DeFi
Bitcoin Defi Tool Developer ALEX Lab Says Lazarus Group Likely Behind $4 Million Hack
The developer of Bitcoin-focused defi platform ALEX Lab says North Korean hackers are likely behind the latest $4 million attack.
North Korean hacker group Lazare Group is most likely responsible for the attack that left Bitcoin-challenge platform focused on ALEX Lab without $4 million in tokens earlier in May. In a June 25 X post, the official ALEX Lab account stated that there is “substantial transaction evidence” showing that the attack is linked to the Lazarus Group.
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 mid-May, ALEX Lab lost over $4.3 million in multiple tokens following the attack on its bridging service. Shortly after the attack, ALEX Lab developers revealed in a Post X now deleted they “identified the individual responsible for the recent security breach.” At the same time, the team offered a 10% bounty for the return of 90% of the stolen funds. The post was later quietly deleted without further explanation.
The ALEX Lab team assures its clients that it is “actively collaborating with international law enforcement and cybersecurity experts to address the implications of this attack and recover lost assets,” adding that “ “Enhanced security protocols are being implemented.”
Launched in 2021 by former bankers Chiente Hsu and Rachel Yu, ALEX Lab was developed to simplify the use of decentralized finance (defi) services on Bitcoin through Stacks, a smart contract platform. According to data from CoinCarp, the startup raised a total of $18.3 million, although its valuation was not disclosed.