Crypto gambling site Stake.com recently experienced an alarming situation involving $16 million in suspicious withdrawals on September 4th. The security platform, Cyvers Alerts, labeled these transactions as “suspicious” and identified the withdrawing account as the “Stake.com Hacker.” Etherscan, a blockchain explorer, further suggests that a stolen private key may have caused the drained funds.
Blockchain data unveils the sequence of events, pointing to large withdrawals from Stake.com contracts to the alleged attacker’s account. At 12:48 pm, the first transaction moved around $3.9 million worth of the stablecoin Tether (USDT) from Stake to the attacker’s account. Subsequently, two more transactions removed 6,001 Ether (ETH), equivalent to approximately $9.8 million at the current market price. Within a matter of minutes, the attacker drained additional tokens, including approximately $1 million in USD Coin (USDC), $900,000 worth of Dai (DAI), and 333 Stake Classic (STAKE) tokens ($75.48). Cyvers Alerts estimates that the total value of the drained crypto amounts to $16 million.
Following the drainage, the alleged attacker distributed the funds across multiple accounts. As of now, Stake.com has not made any public announcements regarding these suspicious withdrawals. The incident raises concerns about the platform’s security measures and the safety of user funds.
Unfortunately, this is not the first time that crypto gambling sites have fallen victim to hackers. Just a few months before, on July 23rd, the payment provider Alphapo suffered $31 million in suspicious withdrawals. Alphapo served as a provider for several crypto-gambling sites, including Hypedrop, Bovada, and Ignition. These repeated instances of hacks targeting gambling platforms highlight the pressing need for robust security measures to protect user funds.
Stake.com stands as a popular crypto gambling protocol that offers a variety of casino games, including dice games, Blackjack, Lingo, and sports betting options for tennis, volleyball, basketball, and more. Its appealing range of gambling options makes it an attractive target for hackers seeking to exploit vulnerabilities.
The $16 million suspicious withdrawals from Stake.com indicate a severe breach in security, leaving users concerned about the platform’s ability to protect their funds. The incident highlights the importance of implementing stringent security measures to safeguard cryptocurrencies, especially on gambling sites notorious for attracting hackers. Stake.com and other crypto gambling platforms must prioritize the development and implementation of robust security systems to protect their users and prevent further losses.