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 on its platform following a recent security breach.
The Alex Labs Foundation is currently conducting two important governance votes. The first vote pertains to the reopening of pools, while the second vote involves the migration of its native token and automated market maker (AMM) to a new system.
During an X Space event hosted by the Alex Lab Foundation on May 29, the team provided detailed information about the recovery process, addressed community concerns, and discussed governance matters.
The ongoing governance votes are of significant importance. The Treasury Grant Program (TGP) vote is crucial for the recovery of community assets, as it will determine the best use of the recovered assets and other resources. The community will have the opportunity to choose from five options, although options three and four carry certain risks due to their synthetic nature.
Although the community is eager to see the platform reopen as soon as possible, the Alex Lab Foundation emphasized the need to carefully weigh the benefit of reopening the pools against the potential risks involved.
In response to the recent hack, the Foundation has implemented various security measures to prevent future exploits. This includes partnering with Kaamel Technology to conduct an investigation into the incident, incorporating a new 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. They will be holding a series of Ask Me Anything (AMA) sessions to keep the community informed.
The governance votes are scheduled to conclude on June 2 at 3:30pm UTC and will determine the future management of user funds that have been located, frozen, and recovered.
In other news, the integration of crypto into the game Torque Drift 2 has caused several developers to resign, highlighting a significant issue with the game MetaFighter, according to Web3 Gamer magazine.