Alphapo, a renowned crypto payment platform, has suffered a significant security breach, with reports suggesting that more than $31 million worth of assets have been drained from its hot wallets across Ether, TRON, and Bitcoin networks.

Details of the Breach

Security experts reported on July 22 that Alphapo’s hot wallets on Ether, TRON, and Bitcoin had been compromised, with at least $31 million drained. As the exact number of Bitcoins stolen is uncertain, the actual figure may be higher. According to on-chain analyst ZachXBT, the stolen funds were initially taken from the Ethereum network, swapped for ETH, and then moved to the Avalanche and Bitcoin blockchains. DeDotFi’s security team suggests that a private key leak could be the cause of the hack, but investigations are still ongoing.

Impact on Alphapo’s Clients

Alphapo is well-known for providing instant transactions in over 30 digital assets, and balances in various fiat currencies. Notably, it serves as the crypto gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada. In the aftermath of the hack, HypeDrop, a client of Alphapo, has halted the processing of crypto transactions. The mystery box platform assured its users on Twitter that their funds are safe, attributing the ongoing issues with deposits and withdrawals to the incident.

Alphapo’s Response

Despite not making an official statement on the incident, a spokesperson for Alphapo said that they are in the process of reinstating deposits and withdrawals for different currencies. The spokesperson urged users not to send funds to old deposit addresses, adding that if such deposits occur, they will undergo additional verification.

This security breach follows closely on the heels of another incident in the crypto space. Decentralized finance protocol Conic Finance recently experienced two attacks within hours, leading to the theft of $3.26 million in Ether and about $300,000 in a variant of a sandwich attack targeting its pools.