Hack Track: Alphapo Flow of Funds Analysis
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Hack Track: Alphapo Flow of Funds Analysis
Merkle Science
On the 22nd of July, Alphapo, a cryptocurrency payment gateway suffered a massive security breach leading to at least $110 million being drained from its hot wallets on Ethereum and Tron blockchain.
What is Alphapo?
Established in 2018, Alphapo is a Curacao-based crypto payment gateway that offers instant transactions in over 30 digital assets. It has over 100,000 users and is best known as the crypto gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada.
Industry response
ZachXBT, a famous cryptocurrency analyst on Twitter, announced the hack adding that the stolen funds were swapped for ETH and bridged to Bitcoin and Avalanche.
In response to the recent news, HypeDrop, a customer of Alphapo, temporarily disabled withdrawals. They also issued a statement on Twitter explaining the situation: "Our provider is currently working to solve some recent issues from their side. They are facing problems specifically related to withdrawals …
Merkle Science
On the 22nd of July, Alphapo, a cryptocurrency payment gateway suffered a massive security breach leading to at least $110 million being drained from its hot wallets on Ethereum and Tron blockchain.
What is Alphapo?
Established in 2018, Alphapo is a Curacao-based crypto payment gateway that offers instant transactions in over 30 digital assets. It has over 100,000 users and is best known as the crypto gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada.
Industry response
ZachXBT, a famous cryptocurrency analyst on Twitter, announced the hack adding that the stolen funds were swapped for ETH and bridged to Bitcoin and Avalanche.
In response to the recent news, HypeDrop, a customer of Alphapo, temporarily disabled withdrawals. They also issued a statement on Twitter explaining the situation: "Our provider is currently working to solve some recent issues from their side. They are facing problems specifically related to withdrawals …