The Alex Labs Foundation, the developer of the Bitcoin Layer 2 platform ALEX, has announced its plans to regain community trust and restart its platform following the recent security breach.
During a May 29 X Space session, the team outlined the recovery steps, which include initiating two governance votes focused on reopening pools and migrating its native token and automated market maker (AMM).
The two governance votes include the Treasury Grant Program (TGP), aimed at recovering community assets, and a vote to reopen unaffected pools, including several Stacks (STX) pools.
The TGP vote will determine how best to use the recovered assets and other resources, offering five options for the community to choose from. However, options three and four carry risks due to their synthetic nature.
While the community is eager for a swift reopening of the platform, the Foundation emphasized the need to balance the benefits of reopening the pools against the potential risks.
While talking about the recent breach, they noted that they have enhanced security measures, including partnering with Kaamel Technology to investigate the incident, conducting a new smart-contract-based multisig security audit, and working with legal entities to recover the remaining stolen funds.
The Foundation also discussed plans to hold a series of AMAs to keep the community informed.
“If you have any questions about our actions or the team’s efforts, please ask them on our Twitter or Telegram, and participate in the governance discussions,”
they urged.
The governance votes will conclude on June 2 at 3:30 PM UTC, deciding the future management of the located, frozen, and recovered funds.
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