• Tue. Aug 29th, 2023

Unmasking AlphaPo’s $60M Culprits

Aug 29, 2023
Unmasking AlphaPo's $60M Culprits
Marcel Bich
Latest posts by Marcel Bich (see all)

Recently, it was reported that unknown hackers managed to steal about 23 million from the so-called “Hot Wallets” crypto platform AlphaPo, which specializes in fast payments in more than 30 digital assets.

Blockchain researcher ZachXBT, who has been following the situation closely, claimed that funds were withdrawn from the Ethereum network, exchanged for ETH and transferred to the Avalanche and Bitcoin blockchains.

Since the exact number of stolen bitcoins was not known at the time, market experts feared that the damage could be greater than initially reported.

Cryptocurrency Heist: Lazarus Group Suspected

Unfortunately, ZachXBT’s suspicions were confirmed when he discovered that tens of millions of dollars in TRON and BTC cryptocurrency had been stolen, raising the total amount stolen to $60 million.

ZachXBT also suggested that the widely known Lazarus group from North Korea, which leaves a very distinctive footprint on the blockchain, could be behind the attack. The investigation is still ongoing, but the DeDotFi security team’s preliminary theory is that the hack could have been caused by a leak of private keys.

AlphaPo is a so-called “payment processor” that enables fast transactions in various fiat currencies. The company is primarily known for serving as a cryptocurrency gateway for several gambling sites, including HypeDrop, Ignition, and Bovada.

According to security experts, Lazarus is a group that has become famous for attacking cryptocurrency institutions such as the Ronin Network and Harmony’s Horizon Bridge. And it recently infiltrated the infrastructure of US enterprise software provider JumpCloud to attack its cryptocurrency customers.