Alex Labs develops a post-exploit recovery plan.
Alex Labs, the developer of Bitcoin Layer-2 (L2), has announced a roadmap to restore community trust and restart operations on the platform following a recent breach.
Alex Labs has two ongoing management pitches, including the reopening of foundation pools and the migration of its native token and Automated Market Maker (AMM).
Recovery and management.
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 determined to restore integrity and resume operations with enhanced security measures.”
The group has two ongoing management votes: the Treasury Grant Program (TGP), which is a vote to recover community assets and reopen untouched pools, including the Multiple Stacks (STX) pools.
The TGP management vote will allow the community to choose from five options to determine the best use of reclaimed property and other resources. However, options three and four come with natural hazards because of the synthetic nature of the solutions.
“The risk is that if the stack price goes up, say $3, or if the Alex price drops below $0.13, there could be a shortfall on the bond. That ratio of 1.5 will not hold. This may lead to the destruction of the synthetic material.
While the community is keen to see the platform reopened “as soon as possible”, Alex's Lab Foundation said the “benefits of opening the pools and the potential risks of doing so” must be balanced.
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Security efforts
In response to the recent hack, the foundation has taken steps to improve security to prevent future exploits.
These measures include collaboration with Camel Technology to “investigate the incident”, a new smart contract-based multi-sig security audit, and cooperation with legal entities to recover the rest of the stolen funds.
“Based on the activity of user assets stolen by the attacker, we are working closely with our legal counsel, local law enforcement agencies and centralized exchanges to locate, freeze and recover the stolen assets.”
Continuous communication
The Alex Labs Foundation has informed the community that it will “hold a series of AMAs over time.”
“if so [the community] If you have more questions, especially about what we are doing, what the team is trying to do, please put your question on our Twitter page, in Telegram, and most importantly, please participate in the management discussion.
The management votes will end on June 2 at 3:30pm UTC and will determine the future management of available, tied and acquired user funds.
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