ALEX Lab Attack: North Korean Hacker Group Lazarus Suspected in $4 Million Crypto Heist
AinvestTuesday, Jun 25, 2024 7:41 am ET
1min readBitcoin-focused defi platform ALEX Lab suspects the Lazarus Group, a North Korean hacking collective, of the May attack resulting in a $4 million loss. The company found substantial evidence linking the incident to the group. ALEX Lab is cooperating with law enforcement and cybersecurity experts to improve security and recover stolen funds, offering a bounty for the return of assets.
The Bitcoin-focused decentralized finance (DeFi) platform ALEX Lab has raised suspicions that the notorious North Korean hacking collective Lazarus Group was behind the $4 million exploit that occurred on the platform in May [1]. The team at ALEX Lab has uncovered substantial evidence linking the incident to the group, and they are currently collaborating with law enforcement and cybersecurity experts to improve security and recover the stolen funds [1].
In May, attackers exploited a vulnerability in ALEX Lab's BNB Smart Chain bridge, siphoning off around $4.3 million worth of funds in the process [1]. The hackers also exploited around $13.7 million worth of Stacks (STX) token, some of which was sent to centralized exchanges and subsequently frozen by the exchanges [1]. However, the team at ALEX Lab believes that the attack was more extensive than initially thought, and that the hackers gained access to the team's private keys [1].
The team at ALEX Lab has shared several wallet addresses that the hackers used to drain funds from the platform, as well as their collaboration with independent blockchain sleuth ZachXBT to compile evidence linking Lazarus to the exploit [1]. The exploit involved the hackers broadcasting over 11,800 STX transactions, using several DeFi protocols and bridges to offramp the stolen STX [1].
The team at ALEX Lab is offering a 10% bounty for the return of 90% of the stolen funds and has promised not to continue legal action if the funds are returned [1]. However, the attackers have not responded to the bounty request. The price of ALEX Lab's native ALEX token has fallen 10% in the last week and is down 47% over the last month, likely due to concerns surrounding the security of the platform [2].
The incident highlights the ongoing risk of cyber attacks in the DeFi space, and the importance of implementing robust security measures to protect against such threats.
[1] CoinTelegraph. (2022, June 25). Bitcoin layer-2 Alex Lab may exploit Lazarus Group, North Korea. Retrieved from https://cointelegraph.com/news/bitcoin-layer-2-alex-lab-may-exploit-lazarus-group-north-korea
[2] CoinMarketCap Magazine. (2022, June 14). 'Bitcoin Layer 2s' aren't really L2s at all: Here's why that matters. Retrieved from https://coinmarketcap.com/education/guides/what-are-bitcoin-layer-2s-and-why-arent-they-really-l2s/
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