Alex Lab Uncovers Lazarus Group’s Role in $4 Million Exploit

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As a crypto investor who has been closely following the events in the DeFi space, I’m deeply concerned about the recent $4.7 million exploit that targeted Alex Lab’s Bitcoin-based DeFi protocol. The news of Lazarus, the notorious North Korean hacking group, being identified as the culprits is both alarming and unfortunate.

Recently, in the world of decentralized finance (DeFi), Bitcoin second-layer technician Alex Lab has identified the notorious North Korean cybercriminal group, Lazarus, as the suspected masterminds behind a disastrous $4 million heist.

On his blog post dated June 25th, Alex Lab identified three specific Bitcoin wallet addresses that were employed by the hackers in their attack on X’s Decentralized Finance (DeFi) protocol back in May 16th to emptied its funds.

As a researcher, I’ve collaborated extensively with an independent blockchain investigator named ZachXBT. Our joint efforts have led us to uncover crucial evidence that implicates the notorious group, Lazarus, in the latest cryptocurrency exploit.

I’d be happy to provide you with an update regarding the recent ALEX incident investigation, during which unauthorized access occurred and funds were compromised. As someone deeply involved in the analysis of this situation, I can assure you that we take this matter seriously and are dedicated to providing a thorough resolution.— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) June 25, 2024

On May 16th, I received a disturbing notification from Alex Lab’s community platform X. They reported an unfortunate incident where attackers had successfully targeted their BNB Smart Chain bridge, making away with roughly $4.3 million in the process. To add to the loss, around $13.7 million worth of Stacks (STX) tokens were also drained off.

Luckily, a portion of the stolen funds ended up in centralized exchanges and were subsequently frozen, minimizing the extent of the loss.

In-depth examination uncovered that the hackers executed approximately 11,800 STX transactions through various DeFi platforms and interfaces such as Arkadiko, Bitflow, and Allbridge, in an attempt to transfer the pilfered assets off the platform. Despite this substantial intrusion, Alex Lab reassured the user community that the fundamental smart contracts of the Alex Protocol remained unaffected.

To regain their stolen property, Alex Lab chose a conciliatory approach by inviting the thieves back with an enticing proposition. They promised a 10% reward for returning 90% of the funds in question. Additionally, they vowed to suspend any pending legal actions as a gesture of good faith, hoping to persuade the hackers into working together amicably.

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2024-06-25 09:24