Dear Chiente Hsu and Muneeb Ali,
[Gratitude]
Despite the unexpected calamity, I express my sincere gratitude to the Alex team for their unwavering dedication to building Bitcoin Layer 2. As an early participant in Stacks, I have witnessed the remarkable achievements of Alex over the past 2-3 years. I have been a believer in their efforts to construct Bitcoin Layer 2. Ms. Hsu, I am truly thankful for your leadership in accomplishing all these milestones.
[Challenges of Recovery and Future Uncertainty]
However, given the current financial situation, it appears difficult to fully recover the lost 1.3 million STX. The proposals involving stablecoins and ALEX tokens may enable partial compensation in the short term, but it could impair long-term growth potential and undermine the trust of institutional and whale investors. Additionally, after the Nakamoto upgrade, many Bitcoin holders may hesitate to enter the Stacks ecosystem, potentially diminishing the marketing impact achieved thus far.
[Need for Bold Decisions from the CEO]
While Ms. Hsu’s prompt action has enabled user asset recovery, there are doubts about whether Alex can regain its pre-hack status. Without external investment, overcoming this crisis will be challenging. To address this, the CEO’s bold sacrifice and decisive action to attract investments from external parties like Spartan and Muneeb Ali are crucial. Tangible sacrifices, such as transferring management control or partially selling the business, should be considered. In traditional finance, a CEO would typically step down after such an incident.
[Attracting Investment]
As demonstrated by the recent Gala mainnet case, revitalization through external investment is possible. Mr. Muneeb Ali as one of individual investors(not Stacks Foundation) is the top priority investor that the Alex team should pursue. Ms. Hsu, I request that you remain open to all possibilities, including relinquishing management control or selling parts of the business, and actively negotiate with diverse financial investors, including Mr. Ali. For instance, consider selling Lisa, XLink, or other assets to external investors like Draper Associates. Meaningful investments from reputable entities are essential to ensure that this asset recovery program transcends mere user compensation and paves the way for the stable restoration of the Alex protocol’s business.
[Request for Contribution from Muneeb Ali]
Mr. Ali, at the inception of the Stacks ecosystem, you were allocated 6.6% of the total supply, which remains untouched. I implore you to invest these Stacks in Alex’s recovery as an individual investor. While support from the Stacks Foundation may be difficult, your personal investment is viable. Ms. Hsu, I urge you to keep all options open and concentrate on securing Mr. Ali’s investment. His individual support would significantly contribute to restoring Alex’s former status.
[Final Wish]
Lastly, after this incident, I hope that not a single user loses their Stacks. Only then can trust be built on the premise that “a hack occurred, but no one suffered losses.” If Stacks becomes tainted by this event, its standing as a Bitcoin Layer 2 solution could be compromised. I wish for Stacks to continue flourishing as a robust Bitcoin Layer 2 through wise handling, even after the Nakamoto upgrade.