Alex Lab, a Bitcoin layer-2 developer, has revealed substantial transaction evidence linking last month's $4.3 million exploit to North Korea's notorious Lazarus Group. The exploit occurred on May 16, targeting the Alex Protocol's BNB Smart Chain bridge, resulting in significant fund losses.
In collaboration with blockchain investigator ZachXBT, Alex Lab identified three wallet addresses used in the attack. Despite efforts to recover the funds through a bounty offer, the attackers did not respond.
The incident has had a severe impact on the Alex Protocol, with its native token ALEX experiencing a 47% price drop over the last month.
Details of the Attack
The attackers exploited around $13.7 million worth of the Stacks (STX) token, using several DeFi protocols and bridges to launder the funds. Although some funds were frozen by centralized exchanges, the attackers managed to broadcast over 11,800 STX transactions to off-ramp the stolen assets.
Security Measures and Recovery Plan
Alex Lab assured users that the smart contracts of the Alex Protocol itself were not compromised and emphasized the need for enhanced security measures moving forward. The team continues to work on a post-exploit recovery plan to mitigate the financial impact on its users and restore trust in the protocol.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
