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

• 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).

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