Alex Lab hack reportedly hits SPD Bank clients after earlier $8.3M exploit

A security breach at Bitcoin-focused DeFi protocol Alex Lab has reportedly spilled into traditional finance, with customers of Shanghai Pudong Development Bank (SPD Bank) among those affected. The June 6, 2025 exploit resulted in roughly $8.3 million in losses — including 8.4 million STX, 21.85 sBTC and tens of thousands in USDT/USDC/wBTC — following earlier attacks (a 2024 bridge hack that drained >$4M). Investigations have linked prior incidents to DPRK-associated groups such as Lazarus, and Alex Lab has pledged to reimburse users from its treasury. The episode raises contagion and regulatory risk between DeFi and banks, likely increasing scrutiny from Chinese and international regulators and putting near-term downward pressure on risk appetite in crypto markets while stressing the need for improved protocol security and cross-border AML controls.