Alex Labs has unveiled its plan to relaunch operations following a recent breach, aiming to restore trust and enhance security measures. The company, known for its work in Bitcoin layer-2 (L2) development, presented a detailed roadmap on May 29 to address the breach and improve governance.
During a recent X Space session, the Alex Labs Foundation outlined its recovery strategy, focusing on community concerns and governance issues. Two crucial governance votes are currently underway, including the Treasury Grant Program (TGP) and the decision to reopen unaffected pools, such as multiple Stacks (STX) pools.
The TGP vote aims to determine the best use of recovered assets for the benefit of the community. While five options were presented, options three and four pose risks due to the synthetic nature of the solutions. If the Stacks (STX) price surpasses $3 or the Alex token price falls below $0.13, there may be a collateral shortfall, potentially leading to a de-pegging of the synthetic asset.
To prevent future exploits, Alex Labs has implemented new security measures, including a partnership with Kaamel Technology for investigation, a smart-contract-based multi-sig security audit, and collaboration with legal entities to recover stolen funds.
The governance votes are set to conclude on June 2 at 3:30 p.m. UTC, determining the management of the recovered funds and the future direction of the company.
In a separate incident, Gala Games, a prominent blockchain gaming platform, recently experienced a security breach resulting in the unauthorized sale of 600 million GALA tokens valued at $23 million. The breach on May 20 allowed a hacker to access a Gala Games admin address and mint 5 billion new GALA tokens worth approximately $200 million. Gala Games swiftly took action by freezing the compromised wallet and burning the remaining unsellable tokens.
The company is now working with law enforcement agencies to investigate and bring those responsible to justice. This breach follows a previous incident in 2021 where Gala Games lost $130 million in a similar exploit. Additionally, Gala Games is facing internal legal disputes between co-founders over mismanagement and theft allegations.
