Stacks

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<p>The post <a href="https://coinpedia.org/news/the-notorious-lazarus-group-suspected-in-the-4m-alex-labs-exploit/">Alex Labs Tracks Lazarus Group in $4 Million DeFi Heist</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The mystery behind a major crypto heist is SOLVED! </p> 
<p>Alex Labs, a key developer in <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin’s</a> layer-2 ecosystem, has solved the mystery surrounding a major cryptocurrency heist in May 2024. They have pointed the finger at the notorious Lazarus group from North Korea, attributing them to the theft of $4.3 million in funds.</p> 
<p>Read on to discover more. </p> 
<h2 class="wp-block-heading" id="h-the-cyberattack-and-its-fallout"><strong>The Cyberattack and Its Fallout</strong></h2> 
<p>On May 16, <a href="https://coinpedia.org/news/alex-protocol-attack-hacker-distributes-stolen-stx-via-9700-transactions/">Alex Labs</a> fell victim to a targeted breach of its <a href="https://coinpedia.org/beginners-guide/binance-smart-chain-bsc/">BNB Smart Chain bridge</a>, resulting in the loss of $4.3 million. Alongside this, approximately $13.7 million worth of Stacks (STX) tokens were stolen and later laundered through various centralized exchanges (CEXs).</p> 
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   <p lang="en" dir="ltr">Update on the ALEX Incident Investigation<br><br>Dear ALEX Community,<br>We wish to share an important update on the ALEX incident investigation from last month, which resulted in unauthorized access and the loss of funds. We understand the severity of this issue and are committed to full…</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/1805415489717551402?ref_src=twsrc%5Etfw">June 25, 2024</a>
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<p>In a collaborative effort with on-chain investigator ZachXBT, Alex Labs traced the stolen funds to three specific wallets. Notably, one of these wallets, identified by the address ‘0x418e…0c4e’, was directly associated with the initial breach.</p> 
<p>Subsequent transactions from this address led to another wallet (‘0x63…BeA3’), from which funds were transferred to a Tron wallet linked to the Lazarus Group. Known for targeting cryptocurrency firms, this group is reportedly under North Korean control.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-cooperative-measures"><strong>Cooperative Measures </strong></h2> 
<p>Responding swiftly, Alex Labs partnered with the Singapore Police Force and multiple cryptocurrency exchanges to mitigate the damage. Their joint efforts successfully froze over $3.9 million worth of the stolen STX tokens during transit.</p> 
<p>Reaffirming their commitment to transparency and heightened security, Alex Labs communicated directly with their community via Twitter. They pledged ongoing collaboration with law enforcement and cyberforensics teams to recover the remaining stolen funds and strengthen their defenses against future threats.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/crypto-hacks-btcturk-coinstats-and-others-lose-millions/" target="_blank" rel="noreferrer noopener">Crypto Firms Hacked, Millions Lost in Weekend Attacks: Is Your Crypto Safe?</a></p> 
<p><strong>DeFi’s future is bright.</strong> <strong>This incident highlights the industry’s growing focus on security.</strong></p>

Alex Labs Tracks Lazarus Group in $4 Million DeFi Heist

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