Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Layer-Two Bridge Exploit: ALEX Lab Details Laundering Scheme

Bitcoin Layer-Two Bridge Exploit: ALEX Lab Details Laundering Scheme

CoineditionCoinedition2024/06/17 17:55
By:Abdulkarim Abdulwahab
  • ALEX Lab hacker executed over 9,700 transactions to disperse stolen STX tokens.
  • The volume of traceable transactions surged from 300 to over 9,600.
  • The attacker deposited $15M STX into exchanges, with a balance of $9.9M remaining.

ALEX Lab, a Bitcoin layer-two (L2) network bridge, has issued an update on the recent hack that resulted in the theft of millions of dollars in cryptocurrency, detailing the perpetrator’s ongoing efforts to launder the stolen funds.

According to the update, as of 11 AM, June 17, the perpetrator has executed more than 9,700 transactions, systematically creating new wallet addresses and distributing the stolen STX tokens across these wallets.

As a result, the volume of traceable transactions has surged dramatically, escalating from an initial 300 to over 9,600, showing no signs of slowing down. This tactic has significantly increased the number of unique addresses under the attacker’s control from fewer than 100 to over 4,700 within just seven days.

ALEX Lab noted that the hacker is transferring smaller amounts of STX to thousands of new addresses, which are later funneled into Centralized Exchanges (CEXs).

Despite these challenges, ALEX Lab reports strong cooperation from the majority of CEXs in the recovery efforts. However, the attacker has been adept at adapting and rapidly changing the target CEXs to deposit the stolen funds to evade recovery actions.

Currently, traceable STX deposits into CEXs amount to 8,373,587 STX, valued at about $15 million. The attacker’s on-chain balance stands at approximately 5,560,332 STX, or $9.9 million, considering only wallets holding more than 100 STX.

Notably, this exploit began in mid-May, and the ALEX Lab team has offered a 10% bounty for the return of 90% of the stolen funds, but to no avail. ALEX Lab remains committed to tracking and recovering the stolen funds, working closely with CEXs, and leveraging the latest blockchain forensic techniques.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Crypto liquidations hit $1B as traders were ‘unprepared for bad news’

More than $1 billion has been liquidated in the crypto market over the past 24 hours as market participants were caught off guard by the strong momentum for crypto over the past 30 days. However, the analyst suggests the market downturn may be short-lived. “We’ve had such a bullish narrative over t

Bitget Academy2024/12/20 06:06

$SHIRO (CTO) Donates $1,000 USDT to the Neiro Foundation

A crypto collaboration to support animal welfare and global causes

CyrptoRo2024/12/20 05:33