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Alex Lab points to Lazarus Group after last month’s $4M exploit

In a concerning development for cryptocurrency security, reports have surfaced indicating that Alex Lab, a prominent Bitcoin Layer 2 protocol, may have fallen victim to exploitation by the Lazarus Group, a notorious hacking collective allegedly tied to North Korea.

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In a concerning development for cryptocurrency security, reports have surfaced indicating that Alex Lab, a prominent Bitcoin Layer 2 protocol, may have fallen victim to exploitation by the Lazarus Group, a notorious hacking collective allegedly tied to North Korea.

According to cybersecurity experts, the Lazarus Group has leveraged vulnerabilities within the Alex Lab protocol to conduct unauthorized transactions and potentially siphon funds from users’ accounts. The revelation underscores ongoing challenges in securing decentralized finance (DeFi) platforms, particularly those operating on Layer 2 solutions designed to enhance Bitcoin’s scalability and efficiency.

The Alex Lab team, in response to the breach, has initiated emergency measures to mitigate further risks and protect user assets. Security patches and updates are reportedly being deployed to address the identified vulnerabilities and strengthen the protocol’s defenses against future attacks.

Concerns over the Lazarus Group’s activities have been heightened by its history of sophisticated cyber operations targeting financial institutions and cryptocurrency platforms worldwide. The group’s alleged ties to North Korea have raised geopolitical implications, with authorities closely monitoring developments to prevent illicit activities and safeguard digital assets.

The incident serves as a stark reminder of the persistent cybersecurity threats facing the cryptocurrency ecosystem, despite efforts to implement robust security measures. Investors and stakeholders are urged to exercise caution and remain vigilant against potential risks, including phishing attacks and malware targeting decentralized networks.

As investigations into the Alex Lab breach continue, industry experts emphasize the importance of proactive security protocols and community collaboration to fortify the resilience of blockchain technologies. The incident underscores the need for continuous monitoring and swift responses to emerging cyber threats in the evolving landscape of digital finance.

In light of these developments, stakeholders await further updates from Alex Lab regarding the extent of the breach and measures taken to restore confidence in the platform’s security infrastructure. The incident highlights ongoing challenges in balancing innovation with security in the rapidly expanding realm of decentralized finance and cryptocurrency markets.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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