Alphapo, a payment processor, allegedly fell victim to hackers, resulting in a loss of more than $23 million in various currencies and tokens.
Crypto “sleuth” ZachXBT, who has been closely monitoring the movement of stolen funds through different networks, exposed the Alphapo attack on July 23.
According to the ZachXBT report, the hackers exploited vulnerabilities in Alphapo’s security measures and gained access to the platform’s active wallets for Ethereum, Tron, and Bitcoin.
They subsequently emptied these wallets, causing substantial losses for the payment processor.
As part of their attack, the hackers used the stolen tokens to buy additional Ethereum.
To further obfuscate their trail, they transferred the newly acquired Ethereum to the Avalanche network, making it increasingly challenging to trace the origins of illicit funds.
At the same time, the stolen Bitcoins were quickly transferred to a different address, further complicating efforts to recover the digital assets.
The hack not only affected Alphapo, but also had a ripple effect on various crypto services, including HypeDrop, Bovada and Ignition. As a result of the breach, users of the services found it difficult to withdraw their cryptocurrencies, further aggravating the situation.
In an official statement, HypeDrop acknowledged the attack and informed its users that its provider is actively working to address issues stemming from the breach.
In particular, they are currently experiencing difficulties with BTC, ETH, and TRX withdrawals, as well as ETH and TRX deposits.
To help resolve the incident, ZachXBT identified the wallet addresses linked to the $23 million hack. However, the extent of the Bitcoin theft remains unclear as the investigation continues.
Hacks are common in decentralized finance (DeFi).
PeckShield, a blockchain intelligence company, has recently recorded more than 395 exploits accruing losses of more than $479.4 million. .
