Suspicious $16 Million Withdrawal Hits Crypto Gambling Platform Stake

Suspicious $16 Million Withdrawal Hits Crypto Gambling Platform Stake

On September 4th, the crypto gambling platform Stake witnessed a series of suspicious transactions, with a total of $16 million withdrawn. The withdrawing account has been labeled " Hacker" on Etherscan, suggesting that these funds may have been obtained through the theft of a private key.

Blockchain data reveals significant withdrawals from contracts into an account associated with the alleged attacker. The initial transaction took place at 12:48 pm and involved the transfer of roughly $3.9 million worth of Tether (USDT) from Stake to the attacker's account. 

Subsequently, two more transactions moved 6,001 Ether (ETH), equivalent to around $9.8 million at the current market price. The attacker proceeded to withdraw various tokens in the following minutes, including approximately $1 million in USD Coin (USDC), $900,000 worth of Dai (DAI), and 333 Stake Classic (STAKE) tokens valued at $75.48 each. Cyvers Alerts estimated the total drained value of cryptocurrency to be $16 million.

Following the withdrawal of funds, the suspected attacker proceeded to disperse them across multiple accounts. As of the time of this report, has not issued any statements or announcements regarding these unusual withdrawals.

Stake is a cryptocurrency-based gambling platform that provides various games, including dice games, Blackjack, Lingo, and various casino games. Additionally, it offers sports betting options for a range of sports such as basketball, tennis, volleyball, and more.

In 2023, there have been multiple instances where crypto gambling sites appear to have been targeted by hackers. Notably, on July 23, payments provider Alphapo experienced suspicious withdrawals amounting to $31 million. Alphapo served as a payment gateway for various crypto gambling platforms, including Hypedrop, Bovada, and Ignition.

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