Summary:
- A total of $41.3 million was taken.
- All deposits and withdrawals were suspended.
- Banking is now reportedly back on track at the site.
Stake.com is considered the largest cryptocurrency casino in the world.
The site recently was subject to a hack, where over $41 million in cryptocurrency was taken.
This is a huge blow and the platform immediately stopped accepting deposits and withdrawals. The event has created a frenzy of sorts, with cryptocurrency most likely taking a hit in the US as players will not feel secure using the banking method for their gaming needs.
How It Started
Early on September 4, a cryptocurrency security firm Cyvers flagged several transactions linked to the hot wallet of Stake.com. The transactions were considered irregular in nature. One address received around $16 million in several formats of crypto, including Ethereum. Stable coins were converted to $ETH and then distributed via EOAs.
Most of the stolen crypto was taken from the Binance Smart Chain at $17.8 million. An additional $15.7 million was taken in Ethereum. The remaining $7.8 million left via Polygon. Players often use cryptocurrency to play casino games and place sports bets at Stake.com.
Reportedly, transactions are up and running now, but no additional details have been provided as to what actually happened. We imagine the story will break shortly to give more insight into how the breach took place.
How Cryptocurrency Will Be Affected
Considering how cryptocurrency will be affected by this huge breach is important. The currency can be volatile and see a rise and fall in value. With this hacking at Stake.com, players may be leery to use the currency as it may be stolen, or their personal information hacked.
Many online casino sites in the United States utilize cryptocurrency to provide players with simple and anonymous payment method. Bitcoin, Ethereum, Litecoin, and many other types are used for depositing and withdrawing funds. Players may take a break from cryptocurrency gaming due to the breach in fear of losing their funds.
Will the Stake.com hacking affect online casinos in the US that focus on cryptocurrency? Will it lower the value of the coin? The event just took place on September 4th, so this week will indicate how volatile cryptocurrency will be and if players will still feel comfortable using the option.
The main driving point behind crypto usage is security and anonymity. How did the hacker attack Stake.com and take so much of the currency? Was personal information also taken from the site? Hopefully, more details will be added so we know exactly what happened and how to avoid such a major breach in the future.
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