Stake.com, Ceasars, and MGM are the latest victims of cyber attacks in the iGaming and online sports betting arena – see the full story! (Photo by Artem Bryzgalov on Unsplash)
If you are a crypto award-winning Stake.com casino player, you may have heard of recent issues as the company fell foul to targeted cyber attacks. However, fear not. This casino has its customers’ backs, and the financial hit to the firm has not affected any of its customers.
There have been a string of cyber attacks reported lately. MGM Resorts (the owner of LeoVegas Casino) and Ceasars (the owner of William Hill US) were recently held to ransom by cyber attackers. According to a report on CNN.com, both casino firms were hit by the same group—however, the Stake.com incident does not appear to have been hit by the MGM and Caesars attackers. I cannot confirm this, but from the various reports, the attacks on Stake Live Casino had a different MO.
In recent news, it came to light that there had been suspicious activity on the Stake platform. Cyvers and ZachXBT, an on-chain investigator, report that $41 million has been suspiciously withdrawn from the crypto-based betting platform. Therefore, this appears to have been a straight-up hack rather than a cyber-attack with a ransom demand. Withdrawals of over $25 million were made utilising Binance Smart Chain (BSC) and Polygon (MATIC). Furthermore, $16 million in stablecoin has been converted into Ethereum (ETH).
One of the most important points to note here is that Stake.com took the hit and did not allow the issue to affect its members. Operating under the Curacao licensing, and a company that wants to build a positive brand image, this is exactly how successful casinos win awards and customers.
Stake.com live casino won the EGR Operators 2022 Crypto Operator of the Year and the SOFTSWISS platform it operates won the International Gaming Awards 2023 Crypto Company of the Year.
Stake Live Casino Comments & Explains the Cyber Attack
Stake.com is a sports betting and online casino platform that uses a variety of cryptocurrencies as its operational currency. Stake commented on the incident, saying the fund transfers were unauthorised, but user funds were safe. They also stated that only the mentioned wallets were affected and that all other wallets did not see any suspicious activity and remained fully operational.
After the fund transfers, the platform temporarily stopped most of its operations. This was mainly focused on the affected wallets, with all unaffected wallets remaining fully operational, as mentioned above.
Since the incident, operations have been resumed fully, and deposits and withdrawals in all currencies will be processed instantly.
Cyber Attacks are Commonplace in Today’s Modern World of Tech
This is not the first or the last incident regarding the security risks of cryptocurrencies and online betting services. These industries are the primary targets for hackers who constantly seek new ways to extract funds from these massive online wallets. It is a constant battle to stay ahead by keeping security technology as recent as possible.
Alphapo also experienced a significant security breach earlier this year. They are a service provider specialising in cryptocurrency payments. It is reported that over $60 million was lost in the security breach. The FBI investigated the incident and found that state hackers most likely caused the violation with the backing of North Korea. Alphapo is used by big gaming platforms, which include HypeDrop and Bovada. Not even the biggest and most secure companies appear safe from security breaches. This has been a vulnerability with cryptocurrencies since the start and continues to be a big challenge.
At this time, it is still unsure who is responsible for the hacking incident on Stake.com. The inconclusiveness is primarily due to a lack of transactional data. There are some speculations of North Korean influence, but experts say that premature conclusions should be avoided and that Stake will eventually release more reliable information. Stake will be able to investigate further where the suspicious activity came from. They will also be able to see if there is any unusual behaviour by any of their employees who work as developers. This will uncover if there was any internal involvement with the security breach incident.
Cyber attacks continue daily, and no security system seems to be full-proof. Major online players being hit for vast amounts of money is a brutal reminder of an ongoing challenge to keep online resources secure from attacks.
Want to know more about crypto gaming? See the full Bitcoin casinos advice guide. Here you will find the most highly recommended crypto casinos. You will also discover which cryptos you can use to gamble online with and find recommendations on how to fund crypto wallets and casinos.
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