The developer of Bitcoin-focused defi platform ALEX Lab says North Korean hackers are likely behind the latest $4 million attack.

North Korean hacker group Lazarus Group is very likely responsible for the attack that left Bitcoin-focused defi platform ALEX Lab without $4 million worth of tokens earlier in May. In an X post on Jun. 25, ALEX Lab’s official account said there’s “substantial transaction evidence” showing that the attack is linked 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…

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

In mid-May, ALEX Lab was drained of more than $4.3 million in multiple tokens following the attack on its bridging service. Shortly after the attack, ALEX Lab developers revealed in a now-deleted X post they “identified the individual responsible for the recent security breach.” At the same time, the team offered a 10% bounty for the return of 90% of the stolen funds. Later on, the post was quietly removed without further explanation.

The ALEX Lab team assures its customers that it is “actively collaborating with international law enforcement and cybersecurity experts to address the implications of this attack and to recover lost assets,” adding that “enhanced security protocols are being implemented.”

Launched in 2021 by former bankers Chiente Hsu and Rachel Yu, ALEX Lab was developed to simplify the use of decentralized finance (defi) services on Bitcoin via Stacks, a platform for smart contracts. According to data from CoinCarp, the startup raised a total of $18.3 million, though its valuation hasn’t been disclosed.