Major Security Breach at Stake as $41M Vanish
LISTEN TO THIS ARTICLE:Crypto casino Stake has become the latest subject of a malicious hack that has seen over $41 million moved from its wallets to other blockchain networks.
As reported by on-chain analysts Cyvers and Peckshield, a significant volume of funds inexplicably exited the crypto-based sports betting platform Stake through multiple transactions, hinting at a significant security breach.
In an initial investigation conducted by Cyvers, the analyst discovered that the hacker's wallet address received a transfer totaling approximately $16 million in cryptocurrencies, including 6,000 ether ($9.8 million) and $5.9 million in stablecoins. The hacker subsequently converted all stablecoins into $ETH and distributed these funds to various externally owned accounts.
Two hours before the transfer of $16 million in cryptocurrency to the mentioned wallet address, an additional $20 million was also sent from Stake to the very same wallet.
Cyvers then contacted blockchain security and data analytics firm Peckshield, as well as renowned on-chain investigator ZachXBT, to conduct deeper investigations into the security breach.
Related: Stake Casino Entangled in Legal Dispute in Australia
Over $41 Million in Cryptocurrency Outflows Detected
ZachXBT uncovered an additional deficit of $25.6 million across both the BSC and Polygon networks: $17.8 million on BNB Chain and $7.8 million on Polygon. These transactions bring the total outflows to over $41 million across multiple cryptocurrency addresses on the three blockchain networks. ZachXBT’s findings were additionally validated by the security firm Beosin.
Tommy WorldPower, the CEO of Energi, the Ethereum Layer 1 (L1) blockchain, pointed out that Stake's wallet still held approximately $2 million worth of assets.
As of press time, Stake has not issued an official statement regarding the alleged security breach.
Established in 2017, Stake.com quickly rose through the ranks to become one of the most popular casinos on the internet. The platform allows users to wager using several cryptocurrencies on sports and casino games like blackjack, slots, and roulette.
The brand was able to garner strong visibility and following amongst players through its sponsorship agreements with various notable personalities like UFC fighter Israel Adesanya, Argentine football sensation Sergio Agüero, Formula One reserve driver Pietro Fittipald, and Canadian musician Drake.
Related: Chelsea FC Shoots Down Proposed Stake.com Sponsorship
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