Alphapo’s Security Breach Results in $60 Million Loss
The recent security breach at Alphapo, a crypto payments processor, has led to estimated losses of $60 million. Hackers were able to exploit the platform’s hot wallets, stealing over $23 million initially. However, an update from on-chain sleuth ZachXBT revealed that an additional $37 million compromised during the hack on Tron and Bitcoin has been located. Alphapo is a payments processor for crypto-related gambling platforms and was targeted by hackers who gained control of users’ crypto assets on various blockchains.
Details of the Hack and Stolen Assets
- The hackers stole approximately 6 million USDT, 108,000 USDC, 2,500 ETH, 1,700 DAI, 100 million FTN, 430,000 TFL, and an undetermined amount of BTC.
- They then swapped the stolen stablecoins and tokens for over 5,730 ETH before transferring them to Avalanche and Bitcoin.
- Based on blockchain analysis, the hack is believed to be the work of the North Korea-linked hacker group Lazarus, known for their distinctive on-chain fingerprint.
- Lazarus Group has been responsible for several high-profile crypto hacks, including the Ronin Network hack with a loss of $620 million and a total of $1.7 billion stolen throughout 2022.
Withdrawal Resumption Uncertain
Alphapo has yet to provide an official statement regarding the security breach. The HypeDrop team, a platform that uses Alphapo’s services, has temporarily halted the withdrawal service and reassured users that their funds are safe. Alphapo is currently manually processing withdrawals and it is unclear when automated withdrawals will resume. As a precaution, HypeDrop has engaged the services of another payment provider as a backup option.
Hot Take: Alphapo’s Security Breach Highlights the Ongoing Risks in the Crypto Industry
The recent security breach at Alphapo serves as a stark reminder of the vulnerabilities that exist in the crypto industry. Despite advancements in security measures, hackers continue to find ways to exploit weak points and steal significant amounts of cryptocurrencies. This incident underscores the importance of robust security protocols and constant vigilance in safeguarding crypto assets. Crypto users must remain cautious and take necessary precautions to protect their funds.
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