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 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 Bridgewhich resulted in a loss of $4.3 million. Alongside this, approximately $13.7 million worth of Stacks tokens (STX) were stolen and then laundered through various centralized exchanges (CEXs).
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 seriousness of this issue and are committed to fully addressing…— 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, 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 stolen STX tokens during transit.
Reaffirming its commitment to transparency and enhanced security, Alex Labs communicated directly with its community via Twitter. They pledged to continue working with law enforcement and cybercrime teams to recover remaining stolen funds and strengthen their defenses against future threats.
Also discover: Crypto Firms 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.