DeFi
Notorious Lazarus Group Suspected of Involvement in $4 Million Alex Labs Exploit
The mystery behind a major crypto heist is SOLVED!
Alex Labs, a key developer in Bitcoin layer 2 ecosystem, solved the mystery surrounding a major cryptocurrency heist in May 2024. They pointed the finger at North Korea’s notorious Lazarus Group, attributing it with the theft of $4.3 million in funds.
Read on to find out more.
The cyber attack 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 investigation into the ALEX incident
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 seriousness of this issue and are committed to fully considering…— ᛤ ALEX 🟧 THE financial layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) June 25, 2024
In a collaborative effort with on-chain investigator ZachXBT, Alex Labs traced the stolen funds 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
Reacting quickly, Alex Labs partnered 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 transit.
Reaffirming its commitment to transparency and strong security, Alex Labs communicated directly with its community via Twitter. They are committed to continued collaboration with law enforcement and cybercrime teams to recover remaining stolen funds and strengthen their defenses against future threats.
Also discover: Crypto Companies Hacked, Millions Lost in Weekend Attacks: Is Your Crypto Safe?
The future of DeFi is bright. This incident highlights the industry’s growing focus on security.