Betting platform Stake.com becomes victim of $15m to $41m exploit

Funds worth more than $15m have been taken out of blockchain betting platform Stake by suspicious actors, as alerted by PeckShield. 

blockchain
Last updated September 5, 2023
blockchain

Funds worth in the region of $15m to $41m have been taken out of blockchain betting platform Stake by suspicious actors, as alerted by PeckShield on 4 September.

Hackers managed to drain 6000 $ETH, 3.3 million $USDT, 1.1 million $USDC and 900K $DAI from the company’s addresses. The wallet to which this chunk of tokens were sent, distributed the loot amidst eight other addresses. The flow of the related funds is illustrated below:

The estimated amount of the exploit is $15.7m to $41m across various blockchains, as per current prices.  

Established in 2017, the Australian-Curaçaoan online casino heralds itself as a worldwide leader in crypto gambling. As the biggest cryptocurrency sportsbook and casino, it functions as a community-based betting platform with over 500 thousand registered users globally 

Stake.com also boasts high profile sponsorship agreements within UFC and football, amongst others. Global hip-hop sensation, Drake, has been a long-time member of the Stake community. It also has a multi-year partnership with Alfa Romeo F1 Team and is the main partner of the Everton Football Club.

The crypto betting platform is also the biggest sponsor of BitBoy Crypto which publishes crypto news, project reviews, and cryptocurrency trading advice. 

Stake.com has not confirmed the hack, nor has commented on the recent developments as of publication. The platform themselves being behind this move or clients moving money through some strange methods has also not been ruled out.

Keep up to date with this story as it unfolds.

About Author

Diya

About Author

Diya

Diya

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As a young crypto writer, I am adept at tracking the trends of the market with a knack for breaking down intricate concepts into easily digestible content.
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