security audit, and working with legal entities to recover the remaining stolen funds.
The Foundation also discussed plans to hold a series of AMAs to keep the community informed.&nbsp;
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<blockquote class="pullquote align-center">
 “If you have any questions about our actions or the team’s efforts, please ask them on our Twitter or Telegram, and participate in the governance discussions,” 
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they urged.
The governance votes will <a style="color: #0000ff;" href="https://ballot.gg/802f613d-d5a2-4595-bf9d-7ff787760e9c/158m7gsJNJkMrisfUeHb5xdu1heiUxf9ue" rel="noopener noreferrer nofollow">conclude</a> on June 2 at 3:30 PM UTC, deciding the future management of the located, frozen, and recovered funds.
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The post <a href="https://defi-planet.com/2024/05/alex-labs-unveils-roadmap-to-restore-trust-and-resume-operations-post-breach/" rel="noopener noreferrer nofollow">Alex Labs Unveils Roadmap to Restore Trust and Resume Operations Post-Breach</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Alex Labs Unveils Roadmap to Restore Trust and Resume Operations Post-Breach

DeFi Planet

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