Crypto Breach at Stake.com: Total Losses Surpass $41 Million
In Brief
Stake.com has been compromised, leading to a staggering $40 million in losses.
The online casino proudly markets itself as being 'Drake-approved.'
The Web3 security company Cyvers first detected unusual transaction activity involving Stake.
Once again, alerts surfaced indicating Stake.com has been targeted by a digital heist, as corroborated by notifications from a recognized Web3 security firm. Cyvers and Peckshield . Cyvers tweeted Their AI-driven cybersecurity mechanisms identified several dubious transactions on the platform over the past hour.
In an initial probe, Cyvers discerned that the culprits behind the hacking operation wallet address secured a substantial transfer of around $16 million in various cryptocurrencies including $ETH, $USDC, $USDT, and $DAI. Moreover, all stablecoins were promptly swapped for $ETH and dispersed into multiple external accounts.
Just two hours prior to the $16 million transfer, an additional $20 million was relocated from Stake to the same wallet.
Cyvers informed blockchain security and analytics provider Peckshield, alongside a notable blockchain detective, ZachXBT to conduct further investigations.
ZachXBT discovered of an extra $25.6 million loss across both the BSC and Polygon blockchains.
Tommy WorldPower The CEO of Energi, an Ethereum L1 blockchain, highlighted that roughly $2 million worth of assets were still left in Stake's wallet.
As of this writing, Stake has not yet issued an official statement regarding the alleged hack.
Founded in 2017, Stake.com quickly became a significant player in the online casino market, with a primary emphasis on sports betting and various casino offerings such as slots, blackjack, and roulette.
Stake has built its reputation by favoring cryptocurrencies over traditional fiat money for transactions, supporting a vast array of 18 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Tether (USDT), USD Coin (USDC), and ApeCoin (APE), among others.
The gambling platform also offers an assortment of promotions and bonuses to engage and maintain user interest, which can include deposit bonuses, free bets, and loyalty schemes.
Over the years, Stake has secured numerous sponsorship agreements across various sports, partnering with notable individuals such as UFC fighter Israel Adesanya, Argentine soccer legend Sergio Agüero, Formula One reserve driver Pietro Fittipaldi, and Canadian artist Drake.
In January 2023, the Alfa Romeo F1 Team entered into a multi-year alliance with Stake, subsequently rebranding itself as the 'Alfa Romeo F1 Team Stake,' thereby establishing Stake.com as its title sponsor.
Following this incident, it remains uncertain whether Stake will manage to recover its lost funds and what implications this will have for its established partnership with the Alfa Romeo F1 Team.
Update:
TRM Labs The flow of cryptocurrencies from Stake was traced, showing that various tokens were ultimately converted into ETH, MATIC, and BNB before being distributed among 16 different wallets.
Update:
Stake.com has confirmed the breach through their social media outlets, though no further specifics have been provided. Numerous fraudulent refund program advertisements are circulating, so it's crucial to rely only on verified sources.
Disclaimer
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