As a researcher with experience in cybersecurity and blockchain technology, I believe that the latest attack on Bitcoin-focused defi platform ALEX Lab bears the hallmarks of North Korean hacker group Lazarus Group. The substantial transaction evidence cited by ALEX Lab’s official account is a red flag that should not be ignored.
As a crypto investor following the developments in the decentralized finance (DeFi) world, I’ve come across some troubling news regarding ALEX Lab and their Bitcoin-focused platform. The creator of this project has recently disclosed that they believe North Korean hackers are responsible for the $4 million attack on their system.
It’s highly probable that the North Korean cybercriminal organization known as Lazarus Group orchestrated the May attack on Bitcoin-centric decentralized finance (defi) platform ALEX Lab, resulting in a loss of approximately $4 million in tokens. This conclusion was drawn based on “significant transaction data” presented in a post on Reddit by ALEX Lab’s official account on June 25th.
Dear ALEX Members,— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) June 25, 2024
As a researcher studying the blockchain industry, I came across the unfortunate incident involving ALEX Lab in late May. Over $4.3 million were taken from their lab in various tokens during an attack on their bridging service. Shortly following the security breach, the developers announced on a now-deleted X post that they had identified the individual responsible for the theft. In response, they put forth a 10% reward for anyone who could return 90% of the stolen funds. However, the post was subsequently taken down without any additional clarification.
The ALEX Lab team is working closely with international law enforcement agencies and cybersecurity professionals to deal with the consequences of this cyberattack and to retrieve misappropriated assets. Furthermore, they are strengthening their security measures in response.
In 2021, Chiente Hsu and Rachel Yu, both ex-bankers, established ALEX Lab with a mission to make decentralized finance (defi) on Bitcoin more accessible through Stacks, a smart contract platform. According to CoinCarp’s records, the company successfully secured a total investment of $18.3 million, although its current valuation remains undisclosed.
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2024-06-25 14:56