Online Gambling Site Stake Hacked for $41 Million

Online gambling site Stake was hacked on September 4, 2023, resulting in the theft of millions of dollars worth of cryptocurrency. The hack was first reported by Web3 security firm Cyvers, who noted that the hacker had transferred a large amount of ether and USDT from Stake’s known wallets.

The pattern of transfers included swaps from USDT, a stablecoin, to ether. This suggests that the hacker was trying to obscure the trail of the stolen funds. The total amount of cryptocurrency stolen is estimated to be around $41 million.

Stake has since suspended deposits and withdrawals on its platform. The company has also said that it is working with law enforcement to investigate the hack.

The hack of Stake is a reminder of the risks associated with cryptocurrency gambling. While cryptocurrency can offer a number of benefits, such as anonymity and speed, it is also a more volatile asset than traditional currencies. This makes it more susceptible to hacking and other forms of fraud.

Related: FBI Warns North Korean Hackers may Dump $40M of Bitcoin on The Market

If you are considering gambling with cryptocurrency, it is important to do your research and choose a reputable platform. You should also be aware of the risks involved and take steps to protect your funds.

In addition to Stake, there have been a number of other high-profile cryptocurrency hacks in recent years. In 2018, the cryptocurrency exchange Coinrail was hacked for $40 million. In 2021, the decentralized finance (DeFi) platform Poly Network was hacked for $600 million.

These hacks highlight the need for increased security measures in the cryptocurrency industry. As cryptocurrency becomes more popular, it is likely that hackers will continue to target these platforms. It is important for users to be aware of the risks and take steps to protect their funds.

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