- A crypto payment service provider Alphapo’s hot wallet was hacked and $23 million in Ethereum, Tron and Bitcoin were stolen.
- Ether stolen by the attacker was bridged to Avalanche and Bitcoin.
- The payment processor caters to crypto gambling services, withdrawal services on HypeDrop, Bovada and Ignition are affected.
Altcoins like Ethereum, Tron and others in the top 50 cryptocurrencies by market capitalization are making strides in the ongoing alt season in July. Amidst this, crypto payment processor Alphapo was hit by a hack, the firm’s hot wallets were drained of $23 million in Ethereum (ETH), Tron (TRX) and Bitcoin (BTC).
Crypto payment processor drained of millions in altcoins
Crypto influencer and analyst ZachXBT monitored the state of crypto payment processor Alphapo and identified a hack of $23 million. Hot wallets of the processor were drained for Ether, Tron and BTC early on Sunday.
Earlier today Alphapo hot wallets were drained for $23M+ on ETH, TRON, BTC.— ZachXBT (@zachxbt) July 23, 2023
HypeDrop (Alphapo customer) has since had withdrawals disabled.
On Ethereum the stolen funds were swapped for ETH then bridged to Avalanche and Bitcoin. pic.twitter.com/pj7i3ZlBrX
The stolen funds were converted to Ether and then bridged to Avalanche and Bitcoin on the ETH blockchain. In response to the hack, crypto withdrawals of gambling services HypeDrop, Bovada and Ignition were hampered and users were unable to access their funds.
Our provider is currently working to solve some recent issues from their side, they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX.— HypeDrop (@HypeDrop) July 22, 2023
We are actively monitoring the situation with them and will provide you with an…
The wallet addresses associated with the $23 million hack have been identified:
The complete extent of the Bitcoin theft remains unclear at the time of writing. Crypto intelligence trackers are conducting their investigation alongside cybersecurity experts and analyzing the involved addresses on-chain.
Incidents similar to the one that currently plagues Alphapo are common in the DeFi ecosystem and blockchain intelligence firm PeckShield observed more than 395 major hacks in the Web3 space. A total of $479.4 million in funds was lost to such exploits and the top 10 accounted for $378.3 million worth of hacks.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.