Tag: ETH

stake

Ethereum and BNB Theft at Stake.com Crypto Casino Sends More Shockwaves Through the Industry

Posted on by Laura P.

Stake.com, a popular crypto casino, was hit by a massive heist involving Ethereum (ETH) and Binance Coin (BNB), which amounted to tens of millions of dollars, in a shocking turn of events.

Stake’s Ethereum and Binance Smart Chain (BSC) hot wallets were compromised, but the business assures customers their money is safe. Bitcoin, Litecoin, XRP, EOS, and Tron wallets, among others, are safe for the time being.

An Analysis

On-chain transaction analysis reveals a startling $16 million in stolen Ethereum (ETH), USDC, USDT, and DAI from an Ethereum wallet. Apparently, to avoid any blocking by Tether or Circle, these stablecoin holdings were changed to ETH. In this fraud, almost 6,000 ETH were stolen.

In addition, tokens worth $17.8 million were illegally gained from the BSC chain, and another $7.8 million came from the Polygon wallet. Both of these amounts are referred to as the total amount stolen. Collectively, attackers got off with somewhere about $40 million.

Speculation that Stake.com’s platform has been systematically infiltrated has been fueled by comments from MetaMask’s Product Manager, Taylor Monahan, who noted that the transactions were precisely organized.

This lends credence to the hypothesis that the theft was carried out straight from the internal systems of the platform, most likely via the unauthorized acquisition of private keys. Important to remember is that they were “hot wallets,” meaning they lacked the extra protection of offline keys. Still, it has not been possible to determine who was responsible for this daring heist yet.

What This Means for Stake.com

Stake.com, established in Curacao, promotes itself as the premier crypto casino by offering an online gaming platform for cryptocurrency betting. Since its 2017 debut, Stake.com has enabled users to gamble on sports and online games using cryptocurrencies such as BTC, ETH, and DOGE. Bets in fiat currencies, like as the US dollar, are also accepted on the site. The company has had legal problems before, but nothing like what happened yesterday.

It is part of the growing industry of cryptocurrency casinos, which has seen success in part because of its customers’ need for privacy. Because they do not need users to reveal their identities via the Know Your Customer (KYC) process and accept cryptocurrencies for deposits and withdrawals, these sites have opened anonymous worldwide betting.

Despite the serious breach in security, Stake.com has continued to operate normally. The corporation has assured customers that their money is safe and is once again processing withdrawal requests. It seems likely at this point that the stolen goods belonged to the business, rather than specific consumers.

On the other hand, withdrawals have been enabled again, suggesting that Stake.com is confident in its capacity to make up the lost funds. Without these guarantees, customers are hesitant to make withdrawals for fear of going bankrupt. Thankfully, it does not seem that this is an issue with Stake.com.

Ethereum

Ethereum Drops Below $200, Further ICO Selloff Expected

Posted on by Laura P.

Over the past few months, Ethereum investors have had to cope with bears from everywhere thanks to the pessimistic news and sporadic or wavering statements that have grown rather rampant within the period of its existence. While a lot of work has been put into the Ethereum project, the digital currency otherwise known as ETH has managed to plunge so deeply to a new all-time low of about $183 – this is the first time that the cryptocurrency market is seeing a bloodbath that has caused a plummet of close $198 billion.

There was a boom in the number of Initial Coin Offerings in towards the end of the 2017 and early this year, something that drew the attention of a number of different market players including mainstream media. Ethereum happened to be one of the biggest beneficiaries of this rapid increase in the number of Initial Coin Offerings. In fact, the digital currency remains to be the second biggest cryptocurrency market and its smart contract has spawned several projects including Tron and EOS.

Unfortunately, this year has not been Ethereum’s best year having gone through a constant drop this year. This drop in Ethereum’s value has been one of the most shocking outcomes in the cryptocurrency industry and the ICOs are reportedly to blame for the digital currency’s downward price trend.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” Vitalik Buterin, the co-founder of Ethereum commented on ETH’s decline.

This is certainly not good news for speculators and crypto enthusiasts who purchased digital currencies at high prices at the beginning of the year with the hopes of stopping glosses from the year-long slump. As such, it is very important for stakeholders to have practical anticipations for possible gains especially considering last December’s astounding flare-up in crypto prices that was described as a “retail bubble” by many investors.

Why Fingers Are Pointing to the ICOs

Ethereum-based ICOs have spent 157,700 ETH over the past 8 days – this is equivalent to $29.9 million at the digital currency’s present value and is the highest amount spent since March. Due to this, there has been speculation that the cryptocurrency startups have been offloading Ethereum for fiat currency on major exchanges.

Alex Kruger, a cryptocurrency analyst, says that about 4 percent of the Ethereum held in visible ICO wallets was transferred out last month. Kevin Rooke, another cryptocurrency analyst, also pointed out that the Ethereum reserves held by ICOs fell to $600 million in the last week. This ICO cash-out is one of the causes of ether’s 40 percent price drop over the past month.

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