Alex Labs, a developer specializing in Bitcoin layer-2 (L2) technology, has unveiled its plan to regain the trust of the community and resume operations on its platform following a recent security breach.
The Alex Labs Foundation is currently conducting two governance votes, one of which pertains to reopening pools and the other involves the migration of its native token and automated market maker (AMM).
During an event called X Space held on May 29, the Alex Lab Foundation provided a comprehensive overview of the recovery process, answered questions from the community, and discussed governance matters.
The team is currently conducting two governance votes. The first, known as the Treasury Grant Program (TGP), is crucial for recovering community assets. The second vote focuses on reopening unaffected pools, including multiple Stacks (STX) pools.
The TGP governance vote aims to determine the most effective use of the recovered assets and other resources to benefit the community. Five options are available for the community to choose from, but options three and four come with inherent risks due to the synthetic nature of the solutions.
Although the community is eager to see the platform reopened as soon as possible, the Alex Lab Foundation emphasized the importance of balancing the potential benefits of reopening the pools with the associated risks.
In response to the recent hack, the Foundation has implemented various security measures to enhance the platform’s defenses against future exploits. These measures include partnering with Kaamel Technology to conduct an investigation into the incident, implementing a new smart-contract-based multisig security audit, and collaborating with legal entities to recover the remaining stolen funds.
The Alex Labs Foundation has committed to maintaining ongoing communication with the community. They have announced that they will be conducting a series of Ask Me Anything (AMA) sessions in the future.
The governance votes will conclude on June 2 at 3:30pm UTC and will play a significant role in shaping the future management of located, frozen, and recovered user funds.
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