According to multiple blockchain security experts, the world’s largest crypto casino, Stake.com, saw a suspicious outflow of over $40 million on Monday. In what is suspected to be an attack, the exploiters moved $16 million in Ether, USDC, Tether, and DAI, which were converted to Ethereum.
Blockchain sleuth ZachXBT further dictated another $25 million drained through Polygon and Binance Smart Chain (BSC). Stake’s CEO, Bijan Tehrani, confirmed the attack in a tweet and assured users of the safety of their funds.
“Thanks, we are looking into this. No impact on customer funds,” Tehrani tweeted in response to a post by Peckshield regarding the attack.
Attack or Maintenance
Security firm Peckshield initially discovered the strange on-chain activity on the Stake.com wallet and alerted the firm via a tweet. Cyvers then confirmed the transfer, which was thought to be only $16 million.
The transfer involved 6,000 ETH, 3.9 million USDT, 1.1 million USDC, and 900,000 DAI, totaling $16 million. On-chain data showed that the transferred assets were converted to Ethereum and distributed among several other external wallets.
ZachXBT then noticed another $25 million was moved out of the wallet and laundered on the Polygon and BSC networks. Peckshield told Decrypt that the transfers were suspicious unless the platform was undergoing maintenance.
Stake Allegedly Pauses Withdrawal
Several X (Twitter) users claimed that Stake.com had halted deposits and withdrawals after the alleged hack. The casino, however, has not given a comprehensive update on the issue.
The wallet still had a few assets after the attack; about $386,000 worth of Ether and $2.1 million worth of other altcoins were still left in the address, Etherscan showed.
Stake.com is a popular Bitcoin and cryptocurrency sports and casino betting platform. Founded in 2017, the Australian-based online casino is endorsed by a couple of celebrities, including singer Drake.
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