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Over $31 million stolen in Alphapo hot wallet breach

Crypto payment platform Alphapo has suffered a massive security breach, resulting in the theft of at least $31 million in cryptocurrencies. The stolen funds include Ether (ETH), TRON (TRX), and Bitcoin (BTC). It is uncertain how many Bitcoins were stolen, so the total amount could be even higher. Security experts believe that the hack originated on the Ethereum network, where the funds were stolen and then swapped for ETH before being transferred to the Avalanche and Bitcoin blockchains. There are indications that a leak of private keys may have caused the hack, but investigations are still ongoing.

Alphapo is a payment processor that enables instant transactions in over 30 different digital assets and offers balances in various fiat currencies. The company is primarily known for being the crypto gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada.

Following the security incident, one of Alphapo’s clients, HypeDrop, has temporarily halted processing crypto transactions. The popular mystery box platform informed its users on Twitter about the issue, stating that they are experiencing problems with deposits and withdrawals due to the hack. However, HypeDrop reassured its customers that their funds are safe and that once the cryptocurrency provider’s operations resume, deposited amounts will be credited accordingly.

Although Alphapo has not publicly commented on the incident, a spokesperson for the company notified Cointelegraph that deposits and withdrawals are gradually being reinstated for specific batches of currencies. The spokesperson also advised users to refrain from sending funds to the old deposit addresses, but assured them that any funds mistakenly sent to those addresses will be diligently verified.

This security breach is not an isolated incident in the crypto industry. In recent days, decentralized finance protocol Conic Finance also suffered two attacks within a short span of time. In the first attack, hackers stole $3.26 million worth of Ether, sending nearly the entire amount to a single Ethereum address. A few hours later, the protocol faced another attack, known as a sandwich attack, targeting its pools and resulting in the attacker gaining around $300,000.

These incidents raise concerns about the security of cryptocurrencies and the platforms that facilitate their transactions. The crypto industry is known for its decentralized nature and offers users greater control over their assets. However, these advantages also attract hackers who exploit vulnerabilities in the system. As a result, it is essential for companies and users within the crypto space to strengthen their security measures to better protect their funds.

In conclusion, Alphapo’s security breach has led to the theft of millions of dollars worth of cryptocurrencies, including Ether, TRON, and Bitcoin. The incident highlights the ongoing challenges faced by the crypto industry in terms of security and the need for continuous improvement in safeguarding users’ funds.

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