Crypto betting platform Stake silent on reported $41M fund drain

Sep. 4, 2023

By Oluwapelumi Adejumo

Some members of the crypto community are speculating if the attack could be linked to North Korea.

Several blockchain security firms, including Peckshield, have reported the suspicious movements of significant funds on crypto-based sports betting platform Stake.

Cyvers platform first reported the incident, noting that about $16 million of stablecoins were converted into Ethereum (ETH). On-chain sleuth ZachXBT corroborated the report, adding that “another $25.6M was drained on Binance Smart Chain (BSC) and Polygon (MATIC).”

This brings the total amount siphoned from the platform to approximately $41 million as of press time.

Stake has yet to respond to CryptoSlate’s request for comment as of press time and has not issued any public statement about the reported exploit.

Are North Korean attackers involved in Stake exploit?

This is not the first incident involving a crypto-gambling platform. Earlier in the year, Alphapo, a cryptocurrency payment service provider for gambling sites like  HypeDrop, Bovada, etc., lost more than $60 million to a security breach of its hot wallet. The U.S. FBI reported that the theft was from North Korea-backed state hackers.

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