DeFi

DeFi Protocol Alex Lab $4M Hack Linked to Lazarus Group

Published

7 months ago

26 June, 2024

crypto scam, north korea hack, ETH, DeFi

Alex Lab, a Bitcoin-based DeFi protocol, revealed new details about the hack suffered in May. The project announced that it had potentially identified the attacker with the help of a blockchain detective while police continued to investigate the incident.

DeFi protocol loses millions due to phishing attack

On May 15, the Alex Lab Foundation was the victim of an exploit that cost users millions of dollars. DeFi Protocol revealed that the attacker obtained private keys via a phishing attack, granting them full access to the funds.

The attacker used the compromised keys to access one of the vaults associated with the Alex Liquidity Pool, compromising all assets in the vault.

The list of affected assets includes aBTC, sUSDT, XBTC, xUSD, ALEX, atALEX, LiSTX, SKO, CHAX, $B20, ORDG, ORMM, ORNJ, TRIO, TX20 and STXS. Nonetheless, the project said its code and underlying smart contract infrastructure had not been compromised.

After taking over as administrator, the attacker drained approximately 13.7 million Stacks (STX), of which 3 million were sent to multiple centralized exchanges (CEX). According to the report, exploiters sent STX to Binance, Kraken, OKX, Bybit, Kucoin and other exchanges.

Summary of the stolen STX. Source: Alex Lab on X

By May 16, the DeFi project had recovered most of the affected assets. Additionally, he revealed that he was monitoring exploiters’ wallets and had informed the relevant CEXs.

Alex Lab also said that some of the stolen funds, worth about $4 million, were being recovered from one of the centralized centers. Exchanges. However, the protocol explained that there was no guarantee that all stolen funds could be recovered.

Lazarus Group Linked to Attack

On June 17, Alex Lab updated investors on the status of the incident. After failing to contact the exploiter, the DeFi protocol continued to track down the stolen assets.

As a result, the team found that the hacker had broadcast nearly 10,000 transactions in a month. According to the post, the attacker generated hundreds of new addresses to disperse STX tokens on-chain. After sending the balance to the new wallets, the tokens were transferred to the CEXs in smaller quantities.

The number of wallets linked to the exploit is growing exponentially every day “with no sign of stopping.” Last week, 8.3 million STX, worth approximately $14 million, was deposited with CEXs. During this time, approximately 5.5 million STX remained on-chain.

Challenge

Movement of the stolen STX tokens. Source: Alex Lab on X

June 24, Alex Lab detailed crucial new findings in the ongoing investigation. According to the DeFi protocol, they had potentially identified its attackers.

Apparently, some of the exploit addresses have been linked to the North Korean hacking group. Lazare Group. Forensic analysis, assisted by crypto detective ZachXBT, revealed “substantial transaction evidence linking the attack to the Lazarus Group.”

The original operating address to which the funds were initially sent transferred the funds to a second address, which appears linked to the North Korean hacking group. Transaction history shows that the second address “used a known Lazarus TRON address.”

The Foundation explained that it had facilitated contacts between the CEX and the Singapore police. Finally, they said they are working with cybersecurity experts to “address the implications of this attack and recover lost assets.”

BTC, BTCUSDT, DeFi

BTC is trading at $61,250 in the three-day chart. Source: BTCUSDT on TradingView

Featured image from Unsplash.com, chart from TradingView.com

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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