DeFi

Security

<h4><strong>The proposal garnered overwhelming support through a conclusive voting process.</strong></h4> 
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      <p>This governance initiative arose following a severe security incident. Let’s discover more about this important news for the ALEX exchange.</p> 
      <h5><strong>Governance Response to Security Breach at ALEX Protocol</strong></h5> 
      <p>The protocol fell victim to <a href="https://www.altcoinbuzz.io/cryptocurrency-news/alex-exchange-addresses-recent-exploit/" target="_blank" rel="noopener">an attack</a> involving compromised private keys obtained through a phishing scheme. The exploit resulted in the unauthorized draining of assets from ALEX, necessitating swift and decisive response measures.</p> 
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<p>The attack specifically targeted a vault associated with ALEX’s liquidity pool, impacting all assets housed within it. Notably, approximately 13.7 million <a href="https://www.coingecko.com/en/coins/stacks" target="_blank" rel="noopener">STX tokens</a> were compromised. With approximately 3 million STX subsequently transferred to various centralized exchanges (CEXs).</p> 
<p><img decoding="async" class="wp-image-145448 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxvbbfsfdefre-278x300.jpg" alt="" width="465" height="502" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxvbbfsfdefre-278x300.jpg 278w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxvbbfsfdefre-389x420.jpg 389w, https://www.altcoinbuzz.io/wp-content/uploads/2024/07/vcxvbbfsfdefre.jpg 391w" sizes="(max-width: 465px) 100vw, 465px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/ALEXLabBTC/status/1810878703263527305" target="_blank" rel="noopener">X</a></strong></h6> 
<p>The approval of the governance proposal underscores the community’s commitment to mitigating the impact of such incidents and supporting affected stakeholders. By utilizing 100% of protocol revenue for additional grants to Recovery Certificate holders, ALEX aims to expedite the recovery process and restore confidence in its ecosystem.</p> 
<p>Moving forward, ALEX will continue to enhance its security protocols to prevent future breaches and safeguard user funds. The governance decision reflects a proactive approach to addressing challenges within the DeFi space, emphasizing transparency, accountability, and community resilience.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/alex-governance-100-protocol-revenue-for-recovery-grants/">ALEX Governance: 100% Protocol Revenue for Recovery Grants</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

ALEX Governance: 100% Protocol Revenue for Recovery Grants

Altcoin Buzz

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