DeFi
Notorious Lazarus Group Suspected of Exploiting Alex Labs for $4 Million
The mystery behind a major cryptocurrency theft is SOLVED!
Alex Labs, a key developer in Bitcoin The Layer-2 ecosystem has solved the mystery surrounding a major cryptocurrency theft in May 2024. They pointed the finger at North Korea’s notorious Lazarus Group, attributing them to the theft of $4.3 million in funds.
Read on to find out more.
Cyberattack and its consequences
On May 16, Alex Laboratories was the victim of a targeted violation of its BNB Smart Chain Bridge, resulting in a loss of $4.3 million. At the same time, approximately $13.7 million worth of Stacks (STX) tokens were stolen and then laundered through various centralized exchanges (CEX).
Update on the ALEX incident investigation
Dear ALEX community,
We would like to share an important update on the investigation into last month’s ALEX incident, which resulted in unauthorized access and loss of funds. We understand the severity of this issue and are committed to providing a comprehensive response to this issue.— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) June 25, 2024
In a collaborative effort with on-chain investigator ZachXBT, Alex Labs traced the stolen funds back to three specific wallets. Notably, one of these wallets, identified by the address “0x418e…0c4e,” was directly associated with the initial breach.
Subsequent transactions from this address led to another wallet (“0x63…BeA3”), from which funds were transferred to a Tron wallet linked to the Lazarus Group. Known for targeting cryptocurrency companies, this group is believed to be under North Korean control.
Cooperation measures
Alex Labs responded quickly by partnering with the Singapore Police Force and several cryptocurrency exchanges to mitigate the damage. Their joint efforts successfully froze over $3.9 million worth of STX tokens stolen during transportation.
Reaffirming its commitment to transparency and enhanced security, Alex Labs communicated directly with its community via Twitter. They committed to ongoing collaboration with law enforcement and cybercrime teams to recover remaining stolen funds and strengthen their defenses against future threats.
Also discover: Cryptocurrency Firms Hacked, Millions Lost in Weekend Attacks: Is Your Crypto Safe?
The future of DeFi is bright. The incident highlights the industry’s growing focus on security.