Alphapo hot wallets hacked for over $31 million

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Crypto payment platform Alphapo had at least $31 million drained from its hot wallets on Ether (ETH), TRON (TRX) and Bitcoin (BTC), security experts reported on July 22. Since the number of Bitcoins stolen is uncertain, the figures may be even higher.

According to on-chain detective ZachXBT, the funds were stolen on the Ethereum network, then exchanged for ETH before being bridged to the Avalanche and Bitcoin blockchains. According to the DeDotFi security team, the hack may have been caused by leaking private keys. Investigations are still in progress.

Alphapo is a payment processor that offers instant transactions in over 30 digital assets and balances in a range of fiat currencies. The company is best known for being the crypto gateway for a number of gambling platforms, including HypeDrop, Ignition and Bovada.

After the incident, Alphapo’s client HypeDrop stopped processing crypto transactions. The Mystery Box platform said on Twitter that it is experiencing problems with deposits and withdrawals as a result of the hack. “Please know that your HypeDrop funds are safe, but we encountered a problem on the side of the cryptocurrency provider. Once the provider’s operations resume, processing deposits will be credited accordingly,” it stated.

Despite not commenting on the incident, an Alphapo spokesperson told Cointelegraph that deposits and withdrawals are being reinstated for sets of currencies at the same time. “We kindly ask all our users to refrain from sending funds to the old deposit addresses. However, in the rare case that this happens, the funds originating from such deposits will be additionally verified.”

In another security incident over the past few days, decentralized financial protocol Conic Finance has experienced two attacks in a matter of hours. The first exploit saw $3.26 million in Ether stolen, with almost the entire amount sent to an Ethereum address in just one transaction. The second incident happened a few hours later, the protocol revealed in a postmortem report, saying it was a variant of a sandwich attack targeting its pools, and netted the attacker about $300,000.

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