Over $31 million in crypto assets were hacked from hot wallets over the crypto payment processor Alphapo on 23 July.
Hackers first converted the stolen funds into ETH. Later, they routed these funds through Avalanche and Bitcoin. This makes it difficult for investigators to trace the transaction history.
Alphapo is a payment processor that allows for quick transactions in more than 30 digital assets. It also caters to a wide variety of fiat currencies. The processor primarily serves as the cryptocurrency gateway for several gambling platforms, including HypeDrop, Ignition, and Bovada. HypeDrop, one of Alphapo’s major clients, immediately ceased processing all crypto transactions, following the security incident.We apologize for any inconvenience caused recently by the ongoing deposit and withdrawal issues. Please know that your HypeDrop funds are safe, but we encountered an issue on the cryptocurrency provider’s side.HypeDrop highlighted to its users the continued challenges with BTC, ETH, and TRX withdrawals, in addition to ETH and TRX deposits.
We should also not underestimate the importance of such crypto hacks in shaping the rather adversarial attitude of regulatory organizations towards crypto payment processors and exchanges. Compliance with existing rules, as well as the implementation of additional protections, will be crucial for crypto platforms for long-term operations. For a long time, industry stakeholders have emphasized the importance of actively engaging with regulators to build comprehensive security standards that protect consumers without undermining innovation.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Carleton Place hospital again closing emergency overnight SaturdayCarleton Place and District Memorial Hospital’s emergency department will close overnight Saturday, beginning at 7 p.m. and remain closed until 1 p.m. Sunday, the hospital has announced.
Read more »
Protesters try to storm Baghdad's Green Zone over the burning of Quran and Iraqi flag in DenmarkBAGHDAD (AP) — Tensions flared again in Iraq on Saturday over a series of recent protests in Europe involving the desecration of the Quran, Islam’s holy book,…
Read more »
Canada’s highest-paid CEOs, inflation falls and B.C. port workers vote again: Must-read business and investing storiesPlus, are you apprehensive about your own retirement? The Globe answers common questions that will prepare you for your golden years
Read more »
The latest Russian strike on Ukraine's Odesa leaves 1 dead, many hurt and a cathedral badly damagedRussia struck the Ukrainian Black Sea city of Odesa again on Sunday, keeping up a barrage of attacks that has damaged critical port infrastructure in southern Ukraine in the past week.
Read more »
Danish rider Jonas Vingegaard wins Tour de France for second straight yearThe 26-year-old knew the victory was effectively his again before the largely ceremonial final stage
Read more »