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Crypto betting platform Stake experiences $16M in withdrawals amid potential hacking incident.
On September 4, crypto gambling platform Stake witnessed $16 million in withdrawals, which the security service Cyvers Alerts has categorized as “suspicious transactions.” The account responsible for the withdrawals has been identified as “Stake.com Hacker” by Etherscan, suggesting that the withdrawn assets may stem from a compromised private key.
ALERT Our AI-driven system has identified numerous suspicious transactions involving @Stake. https://t.co/0ZoMITOyF5 address received around $16M in $ETH $USDC $USDT and $DAI
All stablecoins have been converted to $ETH and redistributed to various EOAs.
FYI: @tayvano_ @zachxbt pic.twitter.com/CSGwRHEiVm— Cyvers Alerts (@CyversAlerts) September 4, 2023
Blockchain analytics reveal significant withdrawals from Stake.com contracts into the suspected hacker’s account. The initial transaction took place at 12:48 p.m., moving roughly $3.9 million in Tether (USDT) stablecoin from Stake to the hacker’s wallet. The subsequent two transactions extracted 6,001 Ether (ETH), valued at about $9.8 million at the current market rate. The hacker continued to withdraw tokens in the following minutes, including around $1 million in USD Coin (USDC), $900,000 in Dai (DAI) stablecoin, and 333 Stake Classic (STAKE) worth $75.48. Cyvers has approximated the total amount of cryptocurrency siphoned at $16 million.
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Following the withdrawal of funds, the suspected hacker dispersed them across multiple accounts. As of the time of this report, Stake has not issued any statement regarding the suspicious withdrawals.
Related: Atomic Wallet faces lawsuit over $100M crypto hack losses: Report
Stake is a cryptocurrency gambling platform that provides dice games, Blackjack, Lingo, and various other casino games, along with sports betting options for basketball, tennis, volleyball, and more.
This incident marks not the first instance in 2023 where crypto gambling platforms may have been targeted by cybercriminals. On July 23, payment processor Alphapo experienced $31 million in questionable withdrawals. Alphapo served as a payment provider for several crypto gambling platforms, including Hypedrop, Bovada, and Ignition.
This is an ongoing story, and additional details will be provided as they emerge.
