Implications and lessons in crypto security
The post Implications and lessons in crypto security appeared on BitcoinEthereumNews.com. Stake.com was recently hacked for $41 million. What happened during the incident? How did the crypto casino giant respond to the attack? The implications and lessons for crypto. The security breach that saw online crypto casino Stake.com lose $41 million to hackers on September 4 is among the most notable attacks to hit the cryptocurrency industry this year. Since the incident, blockchain security analysts and law enforcement have linked the “suspicious outflows,” to a sovereign state actor – North Korea’s Lazarus Group. On September 7, the Federal Bureau of Investigation (FBI) released a report that identified the Lazarus Group as the hacker responsible for the theft. The FBI also pinned several other crypto hacks to the group, including the attacks on Alphapo, CoinsPaid, and Atomic Wallet. The group is reportedly responsible for attacks that have seen more than $200 million in crypto stolen in 2023 alone. Understanding what happened Blockchain data revealed that the Stake.com hack started with a transaction on Ethereum, with hackers transferring roughly $3.9 million of the stablecoin Tether (USDT). The attackers then withdrew 6,001 Ether (ETH), worth about $9.8 million at the current market price. Also withdrawn was approximately $1 million in USD Coin (USDC), $900,000 worth of Dai (DAI), and 333 Stake.com Classic (STAKE) tokens, each valued at $75.48. While initial reports indicated stolen crypto funds amounted to $16 million, that rose to $41 million. On September 7, the platform disclosed that the hacker had begun cross-chain transactions by transferring funds to the BTC blockchain through new wallets on Polygon and Avalanche. As of September 8, $4.5 million has been moved to BTC addresses. Meanwhile, the majority of the stolen funds, approximately $36 million, remain on the Ethereum, Polygon, and BNB Chain networks. Stake.com assured its customers that user funds were safe and that…
The post Implications and lessons in crypto security appeared on BitcoinEthereumNews.com.
Stake.com was recently hacked for $41 million. What happened during the incident? How did the crypto casino giant respond to the attack? The implications and lessons for crypto. The security breach that saw online crypto casino Stake.com lose $41 million to hackers on September 4 is among the most notable attacks to hit the cryptocurrency industry this year. Since the incident, blockchain security analysts and law enforcement have linked the “suspicious outflows,” to a sovereign state actor – North Korea’s Lazarus Group. On September 7, the Federal Bureau of Investigation (FBI) released a report that identified the Lazarus Group as the hacker responsible for the theft. The FBI also pinned several other crypto hacks to the group, including the attacks on Alphapo, CoinsPaid, and Atomic Wallet. The group is reportedly responsible for attacks that have seen more than $200 million in crypto stolen in 2023 alone. Understanding what happened Blockchain data revealed that the Stake.com hack started with a transaction on Ethereum, with hackers transferring roughly $3.9 million of the stablecoin Tether (USDT). The attackers then withdrew 6,001 Ether (ETH), worth about $9.8 million at the current market price. Also withdrawn was approximately $1 million in USD Coin (USDC), $900,000 worth of Dai (DAI), and 333 Stake.com Classic (STAKE) tokens, each valued at $75.48. While initial reports indicated stolen crypto funds amounted to $16 million, that rose to $41 million. On September 7, the platform disclosed that the hacker had begun cross-chain transactions by transferring funds to the BTC blockchain through new wallets on Polygon and Avalanche. As of September 8, $4.5 million has been moved to BTC addresses. Meanwhile, the majority of the stolen funds, approximately $36 million, remain on the Ethereum, Polygon, and BNB Chain networks. Stake.com assured its customers that user funds were safe and that…
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