Alex Lab suffered a $4.3M exploit, linked to North Korea’s Lazarus Group.
Crypto sleuth ZachXBT traced the stolen assets to addresses linked to Lazarus Group.
Stolen tokens have been frozen in exchanges, pending police investigations
Alex Lab, a Bitcoin DeFi platform, recently suffered a significant exploit resulting in losses of approximately $4.3 million. The team at Alex Lab announced they have identified compelling evidence connecting this attack to the Lazarus Group, a cyber-hacking entity backed by North Korea.
Investigations, led by crypto investigator ZachXBT, traced transactions to two crucial addresses, one of which is linked to the Lazarus Group. This connection has been pivotal in understanding the flow of the stolen assets.
ALEX Security UpdateDear Community,We want to keep everyone informed about the recent attack and our ongoing efforts to address the situation with ALEX. Yesterday, we became aware of an exploit using compromised private keys obtained via a phishing attack. The exploiter was…
— ᛤ ALEX THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) May 16, 2024
Collaboration with Law Enforcement and Cybersecurity Experts
The attack occurred on May 16, when the exploiter used compromised private keys obtained via a phishing attack to drain assets from the ALEX protocol.
Following the incident, Alex Lab has been working closely with international law enforcement agencies and cybersecurity experts to address the breach’s implications and recover the lost assets.
The team has engaged with Singaporean police and various cryptocurrency exchanges to secure the stolen assets and aid in the ongoing investigation.
Frozen Assets Pending Police Investigation
Alex Lab reported that several stolen STX tokens traced to centralised exchanges (CEXs) have been frozen. These exchanges have indicated their commitment to maintaining the freeze pending the completion of police investigations.
Alex Lab has assured users that they will provide updates as soon as the frozen funds can be returned to the affected users. The platform’s token price experienced a slight drop of 1.8% following the announcement, according to CoinGecko data.
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