Alphapo, a payment processor, reportedly fell victim to hackers, resulting in a loss of more than $23 million in various coins and tokens.
Crypto “detective” ZachXBT, who has been closely tracking the movement of stolen funds across different networks, brought to light the Alphapo attack on July 23.
Earlier today Alphapo hot wallets were drained for $23M+ on ETH, TRON, BTC.HypeDrop (Alphapo customer) has since had withdrawals disabled. On Ethereum the stolen funds were swapped for ETH then bridged to Avalanche and Bitcoin. pic.twitter.com/pj7i3ZlBrX— ZachXBT (@zachxbt) July 23, 2023
According to ZachXBT’s report, the hackers exploited vulnerabilities in Alphapo’s security measures, gaining access to the platform’s hot wallets for Ethereum, Tron, and Bitcoin.
Subsequently, they drained these wallets, causing substantial losses for the payment processor.
As part of their attack, the hackers utilized the stolen tokens to purchase additional Ethereum.
To further obfuscate their trail, they transferred the newly acquired Ethereum to the Avalanche network, making it increasingly challenging to trace the origins of the illicit funds.
At the same time, the stolen Bitcoins were promptly transferred to a different address, further complicating efforts to recover the digital assets.
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The hack not only impacted Alphapo but also had ripple effects on several crypto services, including HypeDrop, Bovada, and Ignition. As a result of the breach, users of the services encountered difficulties in withdrawing their cryptocurrencies, further exacerbating the situation.
In an official statement, HypeDrop acknowledged the hack and informed its users that their provider is actively working to address the issues arising from the breach.
Notably, they are currently experiencing difficulties with BTC, ETH, and TRX withdrawals, as well as deposits for ETH and TRX.
Our provider is currently working to solve some recent issues from their side, they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX. We are actively monitoring the situation with them and will provide you with an…— HypeDrop (@HypeDrop) July 22, 2023
To assist in resolving the incident, ZachXBT has identified the wallet addresses linked to the $23 million hack. However, the extent of the Bitcoin theft remains unclear as the investigation continues.
For those unfamiliar Alphapo processes payments for a number of gambling services such as HypeDrop, Bovada, and Ignition.It remains unclear at this time how much BTC was stolen from Alphapo.Addresses 0x040a96659fd7118259ebcd547771f6ecb9580d17…— ZachXBT (@zachxbt) July 23, 2023
Hacks are common in decentralized finance (DeFi).
PeckShield, a blockchain intelligence firm, has in recent past recorded over 395 exploits cumulatively leading to the loss of more than $479.4 million. .
Crypto scammers, hackers stole $450 million in H1 2023
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