30 May

Alex Labs, a developer in the Bitcoin layer-2 space, has outlined plans to regain community trust and restart its operations following a recent breach.

The Alex Labs Foundation is currently engaged in two governance votes concerning the reopening of pools and the migration of its native token and automated market maker (AMM).

During a recent X Space event on May 29, the team shared details of their recovery efforts, fielded community questions, and delved into governance matters.

"We are dedicated to rebuilding trust and resuming operations with bolstered security measures."

The ongoing governance votes include the Treasury Grant Program (TGP), crucial for recovering community assets, and the decision to reopen unaffected pools, such as multiple Stacks (STX) pools.

The TGP vote seeks to determine the best use of recovered assets and resources, with the community selecting from five options. However, options three and four carry inherent risks due to their synthetic nature.

"We must balance the desire to reopen the platform promptly with the potential risks involved."

To prevent future exploits, the Foundation has implemented enhanced security measures, including a partnership with Kaamel Technology for investigation, a new smart-contract-based multisig security audit, and collaboration with legal entities to recover stolen funds.

"We're actively working with legal counsel and law enforcement agencies to locate, freeze, and recover stolen assets."

The Foundation plans to host a series of AMAs to address ongoing concerns and encourage community participation in governance discussions.

The governance votes are scheduled to conclude on June 2 at 3:30 pm UTC and will determine the management of located, frozen, and recovered user funds.

May 2024, Cryptoniteuae

* The email will not be published on the website.