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<p>The post <a href="https://coinpedia.org/news/alex-protocol-attack-hacker-distributes-stolen-stx-via-9700-transactions/" rel="noopener noreferrer nofollow">Alex Protocol Attack: Hacker Distributes Stolen STX via 9,700 Transactions</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Alex protocol, a Bitcoin layer two (L2) network bridge that leverages the Stacks (STX) chain to enhance BTC-native DeFi applications, has issued an update on its recent attack. According to an X post earlier today, the Alex protocol attacker had created more than 4,700 unique addresses, up from only 100 in the last seven days.&nbsp;</p>
<p>As a result, the Alex protocol attacker broadcasted over 9,700 traceable transactions to distribute the stolen STX tokens.</p>
<p>The company indicated that the attacker’s current traceable STX deposits into centralized exchanges (CEXs) are 8,373,587 STX. On the other hand, the attacker’s on-chain balance was around 5,560,332 STX tokens, which is calculated based on wallet balances above 100 STX units</p>
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   <p lang="en" dir="ltr">ALEX Security Update<br><br>As of June 17th at 11AM, the attacker has broadcast more than 9700+ transactions, which involve generating new wallets addresses then dispersing the on-chain STX balance across those new wallets.<br><br>The number of traceable transaction started to grow… <a href="https://t.co/BZ3TPevqor" rel="noopener noreferrer nofollow">pic.twitter.com/BZ3TPevqor</a></p>— ᛤ ALEX <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) <a href="https://twitter.com/ALEXLabBTC/status/1802565902010826873?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 17, 2024</a>
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<h2 class="wp-block-heading" id="h-closer-look-at-alex-protocol-attack">Closer Look at Alex Protocol Attack</h2>
<p>According to on-chain data analysis conducted by the Certik platform, Alex Lab was compromised through its private keys in a smart contract upgrade. The attacker is believed to have used the same techniques as the Ronin bridge hacker, who was responsible for a loss of more than $600 million in digital assets.</p>
<p>Based on the recent information, the Alex Lab attacker is confident of a successful strike rate. Furthermore, the Alex Labs team previously offered the attacker a 10 percent bounty reward, which the hacker disregarded despite reports of an identity breach.</p>
<h2 class="wp-block-heading" id="h-market-implications-nbsp">Market Implications&nbsp;</h2>
<p>Following the Alex Labs attack, Stacks (STX) value has declined over 16 percent in the past week to trade at about $1.82 on Monday. Although the Alex Labs team indicated that the majority of the CEXs have frozen the stolen funds, the attacker has managed to liquidate a portion, thus weighing heavily on the underlying assets amid a crypto bearish outlook.</p>

Alex Protocol Attack: Hacker Distributes Stolen STX via 9,700 Transactions

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