The rise of cryptocurrency has brought about a new wave of cyber attacks and hacks, with malicious actors constantly finding new ways to exploit vulnerabilities in the system. One recent example is the $41 million hack of the cryptocurrency casino Stake. The hackers behind this attack have recently made another move, transferring $328,000 worth of Polygon (MATIC) and BNB (BNB) tokens, according to blockchain security firm CertiK.
The latest transfer involved 300 BNB tokens, worth approximately $61,500, being sent to an externally owned address called “0x695…”. These tokens were then bridged to the Avalanche blockchain on September 11th at 4:09 pm UTC. Additionally, 520,000 MATIC tokens, valued at over $266,000, were moved to Avalanche seven hours earlier at 7:18 am UTC. These transfers add to the $4.5 million in stolen funds that were already bridged to the Bitcoin blockchain on September 7th, as reported by blockchain security firm Arkham.
Implications of the Hack
Although the recent transfers amount to $328,000, it is merely a fraction of the $41 million that was initially stolen by the hackers. This indicates that they still have control over a significant portion of the stolen funds. The hack itself was made possible by the hackers gaining access to the private key of Stake’s Binance Smart Chain and Ethereum hot wallets on September 4th. The United States Federal Bureau of Investigation (FBI) believes that the Lazarus Group, a North Korean hacking group, was responsible for this exploit.
With the $41 million stolen from Stake, the total losses incurred from cryptocurrency hacks and scams in 2023 have exceeded $1 billion. This alarming statistic showcases the growing threat posed by cybercriminals in the crypto space. According to CertiK, the total losses were estimated to be $997 million at the end of August, but recent attacks have pushed the figure over the $1 billion mark.
Other Recent Incidents
The hack of Stake is not an isolated case. In September alone, there were several high-profile incidents that resulted in significant losses. One cryptocurrency whale lost $24 million in staked Ether (ETH) in a phishing attack on September 6th. Additionally, the Twitter account of Vitalik Buterin, the co-founder of Ethereum, was compromised on September 9th. The hacker lured several victims into a nonfungible token (NFT) scam, resulting in a total loss of $691,000. These incidents, along with the Stake hack, push CertiK’s August figure of $997 million to at least $1.04 billion.
The increasing number of crypto hacks and scams highlights the urgent need for enhanced security measures in the industry. Investors and users must exercise caution and take proactive steps to protect their funds. Cryptocurrency exchanges and platforms should also prioritize cybersecurity by implementing robust measures to detect and prevent hacks.
Fighting Back Against Cybercriminals
As the value and popularity of cryptocurrencies continue to grow, so too does the sophistication of cyber attacks. The battle against cybercriminals is an ongoing one, requiring constant vigilance and collaboration among industry stakeholders. By staying informed, implementing best security practices, and investing in cutting-edge technologies, the crypto community can work together to mitigate the risks and safeguard the future of digital assets.