Crypto Payments Platform Alphapo Loses IDR 465 Billion in Hacking Attack

HypeDrop, stopped processing crypto transactions due to cyberattacks in Alphapo. (photo: twitter @HypeDrop)

JAKARTA - On July 22, security experts reported that crypto payment platform Alphapo experienced a leak of at least USD 31 million (IDR 465 billion) from their hot wallets in the form of Ether (ETH), TRON (TRX), and Bitcoin (BTC).

The price tickers for those assets are $1.851 for Ether, $0.0814 for TRON, and $29.167 for Bitcoin. The amount of stolen Bitcoins is still uncertain, so the loss figure may be higher than originally estimated.

According to a search conducted by ZachXBT, the stolen funds were initially on the Ethereum network, then exchanged into Ether before being transferred to the Avalanche and Bitcoin networks.

The DeDotFi security team stated that the hack might have occurred due to a private key leak. Currently, investigations are still ongoing to reveal more about the incident.

Alphapo is a crypto payment processing service provider that offers instant transactions with more than 30 digital assets and balances in various fiat currencies. The company is well-known as a crypto gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada.

After this incident, Alphapo's client, HypeDrop, stopped processing crypto transactions. The mystery box platform announced on Twitter that they were having problems with deposits and withdrawals as a result of the hack.

"Please know that your HypeDrop funds are safe, but we are experiencing problems from the crypto service provider. After the operation of our service provider returns to normal, the deposit will be credited accordingly," said HypeDrop.

Although not commenting on the incident, an Alphapo spokesperson told Cointelegraph that the process of depositing and withdrawing funds is being carried out in stages for several types of currencies.

They also ask users not to send funds to old deposit addresses. However, if this happens, the funds from the deposit will get additionally verified.

In addition, in the last few days, Conic Finance's decentralized finance protocol has suffered two attacks in a short period of time. The first attack resulted in a loss of USD 3.26 million worth of Ether, with almost the entire amount sent to Ethereum addresses in a single transaction.

The second attack occurred several hours later, during which the protocol revealed in a postmortem report that it was a variant of a sandwich attack that targeted its pool and managed to generate an estimated $300.000 (IDR 4.5 billion) in profits.