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The cryptocurrency community was shaken by a narrative of intrigue and deceit when Alphapo, a reputable crypto payment provider serving online businesses, experienced a breach on July 23. Initially reported at $31 million, the theft from hot wallets has now been recalculated to a staggering $60 million.
While Alphapo refused to confirm the security breach rumors, the suspension of deposits and withdrawals on July 23 spoke volumes. Attempts to regain control by opening new deposit addresses and implementing further verification for older transactions were not enough to quell the drama.
Security experts closely monitoring the situation observed a large-scale outflow from Alphapo's hot wallets, pointing to the involvement of cyber invaders. Their suspicions gained more weight when HypeDrop, one of Alphapo's clients, admitted to withdrawal delays due to "issues" with their payment provider.
Crypto investigator ZachXBT further added to the intrigue with a report released on July 25, revealing an additional $37 million drained from Alphapo's hot wallets on the Bitcoin and Tron networks. The data from Dune Analytics implicated the notorious Lazarus Group as the possible perpetrators behind this digital heist.
The Lazarus Group, a cybercrime organization linked to the North Korean government, is infamous for leaving a unique "fingerprint" on-chain.
Alphapo's cautionary tale echoes similar incidents in the cryptocurrency space. Earlier in July, the Multichain bridging protocol suspended operations after disclosing a security breach that resulted in unexplained withdrawals exceeding $100 million.
This event serves as a stark reminder of the lurking dangers in the world of digital currency, where even established players can become prey to faceless predators. The incident underscores the need for heightened security measures and vigilance in navigating the labyrinth of cryptocurrencies.
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