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Following $41M Heist from Stake Casino, Hackers Make New Moves

Following $41M Heist from Stake Casino, Hackers Make New Moves

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. 

Blockchain security firm CertiK has reported that the hackers transferred $328,000 in Polygon (MATIC) and Binance Coin (BNB) tokens.

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What is a Rug Pull in Crypto? (Meaning + Examples)

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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.

The FBI has suggested that North Korea's Lazarus Group could be involved in this malicious exploit.

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.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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