Crypto Shock: Withdrawals Halted at Stake.com – $40,000,000 Hack

An important Ethereum (ETH)-based cryptocurrency casino is halting withdrawals after reportedly being hacked for $40 million.

First spotted by Cyvers Alerts, a real-time securities firm, suspicious transfers were tracked leaving Stake.com’s Ethereum wallets and into unidentified addresses, according to the latest reports coming from the online publication the Daily Hodl.

“ALERT Our AI-powered system has detected multiple suspicious transactions with Stake.

https://etherscan.io/address/0x3130662aece32f05753d00a7b95c0444150bcd3c address received about $16M in ETH USDC USDT and DAI

All the stablecoins are converted to ETH and distributed to different EOAs (externally owned accounts).”

Users of Stake, the crypto-based betting platform, are able to place wagers on games and sports. The address involved in a recent hack on the platform has been identified by Etherscan, a blockchain explorer for Ethereum, as “Stake.com Hacker.”

Peckshield, a blockchain security firm, also alerted its 78,000 social media followers and advised Stake.com to take a closer look.

According to on-chain analyst and blockchain investigator ZachXBT, approximately $40 million has been taken on Ethereum, Polygon (MATIC), and BNB Smart Chain (BSC) networks.

Despite this, Stake.com has assured users that their funds remain secure and unaffected by the unauthorized transactions.

“Three hours ago, unauthorized tx’s were made from Stake’s ETH/BSC hot wallets.

We are investigating and will get the wallets up as soon as they’re completely re-secured.

User funds are safe.

BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.”

A trader who made a correct prediction about Bitcoin’s breakout earlier this year is considering buying Bitcoin (BTC) again.

In a recent video update, the trader, who goes by the name DonAlt, tells his 53,000 YouTube subscribers that Bitcoin is not looking strong.

DonAlt believes that the delay in the approval of spot-based Bitcoin exchange-traded funds (ETF) was something that traders were already expecting. However, BTC still dropped when the news broke.

Check out our previous article in order to learn more details.