ALEX Platform Breach Investigation Update: Lazarus Hacker Group Allegedly Involved

Bittime -ALEX platform, a Bitcoin DeFi service, has released an update on their investigation into a security breach that occurred in May. The incident involved unauthorized access and resulted in loss of funds.

Lazarus Group Allegedly as the Perpetrator

According to ALEX, an investigation aided by blockchain analyst @Zachxbt, has uncovered a large amount of transaction data linking the attack to the notorious Lazarus Group. This organization is strongly suspected of being affiliated with the North Korean government and has a history of cyber attacks.

Recovery Efforts Underway

ALEX is actively working with international law enforcement agencies and cybersecurity experts to address the consequences of the attack. Their efforts focus on recovering stolen assets and implementing stricter security protocols to prevent similar incidents in the future.

The platform is committed to regaining the trust of its users and ensuring the integrity of the platform.

Stolen Asset Recovery Efforts

On May 25, 2024, ALEX took steps to expedite the recovery of stolen assets. They sold 3% of their tokens to raise 10 million USDC. These funds are allocated as follows:

• 7 million USDC: allocated to bounty programs or Treasury Grant projects. The bounty program aims to attract help from the cybersecurity community to track and recover stolen assets. Treasury Grants can be awarded to organizations or individuals who help improve the security of the ALEX platform.
• 3 million USDC: used to fund foundation operations, employee salaries, marketing, security contracts, and legal fees.

Assets that have not been recovered

Additionally, the investigation found that approximately 4 million stolen STX tokens had been sent to 27 different crypto asset exchanges. Unfortunately, approximately 1 million STX of this amount cannot be recovered.

ALEX also suspects the existence of another 10 million STX stored in several on-chain wallets. The ALEX Foundation is working hard to contact the parties involved with the wallet.

ALEX's Commitment for the Future

ALEX is committed to continuing to provide the most up-to-date information regarding investigations and asset recovery efforts. They also promised to improve platform security to prevent similar incidents in the future. Further developments will continue to be updated via the official platform.

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