• Tue. Feb 27th, 2024

Alphapo Hot Wallet Exploited for $23M

Alphapo Hot Wallet Exploited for M

Hackers have stolen $23 million worth of crypto assets from crypto payment service provider AlphaPo’s hot wallets.

On-chain sleuth ZachXBT first Recognized The hack stated that it affected Alphapo’s Ethereum, Bitcoin and TRON hot wallets. The hacker exchanged the funds stolen from Ethereum for ETH to Avalanche and Bitcoin.

The scale of AlphaPo’s exploitation

Blockchain security firm PeckShield Confirmed ZachXBT’s report points out that the stolen funds included 6.074 million USDT, $108,000 USDC, 100.2M FTN, 430K TFL, 2.5K ETH, and 1,700 DAI. All funds drained to 0x040a.

Alphapo Hack (Source: Peckshield)

The hacker exchanged stablecoins for 5.73 ETH before bridging them to BTC through Avalanche Bridge. They drained about 12 million USDT and 5.2 million TRX to TKSitn before transferring the funds to TDoNAZHa7.

Alphapo is a payment processor for several crypto-gambling platforms, including HypeDrop, Ignition and Bovada. Given the number of high-profile crypto gambling sites that use its service, the hack could have a significant impact.

The incident led to HypDrop temporarily suspending deposits and withdrawals for certain cryptocurrencies.

When a user questioned about HypDrop’s deposit and withdrawal issues, the firm was accused Status of an unnamed third-party service provider. It added that the provider had issues with BTC, ETH and TRX withdrawals and TRX and ETH deposits. However, it stated that users’ funds are safe.

“We are actively monitoring the situation with them and will provide you with an update as more information becomes available.”

Alfapo has yet to respond to BeInCrypto’s request for comment at the time of writing.

More than $100 million was stolen in July

This incident adds to the number of Web3 exploits and hacks in July. DeFilmama data shows that hackers have already stolen $100 million across several blockchain protocols.

Crypto Hacks in July
July’s Crypto Hacks (Source: DeFilmama)

The most notable exploit was the $126 million stolen from a cross-chain protocol called Multichain. While the circumstances of the exploit remain suspicious, experts believe it was either a rug pull or a compromise of administrator keys.

Stablecoins issuers Tether and Circle were able to freeze approximately $67 million worth of funds from the exploit. But the multichain team stopped working citing lack of operational funds and alternative sources of information.

Other protocols that benefited this month include AnubisDAO, Conic Finance, Rodeo Finance, ArcadiaFi, etc.

disclaimer

Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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