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

• ALEX Lab hacker executed over 9,700 transactions to disperse stolen STX tokens.
• The amount of traceable transactions surged from 300 to over 9,600.
• The attacker deposited $15M STX into exchanges, with a steadiness of $9.9M remaining.

ALEX Lab, a Bitcoin layer-two (L2) community bridge, has issued an replace on the current hack that resulted within the theft of thousands and thousands of {dollars} in cryptocurrency, detailing the perpetrator’s ongoing efforts to launder the stolen funds.

In accordance with the replace, as of 11 AM, June 17, the perpetrator has executed greater than 9,700 transactions, systematically creating new pockets addresses and distributing the stolen STX tokens throughout these wallets.

Because of this, the amount of traceable transactions has surged dramatically, escalating from an preliminary 300 to over 9,600, displaying no indicators of slowing down. This tactic has considerably elevated the variety of distinctive addresses beneath the attacker’s management from fewer than 100 to over 4,700 inside simply seven days.

ALEX Lab famous that the hacker is transferring smaller quantities of STX to hundreds of latest addresses, that are later funneled into Centralized Exchanges (CEXs).

Regardless of these challenges, ALEX Lab stories robust cooperation from the vast majority of CEXs within the restoration efforts. Nonetheless, the attacker has been adept at adapting and quickly altering the goal CEXs to deposit the stolen funds to evade restoration actions.

Presently, traceable STX deposits into CEXs quantity to eight,373,587 STX, valued at about $15 million. The attacker’s on-chain steadiness stands at roughly 5,560,332 STX, or $9.9 million, contemplating solely wallets holding greater than 100 STX.

Notably, this exploit started in mid-Might, and the ALEX Lab crew has supplied a ten% bounty for the return of 90% of the stolen funds, however to no avail. ALEX Lab stays dedicated to monitoring and recovering the stolen funds, working carefully with CEXs, and leveraging the newest blockchain forensic strategies.