Alex Lab points to Lazarus Group after last month's $4M exploit
Bitcoin layer-2 developer Alex Lab believes the $4 million exploit it suffered in May is most likely linked to the notorious North Korean hacking consortium Lazarus Group.
In a June 25 post to X, Alex Lab drew attention to three wallet addresses hackers used on May 16 to drain funds from the Bitcoin -based decentralized finance (DeFi) protocol.
Additionally, the team shared they collaborated with independent blockchain sleuth ZachXBT to compile the evidence required to link Lazarus to the exploit.
Source: Alex LabOn May 16, Alex Lab notified users on X that attackers had exploited its BNB Smart Chain bridge, siphoning off around $4.3 million worth of funds in the process.
The hackers also exploited around $13.7 million worth of the Stacks (STX) token however some of the exploited funds were sent to centralized exchanges and were subsequently frozen by the exchanges.
On June 20, Alex Lab shared the attacker had broadcasted more than 11,800 STX transactions, using several DeFi protocols and bridges including Arkadiko, Bitflow and Allbridge to offramp the stolen STX.
At the time, the team shared the exploit involved hackers gaining access to the team’s private keys. However, the team assured users that the smart contracts of the Alex Protocol itself were never compromised.
Related: Alex Labs rolls out post-exploit recovery plan
The team offered the attackers a 10% bounty for the return of 90% of the stolen funds and promised not to continue legal action if the funds were returned.
The attackers did not respond to Alex Lab’s bounty request.
The price of the Bitcoin Layer-2 protocol’s native ALEX token has slumped 10% in the last week and is down 47% over the last month. It is currently trading for $0.07.
The price of the ALEX token has fallen nearly 50% in the last month. Source: CoinMarketCapMagazine — ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ex-Goldman Sachs Exec Shares Positive Outlook on XRP Amid Legal Challenges
Cardano Hits $1 for the First Time in Two Years, Signaling Strong Market Momentum
XRP Soars as Ripple CEO Applauds Trump’s Treasury Secretary Nominee
Trump and Wall Street: How long will the love affair last?
Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.