The post Stacks-Based ALEX Halts Operations Following Malicious Activity – Coincu appeared on BitcoinEthereumNews.com.

Key Points: ALEX, a Stacks-based DeFi platform, suspends operations following a security breach. Traced funds lead to centralized exchanges for recovery. Immediate suspension of all functions to safeguard user assets. Stacks-based DeFi protocol ALEX announced on June 6 the suspension of all platform activities. The move follows the discovery of malicious activity affecting user assets. ALEX’s suspension signifies its commitment to user safety following the breach, collaborating with exchanges to trace monies. Immediate protective actions highlight the platform’s proactive risk mitigation. ALEX Suspends Operations to Combat Security Breach ALEX, developed on the Stacks blockchain, has paused operations after detecting malicious activities. The team has intensified efforts to engage with centralized exchanges, tracing stolen funds and attempting to mitigate the impact on users. All activities are on hold pending a thorough analysis. The breach resulted in significant changes as ALEX addresses security. With user assets at risk, platform functions remain suspended as the team works with exchanges to recover any possible stolen assets. The threat highlighted vulnerabilities within DeFi protocols, prompting a security review. Community and industry reactions show strong concern. The engagement with law enforcement and public suspension underscores ALEX’s commitment to safeguarding users. Top exchanges like Binance and Kraken are cooperating, highlighting solidarity in dealing with cybersecurity threats. DeFi Security Under Scrutiny as Industry Reacts Did you know? Stolen funds immediately traced to five major centralized exchanges, underscoring collaboration’s importance in combating DeFi-related cyber threats globally. Stacks (STX), as per CoinMarketCap, trades at $0.63 with a market cap of $956.96 million. Its fully diluted market cap reaches $1.14 billion. Recent trading actions saw a 170.69% volume increase, though the 24-hour price dropped 9.88%, and weekly stats showed a 17.46% loss. Stacks(STX), daily chart, screenshot on CoinMarketCap at 22:55 UTC on June 6, 2025. Source: CoinMarketCap The Coincu research team…

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Filed under: News - @ June 7, 2025 12:22 am