In an unforeseen event, Stake Casino, a prominent crypto betting platform, faced a massive breach where an estimated $41.3 million was illicitly siphoned from its digital wallets. Remarkably, Stake exhibited resilience by resuming user transactions just five hours post the incident on Sept. 4.
Blockchain experts pinpointed unauthorized activities, predominantly on the platform’s ETH and BSC hot wallets. In contrast, Stake’s Bitcoin, Litecoin, and XRP wallets remained untouched. While the precise origin of this breach and the exact stolen amount remains under wraps, Stake reassured its community that all user assets are safeguarded.
Detailed insights by Beosin, a renowned blockchain security entity, pegged the losses at approximat
ely $41.35 million. This amount encapsulates $15.7 million from Ethereum, $7.8 million from Polygon, and a significant $17.8 million extracted from the BNB Smart Chain. It’s interesting to note that an initial $15.7 million estimation by PeckShield overlooked a combined $25.6 million deficit from BSC and Polygon, as highlighted by analyst ZachXBT.
Highlighting the initial breach details, close to $3.9 million in Tether was first shifted from Stake to the perpetrator’s digital account around 12:48 pm UTC. Subsequently, 6,000 Ether, valued at nearly $9.8 million, followed suit. The hacker didn’t stop there, skimming an additional $1 million in USD Coin, almost $900,000 in Dai, and 333 units of Stake Classic (STAKE). This rapid sequence of unauthorized transactions made up the initial $15.7 million loss on the Ethereum platform.
With this incident serving as a cautionary tale, Stake Casino’s swift actions underline the importance of robust security measures and rapid incident responses in the crypto betting arena.
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