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Major Crypto Theft Involving Alphapo
Security professionals confirmed on July 22 that cyber thieves had successfully siphoned off at least $31 million from hot wallets of the cryptocurrency payment platform, Alphapo. The actual losses may climb higher as the exact quantity of stolen Bitcoins remains uncertain.
In-depth Analysis of the Hack
Blockchain investigator, ZachXBT, specified that the theft took place on the Ethereum network after which the stolen funds were converted to ETH, and later channeled to the Avalanche and Bitcoin blockchains. DeDotFi’s security team hinted at a possible compromise of private keys as the root cause behind this significant heist. Investigations into the matter are actively ongoing.
About Alphapo
Alphapo is a renowned payment processor offering immediate transactions involving more than 30 digital assets, with account balances offered in various fiat currencies. Its popularity stems from it being a preferred cryptocurrency gateway for several gambling platforms like HypeDrop, Ignition and Bovada.
Impact of the Incident
As a result of the security breach, Alphapo client, HypeDrop, suspended processing of cryptocurrency transactions. In a statement on Twitter, the mystery box platform conveyed that while user funds on HypeDrop remained secure, deposit and withdrawal operations have been affected due to issues with the crypto provider.
While Alphapo hasn't issued a public comment regarding the hack, a company spokesperson did inform Cointelegraph that deposit and withdrawal operations are gradually being restored for various currencies. Users were requested to abstain from sending funds to previously used deposit addresses, with additional verification planned for amounts deposited at these addresses.
Additional Industry-Wide Security Breach
In another security-related concern, Conic Finance, a decentralized finance protocol, suffered two attacks in quick succession. The initial exploit allowed thieves to make off with $3.26 million worth of Ether in a single transaction. A repeat incident took place hours later, with the infiltrator executing a variant of a sandwich attack and making away with approximately $300,000.
