Crypto payment platform Alphapo had at least $31 million drained from its Ether hot wallets (ETH), TRON (TRX), and Bitcoin (BTC), security experts reported on July 22. Since the number of stolen Bitcoins is uncertain, the figures may be even higher.
According to on-chain detective ZachXBT, the funds have been stolen on the Ethereum network, then interchanged for ETH before connecting to the Avalanche and Bitcoin blockchains. According to the DeDotFi security team, the hack may have been caused by leaking private keys. Investigations are still ongoing.
Alphapo is a payment processor that offers instant transactions in more than 30 digital assets and balances in a variety of fiat currencies. The company is best known for being the crypto gateway for various gaming platforms including HypeDrop, Ignition, and Bovada.
Hot Alphapo wallet hacked
Over $31,000,000 stolen, with reports suggesting up to ~$100 million.
The hot wallet was hacked into Ethereum, Tron and BTC. The stolen funds were exchanged and distributed among various EOAs.
: Here are the details of the incident pic.twitter.com/bLeCLJvH6G
โ De.Fi๏ธ Web3 Antivirus (@DeDotFiSecurity) July 23, 2023
After the incident, Alphapo's client HypeDrop stopped processing crypto transactions. The mystery box platform saying on Twitter that it is experiencing issues with deposits and withdrawals as a result of the hack. โPlease note that your HypeDrop funds are safe, but we encountered a problem from the cryptocurrency provider. Once the provider resumes operations, deposit processing will be credited accordingly,โ he stated.
Despite not commenting on the incident, an Alphapo spokesperson told Cointelegraph that deposits and withdrawals are being reset for batches of coins at a time. "We kindly ask all of our users to refrain from sending funds to old deposit addresses. However, in the rare event that this happens, funds derived from such deposits will be further verified."
In another security incident in recent days, the decentralized finance protocol Conic Finance experienced two attacks in a matter of hours. In the first exploit, $3.26 million worth of Ether was stolen, with almost the entire amount being sent to an Ethereum address in a single transaction. The second incident took place a few hours later, the protocol revealed in a post-mortem report, which said it was a variant of a sandwich attack targeting his groups, netting the attacker around $300,000.
Magazine: Should Crypto Projects Ever Deal With Hackers? Probably
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