It seems that hackers are not waiting for their trails to cool off before moving funds.
The individuals responsible for the recent $41 million hack of cryptocurrency casino Stake have moved assets again, further alarming the crypto community.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is a Rug Pull in Crypto? (Meaning + Examples)
On September 11th, malicious actors shifted 300 Binance Coins, equivalent to approximately $61,500, from one account to another before moving the tokens to the Avalanche blockchain at 4:09 PM UTC.
A larger transaction took place seven hours earlier when 520,000 MATIC tokens, valued at over $266,000, were also transferred to Avalanche.
This recent activity adds to previous transactions. On September 7th, blockchain security firm Arkham reported that $4.5 million in stolen funds were converted to Bitcoin (BTC) and transferred to its blockchain.
It is worth noting that these sums still represent just a fraction, approximately 1.2%, of the millions stolen from Stake Casino.
This event also contributes to a rising year-to-date tally of crypto scams and thefts, now exceeding $1 billion. This significant milestone was confirmed by CertiK, which had initially estimated that hacks and scams had cost the crypto world $997 million by the end of August.
At the beginning of September, a crypto whale lost $24 million in Ether due to a phishing attack, and a compromised social media account belonging to Vitalik Buterin led to an NFT scam worth $691,000.
The recurring transfers by the Stake Casino hackers have raised red flags in the cryptocurrency community. With the hackers still at large, this incident contributes to a trend of escalating security concerns in the crypto world. With more than $1 billion already lost to malicious activities in 2023 alone, this incident underscores the critical need for enhanced security measures in the rapidly evolving crypto landscape.