April 19, 2024
Latest Cryptocurrency News

Hackers Withdraw $41 Million from Cryptocurrency Gambling Platform

On September 5th, in San Francisco, it was reported that hackers managed to withdraw approximately $41 million from the cryptocurrency gambling platform Stake, presumably through the theft of a private key. Stake officially confirmed the breach on their social media platform (formerly known as Twitter), revealing that unauthorized transactions had occurred within Stake’s Ethereum (ETH) and Binance Smart Chain (BSC) hot wallets.

The company assured its users that they were actively investigating the situation and working diligently to enhance the security of their wallets. They emphasized that user funds remained secure despite the incident. Stake also pointed out that their other cryptocurrency wallets, such as Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), EOS, and TRON (TRX), continued to operate without disruption.

After siphoning off the funds, the alleged perpetrator distributed the stolen assets across multiple accounts. Ed Craven, one of Stake’s co-founders, mentioned that the platform always maintains a small portion of its cryptocurrency reserves in hot wallets to address such security challenges. He implied that the losses constituted a minor portion of the total holdings and would not adversely affect users. This information was reported by Cointelegraph.

The stolen funds were subsequently converted into Ethereum (ETH) and transferred to various externally owned wallets. Beosin, a smart contract auditing firm, reported that similar attacks had occurred on other blockchain networks, including Binance Smart Chain (BSC) and Polygon. According to Beosin, losses of an additional $7.8 million occurred on Polygon and $17.8 million on BSC, resulting in a total loss exceeding $41 million, as mentioned in the report.

It’s worth noting that in the previous year, the cryptocurrency industry experienced significant losses of over $3.7 billion due to various hacking incidents and exploits. Stake is a cryptocurrency gambling platform that offers a range of games, including dice games, Blackjack, Lingo, and other casino games, as well as sports betting options.

Image by Freepik

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