Stake, a cryptocurrency gambling platform, witnessed a $16 million withdrawal amid suspicions of a potential hack.
On September 4th, the cryptocurrency gambling website Stake encountered $16 million in withdrawal activity, which security platform Cyber Alerts has deemed “suspicious transactions.” The withdrawing account has been identified as “Stake.com Hacker” on Etherscan, raising concerns that the funds may have been accessed through a stolen private key.
Blockchain data reveals significant withdrawals from Stake.com’s contracts into the account associated with the alleged attacker. The initial transaction occurred at 12:48 pm and involved the transfer of roughly $3.9 million worth of the stablecoin Tether (USDT) priced at $1.00 from Stake to the attacker’s account.
Subsequent transactions involved the removal of 6,001 Ether (ETH), valued at approximately $9.8 million at the current price of $1,631 per ETH. The attacker continued to withdraw various tokens over the following minutes, including about $1 million in USD Coin (USDC) priced at $1.00, $900,000 worth of Dai (DAI) priced at $1.00, and 333 Stake Classic (STAKE) tokens valued at $75.48 each. Cyvers estimated the total value of drained cryptocurrencies to be $16 million.
Following the fund drain, the alleged attacker dispersed the funds across multiple accounts. As of the time of this publication, Stake has not issued any official statements regarding these suspicious withdrawals.
Stake is a cryptocurrency gambling protocol offering games such as dice, Blackjack, Lingo, as well as sports betting options like basketball, tennis, volleyball, and more.
This is not the first time that crypto gambling platforms have potentially fallen victim to hacking attempts. On July 23, payments provider Alphapo experienced $31 million in suspicious withdrawals. Alphapo provided services to various crypto-gambling sites, including Hypedrop, Bovada, and Ignition.
Mubashir Ahmed is a multifaceted market analyst with extensive knowledge of the blockchain industry. He is proficient in market analysis and blockchain technology, having had experience with numerous projects in the space. He has a deep understanding of the Cryptocurrency industry, its trends, and how to best approach investing in it.
