Alex Labs Traces 4 Million DeFi Heist Back to Lazarus Group

Headline: North Korea’s Lazarus Group Exposed as Culprits Behind $18 Million Crypto Heist

Introduction:
In a groundbreaking revelation, Alex Labs, a prominent player in Bitcoin’s layer-2 ecosystem, has unveiled the identity of the perpetrators responsible for a major cryptocurrency heist that occurred in May 2024. The audacious theft, which amounted to $4.3 million, has now been attributed to the notorious Lazarus Group from North Korea. Read on to delve deeper into this captivating story.

The Cyberattack and Its Aftermath:
On May 16, Alex Labs fell victim to a precisely targeted breach of its BNB Smart Chain bridge, resulting in a staggering loss of $4.3 million. Concurrently, a significant sum of approximately $13.7 million worth of Stacks (STX) tokens was pilfered and subsequently laundered through a series of centralized exchanges (CEXs).

Update on the ALEX Incident Investigation:
Esteemed ALEX Community,

We are pleased to share a momentous update concerning the ALEX incident investigation that transpired last month, leading to unauthorized access and financial losses. We wholeheartedly comprehend the gravity of this situation and are fully committed to addressing it…

— ᛤ ALEX THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC)
June 25, 2024

Collaborating with the renowned on-chain investigator, ZachXBT, Alex Labs successfully traced the stolen funds to three specific wallets. Remarkably, one of these wallets, with the address ‘0x418e…0c4e’, was directly linked to the initial breach.

Subsequent transactions from this address traced the funds to another wallet (‘0x63…BeA3’), which then transferred them to a Tron wallet associated with the nefarious Lazarus Group. This group, known for its relentless targeting of cryptocurrency companies, reportedly operates under the control of North Korea.

Cooperative Measures:
Reacting swiftly, Alex Labs formed a partnership with the Singapore Police Force and various cryptocurrency exchanges to mitigate the fallout. Their collective efforts successfully froze over $3.9 million worth of the stolen STX tokens during transit.

Reaffirming their unwavering commitment to transparency and bolstered security, Alex Labs maintained direct communication with their community via Twitter. They pledged to continue collaborating with law enforcement agencies and cyberforensics teams to recuperate the remaining stolen funds and fortify their defenses against future threats.

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Tags:
Hacking