Online gambling site Unusual funds withdrawals of $16M from the stake

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Withdrawals may be made in the following tokens: USDT, ETH, DAI, USDC, and STAKE.

On July 23, identical erroneous withdrawals occurred at Alphapo, a provider of payment services to a number of crypto-gambling sites.

The security company Cyvers Alerts reported on September 4 that $16 million was taken out of the crypto gaming site Slake in what it called “suspicious transactions.”

The fact that Etherscan labels the account making the withdrawal as a “Stake.com Hacker” raises the possibility that the funds were taken using a compromised private key.

The blockchain data points to the suspect’s account receiving excessively large withdrawals from Stake.com contracts. At 12:48 p.m., the first transaction occurred, in which $3.9 million worth of Tether (USDT) was moved from Stake to the attacker’s account. The equivalent of $9.8 million was spent on 6,001 ether (ETH) in two separate transactions. The hacker continued to do further damage. After that, he or she stole another $1 million in USD Coin (USDC), $900,000 in Dai (DAI), $75.48 in 333 Stake Classic (STAKE), and other tokens.

The money was reportedly stolen and distributed across other accounts by the suspected perpetrator. As of this writing, Stake has not issued a comment on the suspicious withdrawals. Stake is a cryptocurrency gambling system that allows users to gamble on a variety of games and events, including dice games, Blackjack, Lingo, and other casino favorites, as well as sports like basketball, tennis, and volleyball.

It’s likely that hackers in the year 2023 have already gone after crypto gambling sites. Alphapo, a company that facilitates financial transactions, had $31 million in fraudulent withdrawals on July 23. Some of the cryptogaming sites that have utilized Alphapo as a provider include Hypedrop, Bovada, and Ignition.

Also Read: The crypto exchange CoinShares has named this Ethereum alternative the “Most Loved Altcoin”

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