A devastating cyberattack struck ALEX Lab, a cutting-edge Bitcoin-based protocol bridge, last month. The attacker exploited a private key vulnerability, making off with a staggering $4.3 million. In a recent update, ALEX Lab revealed that the hacker has been scattering the stolen funds across thousands of online addresses in a desperate bid to evade detection.

The attacker has initiated a staggering 9,700 transactions in just seven days, creating over 4,700 unique addresses. Their goal is to conceal the stolen funds by transferring small amounts of Stacks (STX) tokens to numerous addresses, which are then sent to centralized exchanges (CEXs). However, ALEX Lab's team has managed to freeze the majority of the stolen funds, preventing the attacker from accessing them.

Despite this setback, the hacker remains determined to cash in on the stolen funds using various crypto mixers. ALEX Lab had offered a 10% bounty reward to the attacker, but it has since expired. The protocol is now focused on reimbursing affected individuals and liquidity pools. ALEX Protocol has received significant financial backing from reputable Web3 investors, including Gemini, Tribe Capital, GSR Ventures, and White Star Capital.

The attack has sent shockwaves through the market, with the ALEX token plummeting by over 44% in the past seven days. The Stacks (STX) price has also dropped by over 5% in the last 24 hours. Unless the attacker is brought to justice, the value of both tokens is likely to continue declining.

In conclusion, the ALEX Protocol breach has highlighted the critical importance of security in the cryptocurrency space. As the attacker continues to manipulate the stolen funds, ALEX Lab is working tirelessly to rectify the situation and prevent further damage. This incident serves as a stark reminder of the need for robust security measures to safeguard against such attacks and protect users' assets. The future of cryptocurrency protocols hangs in the balance, and only time will tell if they can regain the trust of investors and users alike.