From $23 Million to $60 Million! New Development in the Event Shaking the Crypto Market! - COINTURK NEWS
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From $23 Million to $60 Million! New Development in the Event Shaking the Crypto Market!

4:38 pm (71 days ago)
July 25, 2023

There has been a new development in the hack attack targeting the hot wallet of the crypto payment processor Alphapo. The value of the funds stolen from Alphapo’s hot wallet by the attacker(s) has recently been calculated to be $60 million.

It Was Estimated That $23 Million Worth of Funds Were Stolen in the Attack

ZachXBT, a chain analyst, reported that an estimated $60 million worth of funds were stolen in the major hack attack targeting Alphapo’s hot wallet. ZachXBT’s initial estimate for the stolen funds was $23 million, but the amount increased to $60 million after it was determined that $37 million worth of funds were transferred to the Tron and Bitcoin networks.

Alphapo, as a crypto payment processor, has been observed to carry out various transactions for various online gambling platforms, including HypeDrop, Bovada, and Ignition. Hot wallets, which are online and constantly connected to the internet, are more vulnerable to cyber attacks compared to offline cold wallets.

The attacker(s) in this hack attack seem to have converted the stolen funds in the Ethereum Blockchain to ETH and then moved them to other blockchains such as Avalanche, Tron, and Bitcoin. As a result of the hack attack, affected companies and platforms like HypeDrop took measures to disable withdrawal transactions in order to prevent further damage.

The Attack Could Have Been Perpetrated by the Famous North Korean Hacker Group Lazarus

On the other hand, different patterns on the blockchain associated with the hack attack bear similarities to operations linked to the North Korean hacker group Lazarus, known for its previous high-profile hack attacks. Lazarus gained attention with significant hack attacks, including the hacking of the Ronin bridge, which resulted in a loss of over $600 million last year. ZachXBT suggested that the attack on Alphapo was likely the work of Lazarus due to the distinctive fingerprint the group left on the blockchain.

This incident highlights the ongoing risks and the importance of security vulnerabilities in the crypto industry, especially for service providers that handle large amounts of cryptocurrencies. It also emphasizes the importance of implementing robust security measures, particularly for hot wallets that are more susceptible to potential attacks.

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