Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin DeFi application ALEX Lab was drained of over $4.3 million in various tokens early Wednesday after a suspected private key compromise attacked its bridging service.the attackers likely caught hold of a private key that controlled ALEX’s XLink bridge, a service that lets users transfer tokens between different blockchains. The hacker transferred over $300,000 worth of bitcoinin early European hours, claiming they knew the identity of the attacker.
“ALEX Lab Foundation has identified the individual responsible for the recent security breach and is offering a resolution through a bounty arrangement,” the developers said. “ALEX assures that upon compliance, there will be no further pursuit or law enforcement involvement. This offer stands until May 18 at 0800 UTC.”
Funds associated with the hacker have been frozen by major exchanges to prevent further misuse, the team said., such as Ronin’s $650 million drain in 2022 and Harmony’s $100 million hack in the same year, were the result of poor private key security.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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