Alex Labs, a developer specializing in Bitcoin layer-2 (L2) technology, has unveiled its plans to regain the trust of the community and resume operations following a recent security breach.
The Alex Labs Foundation is currently conducting two governance votes. The first vote pertains to reopening pools on the platform, while the second focuses on the migration of its native token and automated market maker (AMM).
During an X Space event hosted by the Alex Lab Foundation on May 29, the team provided a detailed overview of the recovery process, addressed community concerns, and discussed governance matters.
The ongoing governance votes include the Treasury Grant Program (TGP), which plays a pivotal role in recovering community assets, and the decision to reopen unaffected pools, including multiple Stacks (STX) pools.
The TGP governance vote aims to determine the most effective utilization of recovered assets and other available resources for the benefit of the community. Five options have been presented for the community to choose from, although options three and four carry inherent risks due to the synthetic nature of the proposed solutions.
Despite the community’s strong desire to see the platform reopened quickly, the Alex Lab Foundation emphasized the need to carefully consider the potential risks associated with reopening the pools.
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 investigate the incident, conducting a smart-contract-based multisig security audit, and collaborating with legal entities to recover the remaining stolen funds.
The Alex Labs Foundation has also committed to ongoing communication with the community, stating that it will be conducting a series of Ask Me Anything (AMA) sessions in the future.
The governance votes are scheduled to conclude on June 2 at 3:30pm UTC and will determine how located, frozen, and recovered user funds will be managed moving forward.
In other news, Web3 Gamer highlights the challenges faced by developers after Torque Drift 2 introduced cryptocurrency features, as well as the issues encountered with MetaFighter.