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News

Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports

July 25, 2023 - Around 2 mins mins to read

Key Points:

  • Cryptocurrency heist at Alphapo: $60M stolen.
  • Intricate web of transactions and sophisticated operation.
  • Collaboration needed to combat rising threats in the crypto space.
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack.
image 1819

The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem.

As per previous reports from ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached, leading to a theft of $23 million in US dollars. In response to the attack, the Alphapo HyperDrop client took immediate action by disabling withdrawals to prevent further losses.

The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks.

Alphapo Hot Wallet

Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.

The Alphapo heist serves as a stark reminder that the cryptocurrency world is not impervious to cyberattacks, and all stakeholders must remain vigilant to combat and deter such criminal activities. Collaborative efforts between exchanges, law enforcement agencies, and cybersecurity experts will be essential in bringing the perpetrators to justice and restoring trust in the cryptocurrency ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Alphapo

Alphapo Hot Wallet

Hacker

scam crypto

ZachXBT

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Alphapo Hot Wallet Losses Surge to $60M, ZachXBT Reports

Key Points:

  • Cryptocurrency heist at Alphapo: $60M stolen.
  • Intricate web of transactions and sophisticated operation.
  • Collaboration needed to combat rising threats in the crypto space.
ZachXBT has recently tweeted about the Alphapo hot wallet heist, disclosing that an additional $37 million worth of TRON and BTC has been found to be stolen due to this cyberattack.
image 1819

The total amount pilfered from Alphapo has now surged to a staggering $60 million, making it a high-profile attack in the cryptocurrency world. The heist has raised concerns over security and highlighted potential vulnerabilities within the crypto ecosystem.

As per previous reports from ZachXBT’s monitoring, it was initially reported that the Alphapo hot wallet had been breached, leading to a theft of $23 million in US dollars. In response to the attack, the Alphapo HyperDrop client took immediate action by disabling withdrawals to prevent further losses.

The investigation into the theft has unveiled an intricate web of transactions, revealing a sophisticated and well-coordinated operation. The stolen funds were first moved to the Ethereum network, presumably in an attempt to obfuscate the source and origin of the funds. Subsequently, they were cross-linked to the Avalanche network and Bitcoin (BTC), creating multiple layers of complexity to mask the hacker’s tracks.

Alphapo Hot Wallet

Attributing the hack to a group with potential links to Lazarus, a notorious cybercriminal organization known for conducting large-scale attacks, has further fueled concerns about the rising threats posed by such sophisticated hacking entities in the cryptocurrency space.

The Alphapo heist serves as a stark reminder that the cryptocurrency world is not impervious to cyberattacks, and all stakeholders must remain vigilant to combat and deter such criminal activities. Collaborative efforts between exchanges, law enforcement agencies, and cybersecurity experts will be essential in bringing the perpetrators to justice and restoring trust in the cryptocurrency ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.