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Friday, March 1, 2024

Millions Vanish As Alphapo Hot Wallets Hacked

On July 22, a staggering $31 million was stealthily siphoned from Alphapo’s hot wallets on the Ethereum blockchain. While the extent of Bitcoin theft remains uncertain, there are fears that the actual figures could be even more alarming.

Investigation Underway

Renowned on-chain investigator ZachXBT revealed that the perpetrators exploited the Ethereum network to pilfer the funds, swiftly converting them into ETH. They then cleverly transferred the ill-gotten gains across the Avalanche and Bitcoin blockchains, complicating the tracking process. The prevailing theory among DeDotFi’s security experts suggests that a potential leak of private keys might have triggered the breach. As the investigations continue, the crypto community anxiously awaits justice.

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Alphapo’s Services Disrupted

Alphapo, a prominent payment processor facilitating rapid transactions across 30 digital assets and various fiat currencies, had established itself as a gateway for numerous gambling platforms, including HypeDrop, Ignition, and Bovada.

In the aftermath of the cyberattack, HypeDrop was forced to halt cryptocurrency transactions due to the fallout. The platform, reassuring its users, took to Twitter to address the situation and assure them that their HypeDrop funds were secure. However, they faced complications with deposits and withdrawals, awaiting the restoration of the cryptocurrency provider’s operations for smooth resumption.

Alphapo’s spokesperson remained tight-lipped about the incident but disclosed that they were gradually reinstating deposits and withdrawals for select currencies in batches. They also advised users not to send funds to the old deposit addresses to avoid further complications. Any funds originating from such deposits would be subjected to additional verification processes to safeguard users’ assets.

Conic Finance in Double Trouble

Adding to the turmoil in the crypto space, the decentralized finance (DeFi) protocol Conic Finance endured not one but two attacks in quick succession. The initial exploit resulted in the theft of $3.26 million worth of Ether, with the majority being funneled to a single Ethereum address in a single transaction. Shortly thereafter, the protocol faced another attack, identified as a variant of a sandwich attack, specifically targeting its pools and yielding the attacker an estimated $300,000.

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