Alphapo’s hack now estimated at $60 million: ZachXBT
The recent hack involving crypto payments processor Alphapo’s hot wallets is now estimated to have resulted in a loss of $60 million, as per the latest findings.
This updated figure comes after on-chain analyst ZachXBT identified an additional $37 million in stolen assets on the Tron and Bitcoin networks, raising the initial estimate of $23 million.
As a crypto payments processor, Alphapo managed transactions for online gambling platforms such as HypeDrop, Bovada, and Ignition. Given that hot wallets are online and constantly connected to the internet, they face a higher risk of cyberattacks compared to their offline counterparts: cold wallets.
The hackers in this instance appear to have swapped the stolen funds on Ethereum for ETH and then bridged them to other blockchains: Avalanche, Tron and Bitcoin. Affected companies and platforms, like HypeDrop in this case, disabled withdrawals to prevent further damage.
Potential Lazarus connection
The distinctive on-chain patterns associated with this breach, according to ZachXBT, align closely with operations previously linked to the Lazarus, a North Korean hacking group. Lazarus has been implicated in several high-profile hacks, including the Ronin bridge breach which resulted in a loss of over $600 million last year.
“This hack appears to likely have been done by Lazarus as they create a very distinct fingerprint on-chain,” ZachXBT highlighted.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Vishal Chawla
