$41 million worth of cryptocurrency was stolen from the gambling site Stake.com due to a hacking incident. This incident not only damages Stake.com’s reputation as a secure platform but also raises concerns for the entire crypto casino industry.
It might discourage new users from participating in crypto gambling and could potentially lead to increased regulatory scrutiny to enhance user security.
On September 4th, suspicious withdrawals totaling $16 million were observed by security platform Cyvers Alerts. These transactions were attributed to an account labeled “Stake.com Hacker” on Etherscan, suggesting a stolen private key was used to drain the funds.
Blockchain data revealed large transfers from Stake.com contracts to the attacker’s account, including $3.9 million in Tether (USDT) stablecoin, 6,001 Ether (ETH) valued at approximately $9.8 million, as well as other tokens like USD Coin (USDC), Dai (DAI), and Stake Classic (STAKE).
Following the theft, the alleged attacker dispersed the funds across multiple accounts. As of now, Stake.com has not issued an official statement regarding these suspicious withdrawals.
Despite this breach, Stake.com had previously implemented robust security measures, including a strict password policy, two-factor authentication (2FA), and regular security audits to proactively address potential vulnerabilities and protect user data and assets.”
How possible was it for Stake.com to be hacked, $41M in crypto stolen despite robust security measures?
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