Alphapo Hacked and Lost Over $31 Million In Crypto
Alphapo, a payment processor, was hacked and lost more than $31 million in different cryptocurrencies. Crypto detective ZachXBT warned people about this exploit where hackers hacked Alphapo's hot wallets and drained over $31 million worth of crypto.
The point to be noted, it is confirmed that hackers managed to steal over $31 million. The number of stolen Bitcoin is uncertain, so the total stolen crypto would be a lot higher than what is found now. They are still doing more investigations.
According to ZachXBT’s report, hackers gained access to Alphapo's hot wallets by exploiting the vulnerabilities of the platform's security. When they managed to get access to the hot wallets for Ethereum, Tron, and Bitcoin, they transferred and swapped funds for ETH. Then hackers bridged to the Avalanche and Bitcoin blockchains. They transferred stolen funds to different wallets to make it difficult to track.
We may get more information later. According to DeDotFi’s security team, a leak of private keys caused this hack. Hackers are active to take advantage of any opportunity or vulnerability to launch their attacks. That is a big loss for the platform.
Alphapo is well-known as a payment processor that offers instant payment services in more than 30 cryptocurrencies and a wide range of fiat currencies. It is also used as a payment gateway for some gambling platforms like HypeDrop, Bovada, and Ignition.
Gambling platforms offer gambling services, but now they are in trouble due to the hack of the payment processor Alphapo. HypeDrop stopped deposits and withdrawals of crypto. They assured users not to worry about this.
Pending deposits on HypeDrop will be added to the balance when the payment processor starts its operation. Users have to make new requests to withdraw since pending withdrawal requests are canceled.
One crypto platform is directly or indirectly related to other platforms. So when hackers exploit and hack a crypto platform, it affects others. The team always tries to recover the stolen funds. Will they become successful to do that?
Blockchain security experts at SlowMist analyzed this attack and the flow of stolen funds. According to their analysis, the attackers' move is similar to the previous exploit that is associated with the North Korean notorious Lazarus group.
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Reference: 1.
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It sounds weird to see that they are holding the private keys of the accounts on their platform. I wonder if that was intended or was it gotten when someone approved a transaction?
If the platform exposes its vulnerability, hackers will keep taking advantage of that to attack and drain the funds. The stolen crypto figure is increased according to the latest report. Now it is over $60 million.