As a researcher with extensive experience in the cryptocurrency industry, I’m both impressed and concerned by the recent update from Bitcoin layer-2 developer Alex Labs regarding the successful recovery of over $3.9 million worth of cryptocurrencies following an exploit on its BNB Smart Chain bridge. The team’s quick response and transparency in communicating with their community is commendable, especially given the significant financial impact of this attack.
As a Bitcoin layer-2 developer and analyst, I’m thrilled to share that my team at Alex Labs has managed to recoup approximately $3.9 million in cryptocurrencies post an exploit on our BNB Smart Chain bridge. Our quick response and expertise allowed us to minimize the impact on our users and secure their assets.
The assault targeted the wallets linked to the bridge, which had been secured with compromised keys from a previous phishing incident. The team successfully froze approximately $3.7 million in funds distributed among various centralized exchanges (CEXs). However, more funds remained in the hands of the attacker.
As a researcher at ALEX, I’d like to provide you with an update on a security incident that came to our attention yesterday. We discovered that an attacker had gained unauthorized access to some of our systems using compromised private keys, which were obtained through a phishing attack. The exploiter then used this access to carry out malicious activities. Our team is currently working around the clock to investigate the root cause and implement measures to prevent similar incidents from occurring in the future. We’ll keep you informed as we make progress.— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) May 16, 2024
The team has retrieved 17 tokens worth a combined total of aBTC, sUSDT, and Alexcoin from the incident. Yet, the attacker still holds $9.6 million in funds within their wallets. Alex Labs offers a 10% reward for successful completion of the hack-related assignment and intends to file a police report to aid in the recovery of the stolen funds.
They additionally recommend applying for a treasury reserve grant utilizing the insurance company’s resources to aid those adversely impacted.
Alex Labs is contemplating proposing an upgrade for the network due to the substantial number of STX tokens implicated in the exploit. This potential upgrade would aim to halt the remaining funds and generate fresh tokens as compensation for the affected parties.
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2024-05-18 03:48