Business Markets News Report
July 25, 2023

$60 Million Cryptocurrency Stolen from Alphapo

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.

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.

Alphapo Hot Wallet Heist

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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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

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Nik Asti
Nik Asti

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.

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