Alex Labs Announces Roadmap for Recovering from Breach and Restoring Operations
Summary:
Bitcoin layer-2 developer, Alex Labs, unveils a roadmap to restore community trust and reboot its operations following a recent security breach. The plan includes reopening pools and migrating its native token and automated market maker. Beyond this, the Alex Labs Foundation is working on improving security measures, governing the recovery of assets, and maintaining ongoing community engagement. The outcome from the ongoing governance votes will direct the future management of recovered user funds.
Following a recent breach, Bitcoin layer-2 developer, Alex Labs, unveiled a plan aimed at restoring community faith while rebooting its operations online. The Alex Labs Foundation is simultaneously conducting two governance votes that will pave way for the reincorporation of pools and the migration plan of its auto market maker and local token.
On May 29, the Alex Lab Foundation held an X Space forum where the recovery strategy was laid bare, queries from community members attended to, and governance deliberated on. The platform also committed to reinstating trust and continuing operations fortified with top-notch security precautions.
There are two unresolved governance votes: The Treasury Grant Program (TGP) crucial for the restoration of community assets, and the reincorporation of untouched pools vote which includes numerous Stacks (STX) pools. The key goal of the TGP governance vote is to settle on the optimal utilization of recovered assets and other resources. Community members have five options to choose from, although options three and four carry inherent risks.
The community has a strong craving to have the platform rebooted "immediately", though the Alex Lab Foundation cautioned that the advantage of reoperationalizing the pools has to be weighed carefully against the potential risk this may pose.
In regards to security, the Foundation has heightened measures to avert future breaches in the aftermath of the recent hack. These precautionary measures involve a collaboration with Kaamel Technology to scrutinize the episode, introduce a novel smart-contract-based multisig security review, and partnering with legal entities to reclaim the remaining stolen funds.
The Alex Labs Foundation reassured the community that it would continue engaging them through periodic AMAs. The governance votes will reach a conclusion on June 2 at 3:30pm UTC, determining the future administration of found, frozen, and reclaimed user funds.
Published At
5/30/2024 4:12:06 PM
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