Alex Labs Tracks Lazarus Group in $4 Million DeFi Heist

The mystery behind a major crypto heist is SOLVED!

Alex Labs, a key developer in Bitcoin’s 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.

Read on to discover more.

The Cyberattack and Its Fallout

On May 16, Alex Labs fell victim to a targeted breach of its BNB Smart Chain bridge, 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).

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.

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. 

Cooperative Measures

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.

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.

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DeFi’s future is bright. This incident highlights the industry’s growing focus on security.