Stake.com, the world’s largest crypto casino, has been targeted by a hack that has resulted in a $41.3 million (€38.4 million) loss.
Crypto security firm Cyvers flagged unusual activity linked to the platform’s hot wallets. Following the discovery of the apparent hack, Stake.com moved to suspend all withdrawals and deposits from ETH/BSC hot wallets, leaving users with no access to their funds.
According to web3 security agency Beosin, the majority of the stolen funds ($17.8 million) was withdrawn from the platform’s hot wallet which is on the Binance Smart Chain. Another $15.7 million was withdrawn on Ethereum while a further $7.8 million was withdrawn on Polygon.
In a statement released on X (Twitter), Stake.com announced that it was aware of the suspicious transactions but that all customer funds were safe.
Three hours ago, unauthorised tx’s were made from Stake’s ETH/BSC hot wallets.
We are investigating and will get the wallets up as soon as they’re completely re-secured.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
— Stake.com (@Stake) September 4, 2023
A few hours later, customers were given access to their funds once more. However, no official details on the amount lost through the hack have been released by the company nor are there any indications who may be responsible.
In a statement last year, Ed Craven, Stake.com’s founder said that the platform is responsible for nearly 6% of Bitcoin transactions online and 15% of all Litecoin transactions.
In October of last year, Stake.com was one of several online gambling providers that were banned from streaming platform Twitch. Stake.com’s founders are also the subject of a $400 million lawsuit relating the establishment of the company.
update: FBI points finger at North Korean Lazarus Hacking Group
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.
