2024

Bitcoin

Security

Bitcoin layer-2 developer Alex Labs has successfully recovered over $3.9 million worth of cryptocurrencies following an exploit on its BNB Smart Chain bridge.&nbsp; 
The attack focused on the wallets of the bridge, which used the keys that were compromised in an earlier phishing attack. The team was able to freeze funds amounting to $3.7 million held across various centralized exchanges (CEXs), with additional funds still under the attacker’s control. 
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 ALEX Security Update Dear Community, We want to keep everyone informed about the recent attack and our ongoing efforts to address the situation with ALEX. Yesterday, we became aware of an exploit using compromised private keys obtained via a phishing attack. The exploiter was…— ᛤ ALEX 🟧 THE Finance Layer on Bitcoin ᛤᛤᛤ (@ALEXLabBTC) <a href="https://twitter.com/ALEXLabBTC/status/1791020176332230988?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 16, 2024</a>
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The squad has already recovered 17 tokens, which are aBTC, sUSDT, and Alexcoin. However, $9.6 million is still directly controlled by the attacker residing in the wallets. Alex Labs is giving a 10% reward for accomplishing the hacking task and will be filing a police report which will help in recovering the funds from the hacker.&nbsp; 
They also propose to go for a treasury reserve grant program using the insurance company fund to support those who are sideways affected.&nbsp; 
Due to the large amount of STX tokens involved in the exploit, Alex Labs is considering proposing a network upgrade to freeze remaining funds and mint new tokens for victims. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/18/two-chinese-nationals-charged-in-73m-crypto-laundering/" target="_blank" rel="noreferrer noopener">Two Chinese Nationals Charged in $73m Crypto Laundering</a> 
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Alex Labs Recovers $3.9M in Crypto After Bridge Exploit

The Crypto Times

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