$15M STX Laundered in ALEX Lab Hack: 9,700 Transactions Traced in Major Cryptocurrency Heist

• A recent hack of ALEX Lab has resulted in the theft of millions of dollars in cryptocurrency.
• The attacker has executed over 9,700 transactions to distribute the stolen funds, greatly increasing the number of unique wallet addresses involved.
• ALEX Lab has reported ongoing cooperation with centralized exchanges, although the hacker continues to adapt their tactics to evade recovery efforts.

Explore the latest updates on the ALEX Lab hack, including the rise in traceable transactions and ongoing efforts to recover the stolen cryptocurrency.

Massive Increase in Traceable Transactions Following ALEX Lab Hack

The ALEX Lab, a prominent Bitcoin layer-two network bridge, recently updated stakeholders about a significant security breach. The hacker responsible has implemented a systematic approach to spreading the stolen STX tokens across thousands of new wallet addresses. This activity has driven the number of traceable transactions from 300 to over 9,600 in a short period.

Efforts to Distribute and Launder Stolen Funds

Since June 17, there have been over 9,700 transactions executed by the attacker, aimed at distributing the stolen cryptocurrency. This tactic involves creating a multitude of new wallet addresses, bringing the number of unique addresses from fewer than 100 to more than 4,700. The goal appears to be to deposit smaller amounts of STX into these addresses before funneling them into centralized exchanges (CEXs).

Challenges and Cooperation in Recovery Efforts

Despite the complex challenges posed by the hacker’s evasive tactics, ALEX Lab reports that most CEXs have been cooperating in recovery efforts. Unfortunately, the attacker has shown considerable skill in rapidly shifting the target CEXs, complicating the recovery process.

Current Status of Stolen Funds

As of now, about 8,373,587 STX tokens, valued at around $15 million, have been traced to deposits within CEXs. The on-chain balance of the attacker stands at approximately 5,560,332 STX, or roughly $9.9 million. This figure considers only those wallets with holdings exceeding 100 STX.

Conclusion

The ALEX Lab team remains committed to tracking and recovering the stolen cryptocurrency. Offering a 10% bounty for the return of 90% of the stolen funds has yielded no results so far. Nevertheless, ALEX Lab continues to collaborate with CEXs and employs advanced blockchain forensic techniques to ensure the recovery of the stolen assets.