Crypto Payment Platform AlphaPo Lost Over $60M in Hot Wallet Attack

Gatehub Exchange hack

Following a $23 million hack two days ago, on-chain sleuth ZachXBT revealed today that the crypto payment platform AlphaPo multiplied its losses as an additional $37 million gets stolen by bad actors from the project.

AlphaPo is a crypto-based payment processing platform that operates as a gateway for processing payments denominated in over 30 digital assets. The project is known for offering its services to several gambling clients, including HypeDrop, Bovada, and Ignition.

AlphaPo Loses $60M

On July 23rd, hackers exploited AlphaPo hot wallets on Ethereum, Tron, and Bitcoin. Siphoning $23 million from the project, the bad players swapped stolen assets for ETH and bridged them to Avalanche and Bitcoin.

Amid the attack, HypeDrop, one of AlphaPo’s customers, disabled withdrawals from its platform to reduce the damage that may spring from the exploits. It also reassured users that the issue is being handled.

“Our provider is currently working to solve some recent issues from their side, they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX. We are actively monitoring the situation with them and will provide you with an update when more information is available,” HypeDrop wrote in a tweet.

After further study of the on-chain theft, self-proclaimed on-chain detective ZachXBT revealed that an additional $37 million has been stolen from Tron and Bitcoin chains. This brings the total losses to $60 million.

Is Lazarus Group Responsible for the Attack?

ZachXBT added in the latest tweet that the notorious North Korean hacking group Lazarus may be responsible for the exploits.

“This hack appears to likely have been done by Lazarus as they create a very distinct fingerprint on-chain,” Zach tweeted.

Recall that the Lazarus Group has been identified as being behind multiple high-profile exploits. One of them was the infamous $625 million hack of the Ronin Bridge, a channel linked to the play-to-earn project Axie Infinity.

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