Alex Labs launches post-attack recovery plan
Bitcoin Layer 2 (L2) developer Alex Labs has announced a roadmap to restore community trust and resume platform operations following the recent breach.
The Alex Labs Foundation is holding two governance votes, including a pool reopening, and plans to launch native token and automated market maker (AMM) migrations.
Recovery and governance.
The Alex Lab Foundation hosted X Space on May 29, during which the team detailed the recovery process, answered community questions, and discussed governance.
“We are committed to restoring trust and resuming operations with enhanced security measures.”
The team holds two ongoing governance votes. One is the Treasury Grant Program (TGP), which is essential to recovering community assets, and a vote to reopen unaffected pools, including several Stack (STX) pools.
The TGP governance vote aims to help the community decide how best to utilize recovered assets and other resources to their benefit by allowing them to choose between five options. However, options 3 and 4 come with inherent risks due to the synthetic nature of the solutions.
“If the Stack price rises above $3 or Alex Price falls below $0.13, there is a risk of running out of collateral. The ratio of 1.5 does not hold. “This could potentially lead to the de-pegging of synthetic assets.”
While the community strongly wants the platform to reopen “as soon as possible,” the Alex Lab Foundation said the “benefits of reopening the pool should be balanced against the potential risks of doing so.”
Related: Kaamel Technology Leads XLink’s $10 Million Breach Investigation
security efforts
In response to recent hacks, the Foundation has taken steps to strengthen security to prevent future abuse.
These measures include working with Kaamel Technology to “investigate the incident,” incorporating new smart contract-based multi-signature security audits, and working with entities to recover stolen funds.
“Based on the movement of user assets stolen by the attackers, we are working closely with legal counsel, local law enforcement, and central exchanges to locate, freeze, and recover stolen assets.”
continuous communication
The Alex Labs Foundation has informed the community that it will “host a series of AMAs over time.”
“(The community) If you have any more questions, especially regarding what we are doing and what the team is trying to do, please feel free to ask questions on Twitter and Telegram. “The most important thing is discussing governance.”
The governance vote is scheduled to end at 3:30 PM UTC on June 2nd and will determine the future management of located, frozen, and recovered user funds.
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