Last Updated: June 3, 2024

The popular online cryptocurrency casino - Stake - experienced numerous suspicious outflows across several networks, including Ethereum, Polygon, and BNB Smart Chain (BSC), losing over $41 million in the process.

The platform briefly halted operations until re-securing the wallets following the assumed attack. It also ensured that “user funds are safe.”

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Back on Track

Stake informed on X (Twitter) about “unauthorized” transactions involving the platform’s ETH/BSC hot wallets.

“We are investigating and will get the wallets up as soon as they’re completely re-secured. User funds are safe. BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational,” the entity stated on September 4.

The suspicious activities grabbed the attention of several blockchain security companies, some of which presumed that Stake might have become a victim of hackers.

Beosin Alert claimed that the most affected network was Ethereum, witnessing approximately $15.7 million of the total withdrawals. Polygon and BNB Smart Chain (BSC) also suffered, seeing $7.8 million and $17.8 million drained, respectively.

Cyvers Alerts and blockchain sleuth ZachXBT also confirmed the issue. The former stated that the withdrawals on the Ethereum network came as a result of a “private key leakage.” A certain address received around $16 million in ETH, USDC, USDT, and DAI, with all stablecoins later converted to ETH and distributed to various Externally Owned Accounts (EOAs).

Stake resumed deposits and withdrawals several hours after the supposed attack, apologizing to its customers for “any inconvenience.”

Established in 2017, the crypto casino is among the leaders in its field, with many celebrities using its services to place bets on sporting events. One example is the popular Canadian rapper Aubrey Graham (more famous as Drake), who won $1.2 million worth of bitcoin in February this year, predicting that the Kansas City Chiefs will win the Super Bowl Trophy.

Hacks and Exploits On a Downfall

Despite the presumable hack on Stake, such attacks have significantly decreased in August. According to a recent report, bad actors siphoned approximately $23.4 million worth of digital currencies from crypto projects last month, compared to more than $320 million embezzled in July.

The blockchains that witnessed the most individual attacks in August were Ethereum, Base, BNB Chain, and Optimism.

The recorded losses since the beginning of the year have surpassed $1.2 billion worth of cryptocurrencies.

About the Author

Arun is a seasoned writer with more than 10 years worth of experience writing for various digital media companies. He is well-versed in the field of blockchain, gaming, and tech. LinkedIn: LinkedIn