Alphapo hot wallets drained for $23 million, HypeDrop disables withdrawals

Security • July 23, 2023, 5:10AM EDT
Published 2 minutes earlier on
The Block

Quick Take

  • Crypto payments processor Alphapo’s hot wallets have been drained for at least $23 million on Ethereum, Tron and Bitcoin, according to ZachXBT.
  • Alphapo customer HypeDrop has disabled withdrawals.

Crypto payments processor Alphapo — which processes payments for HypeDrop, Bovada, Ignition and other gambling services — has had its hot wallets drained for at least $23 million on Ethereum, Tron and Bitcoin, according to ZachXBT.

The funds stolen on Ethereum were swapped for ether before being bridged to Avalanche and Bitcoin, the on-chain sleuth noted.

The amount of bitcoin stolen from Alphapo is currently undetermined.

HypeDrop disables withdrawals

Alphapo customer HypeDrop has disabled withdrawals.

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"Our provider is currently working to solve some recent issues from their side; they are facing problems specifically related to withdrawals of BTC, ETH, and TRX, as well as deposits for ETH and TRX," the project's verified Twitter account stated in multiple replies.

"We are actively monitoring the situation with them and will provide you with an update when more information is available," it added, before noting that "if your payment has been affected, your funds are secure."

HypeDrop did not immediately respond to a request for comment.


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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].