Stake.com, an online casino and sportsbook founded in 2017 by Bijan Tehrani and Ed Craven, has recently become the target of an alleged security breach, purportedly resulting in a loss of around $40 million.
What Happened: On-chain cybersecurity firm Cyvers detected unusual transactions emanating from Stake.com’s Ethereum wallets on Monday.
Ethereum ETH/USD and stablecoins USD Coin USDC/USD, Tether USDT/USD, and DAI DAI/USD, were subjected to suspicious transfers, which were subsequently converted into Ethereum and distributed to unidentified external accounts.
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Another security firm, Peckshield, echoed this sentiment and urged Stake.com to investigate the matter further.
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Why It Matters: On-chain analyst ZachXBT also confirmed that approximately $40 million had been unlawfully moved across multiple blockchain networks, encompassing Ethereum, Polygon, and Binance Smart Chain.
Stake.com in a statement on X (formerly known as Twitter), acknowledged unauthorized transactions originating from their Ethereum and Binance Smart Chain hot wallets.
"Three hours ago, unauthorized tx's were made from Stake's ETH/BSC hot wallets. We are investigating and will get the wallets up as soon as they're completely re-secured.”
The statement said that “user funds are safe” and that Bitcoin BTC/USD, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
Photo by Song_about_summer on Shutterstock.
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