Stake suffers “suspicious activity”

Stake, one of the most prominent crypto gambling sites, has found itself at the centre of a significant security incident on September 4th. On the site, users withdrew a staggering $16 million as part of “suspicious transactions”, according to security platform Cyvers Alerts.

The account responsible for these withdrawals has been named “Stake.com Hacker” on Etherscan, raising concerns that the funds may have been accessed illicitly through a stolen private key.

Blockchain data shares insights into the nature of these hefty withdrawals from Stake.com’s contracts. The series of transactions began at 12:48 pm, with the initial transfer channeling around $3.9 million in Tether (USDT) from Stake to the attacker’s account. This was followed by two more transactions, both removing a total of 6,001 Ether (ETH), which, at current market value, translates to around $9.8 million. The attacker continued to move funds in the form of other cryptocurrency tokens, including approximately $1 million in USD Coin (USDC) and 333 Stake Classic (STAKE) tokens. Cyvers Alerts, the security platform tracking these transactions, estimated the overall drained crypto to be valued at a whopping $16 million.

After successfully draining the funds from users’ accounts, the suspected attacker proceeded to distribute them across multiple accounts. As of the time of writing, Stake has not issued any official statement regarding these suspicious withdrawals, leaving users and members of the crypto community on edge about the incident.

Stake, known for its crypto gambling protocol offering various games like dice, Blackjack, Lingo, and traditional casino games, in addition to sports betting options for sports like basketball, tennis, and volleyball, now faces a significant security challenge that could have repercussions on its reputation and user trust.

This incident is not an isolated one in the world of crypto gambling in 2023. On July 23, Alphapo, a payments provider for several crypto gambling sites including Hypedrop, Bovada, and Ignition, suffered a staggering $31 million in suspicious withdrawals.

Related Articles

US Shutdowns Lead to Global Decline in Bitcoin ATMs

Countries around the world significantly boosted the monthly growth of BTC ATMs throughout 2024, collectively approaching the 38,000.

Venezuela Bans Crypto Mining to Protect Power Grid

Venezuela’s move follows a recent crackdown involving the confiscation of 2,000 crypto mining devices as part of anti0corruption initiative.

Bitcoin ETFs: Over 600 Firms Pour Billions into Crypto

According to reports Millennium Management is the largest Bitcoin ETF investor with a $1.9 billion investment.

Swiss Leaders Propose Global Crypto Reporting Framework

Switzerland intends to adopt global standards for crypto tax reporting, joining the CARF to improve transparency.

See All