Stake.com Hack Confirmed, Over $41M in Losses Incurred
In Brief
Stake.com has been hacked, resulting in a loss of over $40 million.
The online casino claims to be “Drake-approved.”
Web3 security firm Cyvers first detected multiple suspicious transactions on Stake.
Online casino Stake.com appears to have become the latest target of a crypto heist today, according to alerts from Web3 security firm Cyvers and Peckshield. Cyvers tweeted that its AI-powered cybersecurity system detected multiple suspicious transactions on the platform in the last hour.
An initial investigation by Cyvers found that the hacker’s wallet address received a transfer of about $16 million in $ETH, $USDC, $USDT, and $DAI. Furthermore, the hacker converted all stablecoins to $ETH and distributed them to various externally owned accounts.
Just two hours before transferring $16 million worth of cryptocurrency to the mentioned wallet address, an additional $20 million was also moved from Stake – to the same wallet.
Cyvers alerted blockchain security and data analytics firm Peckshield as well as prominent on-chain sleuth ZachXBT to conduct further investigations.
ZachXBT discovered an additional loss of $25.6 million on both the BSC and Polygon networks.
Tommy WorldPower, the CEO of Ethereum L1 blockchain, Energi, noted that there were about $2 million worth of assets remaining in Stake’s wallet.
At the time of writing, Stake has yet to make an official statement about the alleged hack.
Founded in 2017, Stake.com rose to prominence as one of the biggest online casinos. The platform primarily focuses on sports betting and casino games such as slots, blackjack and roulette.
Stake is known for eschewing fiat currencies in favor of cryptocurrencies for transactions. It supports 18 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Tether (USDT), USD Coin (USDC), ApeCoin (APE) amongst others.
The online gambling platform also offers various bonuses and promotions to attract and retain users. These may include deposit bonuses, free bets, and loyalty programs.
Over the years, Stake has inked sponsorship deals spanning multiple sports, including partnerships with prominent figures such as UFC fighter Israel Adesanya, Argentine football star Sergio Agüero, Formula One reserve driver Pietro Fittipaldi, Canadian musician Drake and others.
In January 2023, the Alfa Romeo F1 Team announced a multi-year partnership with Stake. The team was then renamed to “Alfa Romeo F1 Team Stake,” solidifying Stake.com as their title sponsor.
After this incident, it’s unclear whether Stake will succeed in recovering all of its funds and what the future holds for the multi-year partnership with the Alfa Romeo F1 Team.
Update:
TRM Labs tracked the flow of funds from Stake, revealing that various cryptocurrencies were eventually converted into ETH, MATIC, and BNB before being distributed across 16 separate wallets.
Update:
The hack was officially confirmed by Stake.com via their social media, but no details have been revealed. There multiple fake refund program advertisements going around, be safe and trust only official sources.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
