ALEX Lab the developer of a Bitcoin defi tool suggests that the Lazarus Group is likely responsible for a 4m hack

The recent $4 million attack on ALEX Lab, a defi platform focused on Bitcoin, is believed to have been carried out by North Korean hackers, specifically the Lazarus Group. A post by ALEX Lab’s official account on Jun. 25 stated that there is significant evidence linking the attack to the Lazarus Group.

In May, ALEX Lab suffered a loss of over $4.3 million in various tokens as a result of the attack on its bridging service. Following the incident, the ALEX Lab developers announced in a now-deleted post that they had identified the individual responsible for the security breach. They also offered a 10% reward for the return of 90% of the stolen funds. However, the post was later removed without further explanation.

The ALEX Lab team reassures its customers that it is actively cooperating with international law enforcement and cybersecurity experts to address the consequences of the attack and recover the lost assets. They are also implementing enhanced security protocols.

Founded in 2021 by former bankers Chiente Hsu and Rachel Yu, ALEX Lab aims to simplify the use of decentralized finance services on Bitcoin through the Stacks platform, which supports smart contracts. According to data from CoinCarp, the startup has raised a total of $18.3 million, although its valuation has not been disclosed.

In related news, the Lazarus Group hackers have recently introduced a new method for cyber attacks.