Over $31 Million Lost in Hacks of Alphapo Hot Wallets

Crypto Payment Platform Alphapo Suffers Hack

On July 22, security experts reported that Alphapo, a crypto payment platform, had at least $31 million drained from its hot wallets on Ether (ETH), TRON (TRX), and Bitcoin (BTC). The actual amount of Bitcoin stolen is uncertain, so the figures may be even higher.

ZachXBT, an on-chain sleuth, noticed that the funds were stolen on the Ethereum network, then swapped for ETH before being transferred to the Avalanche and Bitcoin blockchains. DeDotFi’s security team believes that the hack was caused by a leak of private keys. Investigations are still in progress.

Alphapo is well-known for being the crypto gateway for various gambling platforms, such as HypeDrop, Ignition, and Bovada. It offers instant transactions in over 30 digital assets and balances in a range of fiat currencies.

After the incident, HypeDrop, one of Alphapo’s clients, stopped processing crypto transactions. The Mystery box platform tweeted that it is having issues with deposits and withdrawals due to the hack. It assured its users that their funds are safe and that deposits will be credited once the provider’s operations resume.

Despite not commenting on the incident, a spokesperson for Alphapo told Cointelegraph that deposits and withdrawals are being reinstated for batches of currencies at a time. “We kindly request all our users to refrain from sending funds to the old deposit addresses. However in the odd case this happens, the funds deriving from such deposits will be additionally verified.”

In another security incident over the past few days, decentralized finance protocol Conic Finance experienced two attacks in a matter of hours. The first exploit saw $3.26 million in Ether stolen, with nearly the entire amount being sent to an Ethereum address in just one transaction. The second incident took place a few hours later, the protocol revealed in a post-mortem report, saying it was a variant of a sandwich attack targeting its pools, and netted the attacker around $300,000.

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