The developer of the Bitcoin-focused DeFi platform ALEX Lab has reported that North Korean hackers are likely behind the recent $4 million attack.

The notorious North Korean hacker group, Lazarus Group, is suspected of carrying out the attack that resulted in the loss of $4 million worth of tokens from ALEX Lab in May. An official statement from ALEX Lab on June 25th indicated that there is “substantial transaction evidence” linking the attack to the Lazarus Group.

Update on the ALEX Incident Investigation

Dear ALEX Community,

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…

— ALEX 🟧 THE Finance Layer on Bitcoin (@ALEXLabBTC) June 25, 2024

In mid-May, ALEX Lab experienced a significant security breach, losing over $4.3 million in multiple tokens due to an attack on its bridging service. Following the incident, ALEX Lab developers initially identified the individual responsible for the security breach and offered a 10% bounty for the return of 90% of the stolen funds. However, this post was later removed without further explanation.

The ALEX Lab team is actively collaborating with international law enforcement and cybersecurity experts to address the implications of this attack and recover the lost assets. They have also assured their customers that enhanced security protocols are being implemented to prevent future breaches.

ALEX Lab was launched in 2021 by former bankers Chiente Hsu and Rachel Yu. The platform aims to simplify the use of decentralized finance (DeFi) services on Bitcoin via Stacks, a platform for smart contracts. According to CoinCarp data, the startup has raised a total of $18.3 million, although its valuation has not been disclosed.

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