$60 Million Cryptocurrency Stolen from Alphapo

by Nik Asti

Published: July 25, 2023 at 8:00 am Updated: July 25, 2023 at 7:45 am

by Danil Myakin

Edited and fact-checked: July 25, 2023 at 8:00 am

In Brief

The Alphapo heist serves as a reminder that the cryptocurrency world is vulnerable to cyberattacks, and all stakeholders must work together to combat and deter such criminal activities.

In a recent turn of events, the heist targeting the hot wallet of the cryptocurrency company Alphapo has escalated to a loss of $60 million. The details of this digital theft were reported by ZachXBT, who recently uncovered an additional theft of $37 million in TRON and BTC in the aftermath of the cyberattack.

Alphapo's Hot Wallet Heist Swells to $60M

As of now, the total amount siphoned off from Alphapo has soared to an alarming $60 million. The incident has not only spotlighted potential security vulnerabilities in the crypto ecosystem but also underscored the need for robust measures to combat rising threats.

Previously, it was reported that Alphapo’s hot wallet had been compromised, leading to a loss of $23 million. Immediately following the breach, Alphapo HyperDrop, a client associated with the firm, responded by disabling withdrawals to stem further losses.

For those unfamiliar Alphapo processes payments for a number of gambling services such as HypeDrop, Bovada, and Ignition.

It remains unclear at this time how much BTC was stolen from Alphapo.

Addresses
0x040a96659fd7118259ebcd547771f6ecb9580d17…
— ZachXBT (@zachxbt) July 23, 2023

Alphapo Hot Wallet Heist

The ongoing probe into the theft has unearthed an intricate network of transactions, pointing to a well-planned and sophisticated operation. The hackers initially funneled the looted funds to the Ethereum network, presumably to blur the origins and source of the stolen funds. They then interlinked these funds with the Avalanche network and Bitcoin (BTC), creating multiple layers of obscurity to conceal their trail.

Speculations have linked the heist to a group with potential ties to Lazarus, a notorious cybercriminal organization known for carrying out large-scale attacks. Such conjectures have amplified concerns about the burgeoning threats posed by advanced hacking entities in the crypto arena.

The Alphapo heist serves as a grim reminder of the crypto world’s susceptibility to cyberattacks. To counter such nefarious activities, there’s a pressing need for collective action among exchanges, law enforcement agencies, and cybersecurity experts. Such collaboration will be critical in apprehending the culprits and rebuilding trust in the cryptocurrency ecosystem.

ZachXBT has successfully exposed two French NFT thieves who have stolen millions of dollars worth of crypto assets.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti