The post The Notorious Lazarus Group Suspected in the $4M Alex Labs Exploit appeared first on Coinpedia Fintech News
What could have explained the $4 million exploit remains a mystery to many until now as Alex Labs, a layer-2 developer for Bitcoin, has attributed the hacker group, North Korean Lazarus group as the ones responsible for the act. The revelation comes after the investigation was conducted after the attack that happened in May 2024.
Uncovering the Exploit
The hack occurred on May 16 and targeted Alex Labs’ BNB Smart Chain bridge; $4.3 million was stolen in funds. Additionally, $13. 7 million worth of the Stacks (STX) token was stolen and laundered through different CEXs.
On June 20, Alex Labs announced that the hackers had broadcasted more than 11,800 transactions in staking tokens of STX.
According to the latest tweet by the team, Alex Labs working with on-chain sleuth ZachXBT was able to track down the stolen assets to three wallets. Among all the mined addresses, one of them, the address 0x418e…0c4e, was directly attributed to the initial exploitation.
Money sent from this address has gone to another address ‘ 0x63…BeA3’ and then been withdrawn to a Tron wallet related to the Lazarus Group. The Given hacking group, or the Lazarus Group, which is reportedly controlled by North Korea, is known to target cryptocurrency firms.
Measures adopted by the team
In light of the attack, Alex Labs has collaborated with the Singapore Police Force and several of the exchange platforms. As a result, the alleged impostors’ transfer of more than $3.9 million STX was frozen.
Now, Alex Labs in a tweet directly to his community highlighted how they focused on transparency and embraced security. Alex Labs continues to work in partnership with police, law enforcement and cyberforensics agencies to recover the rest of the stolen funds. The DeFi protocol has promised to continue giving out updates and to ensure they have enhanced security to cover future incidences.
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