Alex Labs, a Bitcoin layer-2 developer, has outlined its strategy to regain community trust and restart its operations.
Following the recent hack that occurred on its platform, Alex Labs, a Bitcoin layer-2 (L2) developer, has detailed its path to restore community trust and restart operations on its operating system. The Alex Labs Foundation is currently holding two governance votes.
These votes include the reopening of pools, as well as plans to roll out the migration of the foundation’s native token and automated market maker (AMM). On May 29, the Alex Lab Foundation participated in an X Space event, during which the team provided information regarding the recovery process, responded to queries from the community, and discussed governance.
The team is now considering both the Treasury Grant Program (TGP), which is crucial to the process of recovering community assets, and the vote to re-open pools that remain unaffected, such as multiple Stacks (STX) pools, as part of their ongoing governance votes.
The purpose of the TGP governance vote is to choose the most effective way to utilize the recovered assets and other resources for the benefit of the community by providing them with five different choices to pick from. Alternatives three and four, on the other hand, are associated with inherent dangers because of the synthetic character of the solutions
The Alex Lab Foundation has expressed the need to evaluate “the benefit of reopening the pools versus the potential risk of doing so. This is despite the fact that the community has a strong desire to have the platform reopened “as soon as possible. Because of the recent hack, the Foundation has taken steps to strengthen its security in order to prevent other exploits from occurring in the future.
These measures include partnering with Kaamel Technology “to investigate the incident,” implementing a new multisignature security audit based on smart contracts, and collaborating with legal organizations to recover the remaining funds.
The Alex Labs Foundation informed the community that it would be “holding a series of AMAs as time goes on” in the future. On June 2 at 3:30 p.m. UTC, the governance votes will conclude. These votes will determine the future administration of discovered, frozen, and recovered user funds.