The North Korean hacker group Lazarus Group is believed to be responsible for the recent attack on the Bitcoin-focused defi platform ALEX Lab, resulting in a loss of $4 million worth of tokens in May. A statement from ALEX Lab’s official account on Jun. 25 pointed to “substantial transaction evidence” linking the attack to the Lazarus Group.
In May, ALEX Lab was targeted in an attack on its bridging service, resulting in the loss of over $4.3 million in multiple tokens. After the attack, ALEX Lab developers identified the individual responsible and offered a 10% bounty for the return of 90% of the stolen funds in a now-deleted post. However, the post was later removed without explanation.
The ALEX Lab team has assured customers that they are working with international law enforcement and cybersecurity experts to address the implications of the attack and recover the lost assets. They have also stated that enhanced security protocols are being implemented.
Founded in 2021 by former bankers Chiente Hsu and Rachel Yu, ALEX Lab was created to simplify the use of decentralized finance (defi) services on Bitcoin through Stacks, a platform for smart contracts. According to data from CoinCarp, the startup has raised a total of $18.3 million, although its valuation has not been disclosed.