On Monday, August 4, 2023, one of the world’s leading crypto casinos Stake, owned by Australian Billionaire Ed Craven, reportedly experienced a massive $41 million hack across several blockchains.
Stake’s Alleged $41 Million Hack
The platform which allows users to deposit, bet on sports games, and play games with cryptocurrencies, experienced several unusual transactions which ultimately led to the alleged hack on Monday.
Blockchain security firm Peckshield noticed the unusual transactions and told Decrypt that the transfers looked suspicious, and went on to ask if the platform was under maintenance.
However, the betting platform later confirmed on X (formerly Twitter) a few hours later that the transactions were “unauthorized” which proved the company was hacked by someone, and the funds were moved to several wallets.
Three hours ago, unauthorised 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.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
— Stake.com (@Stake) September 4, 2023
According to data from Cyvers Alerts, which believes the alleged hack was related to a private key leak, the gambling firm first lost approximately $15.7 million in Ethereum, Tether, USDC, and Dai.
Not too long after the alert from Cyvers came, crypto investigator sleuth ZachXBT reported an hour later that another $25.6 million was lost from the Polygon and Binance Smart Chain network.
Furthermore, Cyvers highlighted that all the stolen funds have been converted to Ethereum (ETH) and
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Author: Scott Matherson
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