Alphapo, a company that facilitates payments with cryptocurrencies, has been hacked. Millions in crypto have been stolen from the digital hot wallet from the company. So far, $31 million in damage has been reported, but estimates run into the $100 million mark.
Crypto hack over $100 million
Alphapo provided services to several major online gambling sites that work with crypto. These include HypeDrop, Bovada, and Ignition. Hype Drop has already announced temporarily stop the option to withdraw money.
The attacked wallet is Alphapo.eth. The hackers converted the stolen tokens into ethereum (ETH) and then funneled them into their own wallets. After that, the stolen funds were also passed through avalanche (AVAX) and bitcoin (BTC). This is probably done to make the stolen crypto more difficult to trace.
🚨 Alphapo Hot Wallet Hacked 🚨
Over $31,000,000 stolen, with reports suggesting up to ~$100 million.
Hot wallet was hacked on Ethereum, Tron and BTC. Stolen funds were swapped and distributed among various EOAs.
🧵: Here are the details of the incident 👇 pic.twitter.com/bLeCLJvH6G
— De.Fi 🛡️ Web3 Antivirus (@DeDotFiSecurity) July 23, 2023
In total, $31 million worth of stolen crypto has been reported so far. These include tokens such as USDT, USDC, FTN, TFL, TRX, ETH, and DAI. The damage is estimated to be much higher than that. For example, 100 million fasttoken (FTN) tokens have been lost, which equates to around $91 million.
Lazarus crypto hackers strike again?
The way the hack was executed, with a huge series of transactions, switches and intermediate wallets, is typical of the Lazarus Group. This group works for the North Korean government to obtain crypto through illegal practices.
The group is responsible for many massive crypto hacks. In fact, it is estimated that the group has been able to steal more than $2 billion over the past few years. The stolen tokens are used to fund North Korean weapons programs.
The group has been responsible for the recent Atomic Wallet hack. That hack also involved a stolen amount of cryptos valued at more than $100 million. This is the umpteenth hack by the group that exceeds one hundred million. In the past, the Lazarus Group also came out as responsible for the Harmony Horizon hack, which also amounted to $100 million.