Key Takeaways
- Crypto payments processor Alphapo suffers a $60 million hack, with hot wallets targeted by attackers.
- The stolen funds were skillfully swapped and bridged across various blockchains to obfuscate their origins.
- Suspicions arise of a potential Lazarus connection, drawing parallels to the on-chain patterns found in previous high-profile hacks.
In a shocking turn of events, crypto payments processor Alphapo has fallen victim to a major hack. Previously the estimated loss was thought to be $23M+ as stolen assets but today the actual figure has been found to be $60 million.
The updated figure comes from on-chain analyst ZachXBT’s latest findings, shedding light on the scale of the breach. Alphapo’s hot wallets were targeted, leading to a significant amount of digital assets being siphoned away by the attackers.
Alphapo, a well-known crypto industry player, is a crucial payment processor for various platforms. It is famous, particularly for online gambling websites like HypeDrop, Bovada, and Ignition. The association with these platforms makes it an attractive target for cybercriminals seeking to exploit vulnerabilities and gain access to substantial funds.
Hackers cunningly executed the breach, efficiently swapping stolen funds from Ethereum to ETH. Then they skillfully bridged them to different blockchains like Avalanche, Tron, and Bitcoin. This complex process allowed them to obfuscate the origins of the stolen assets. All this is making it challenging for authorities to trace and recover them
In response to the attack, HypeDrop has taken swift action by disabling withdrawals to prevent further damage and safeguard their users’ funds.
The incident has raised suspicions of a potential Lazarus connection. The on-chain patterns found in this attack share striking similarities with previous operations linked to the notorious North Korean hacking group. Lazarus has been known for conducting high-profile hacks targeting various sectors, including the crypto industry, in pursuit of illicit gains.
ZachXBT’s analysis has brought attention to these parallels, pointing to the possibility of Lazarus’ involvement in this latest cyber heist. As investigations continue, the crypto community closely monitors the situation. They seek to address the security loopholes that have exposed Alphapo and other platforms to such attacks.
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