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RRUPDATES📍: Another Day, Another Exploit As Stake.com Faces $41.3m Hack
Stake.com, has reportedly been hit by a cyber-attack, resulting in a staggering loss of $41.3 million.
The R Roundup
September 04, 2023
RRUPDATES📍: Another Day, Another Exploit, As Stake.com Faces $41.3m Hack🎰
Today, the online gambling platform, Stake.com, has reportedly been hit by a cyber-attack, resulting in a staggering loss of $41.3 million.
This significant breach was initially identified by Web3 security firm Cyvers, which noted suspicious activity through its AI-driven cybersecurity system. Shortly thereafter, Peckshield, another blockchain security firm, confirmed the concerns.
According to Cyvers, their preliminary investigation indicated that the hacker's digital wallet had received approximately $16 million in cryptocurrencies such as Ethereum ($ETH), USD Coin ($USDC), Tether ($USDT), and DAI. In a move to further conceal the illicit gains, the attacker swiftly converted all stablecoins into Ethereum, dispersing the funds to various external accounts.
Hi @Stake, you may want to take a look:
— PeckShield Inc. (@peckshield)
Sep 4, 2023
Intriguingly, just two hours before this massive transfer, another $20 million had been siphoned off from Stake.com to the same suspicious wallet. The plot thickened when on-chain investigator, ZachXBT, unearthed an additional $25.6 million loss spanning across the BSC and Polygon networks.
@peckshield@Stake Another $25.6M was drained on BSC and Polygon
— ZachXBT (@zachxbt)
Sep 4, 2023
Stake.com, since its inception in 2017, has grown into a major player in the online casino realm. The platform's distinctive approach of bypassing traditional fiat currencies, preferring cryptocurrencies, has set it apart. Their portfolio boasts support for 18 distinct digital currencies, including Bitcoin, Ethereum, Dogecoin, Ripple, and more. To enhance user engagement, Stake.com has often rolled out various promotions, ranging from deposit bonuses to loyalty schemes.
Over its operational tenure, Stake.com's popularity soared, not just because of its games and sports betting features but also due to significant sponsorship deals with top-tier athletes and celebrities. These partnerships have undoubtedly contributed to its reputation as a top-tier platform in the crypto gambling sphere.
Gif by watfordfootballclub on Giphy
However, today's incident has undoubtedly sent shockwaves through the crypto casino industry. Stake.com, once revered for its robust security measures, now finds its reputation in jeopardy. As details of the breach continue to emerge, stakeholders and potential users might rethink their association with crypto gambling platforms. The ramifications could extend beyond just this platform, potentially leading to heightened regulatory oversight, as authorities could reassess the security protocols of crypto-reliant gambling platforms.
As of this report, Stake.com has yet to release an official statement regarding the hack. However, Tommy WorldPower, CEO of the Ethereum L1 blockchain, Energi, highlighted that only about $2 million worth of assets remain in Stake’s wallet post-incident.
This episode underscores the vulnerabilities inherent in even the most prominent online crypto platforms. It serves as a stark reminder of the challenges in securing digital assets and the imperative for enhanced security measures in the rapidly expanding world of crypto gambling.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.
This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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