Stake.com - co-founded by Young Rich Lister Ed Craven in 2017 and one of the world’s largest online casinos - has been hacked with more than $US40 million taken from the exchange’s online wallets.
The theft was discovered in the early hours of Tuesday morning, when Cyvers, a blockchain security platform, detected $US16 million of “suspicious transactions”. Another blockchain analyst, ZACHXBT, confirmed the number plus an additional $US25.6 million.
Last year, more than $3.7 billion worth of crypto was lost to various hacks and exploits, (coindesk)
What is Stake?
Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. It made $2.6 billion in revenue in 2022, according to a Financial Times report.
Security Measures:
Stake.com had a slew of security measures in place, from stringent password policies and 2FA to frequent security audits and encryption technologies. They even advised users on game choices to minimize risks.
What is at Stake? What does this mean to risk and vulnerability
The hack reveals a sobering truth: even the most secure platforms are vulnerable to sophisticated cyber-attacks. It’s a wake-up call for not only the gambling industry - but online industry such as banks to beef up security protocols and for users to tread carefully.
No platform is entirely safe. It’s crucial for users and platforms alike to up their security game.
Other heists
Blockchain security company CertiK estimates that approximately $1.3 billion worth of cryptocurrency was lost due to hacks and scams in 2021 alone, a 2,500 percent increase from 2020.
https://www.theregister.com/AMP/2022/09/20/wintermute_hacked_160m/
Multichain
Blockchain bridge Multichain has suspended operations and is missing up to USD120 million after seeing “unusual activity” coinciding with a major cyber heist . Before it paused transactions, it was holding a reported USD1.26 billion in crypto currencies.
Several cybersecurity firms sounded the alarm on July 6 about an attack after observing abnormally high numbers of tokens transferring from Multichain’s bridging networks to unidentified addresses.
Multichain (formerly known as AnySwap) describes itself as an “enterprise blockchain that actually works,” allows clients to connect blockchains such as Bitcoin and Ethereum via a cross chain bridge.
Last week, hackers stole stablecoins, including Tether, Dai, and USDC, as well as tokens like Chainlink, wrapped Bitcoin, and wrapped Ether
The funds were moved into six different addresses.
CyVers says Multichain is still uncertain about the exact nature of the incident, adding that in dollar terms, it is the second biggest cyberattack of 2023 to date.
With its CEO (and other senior team members) missing and delayed transactions before the attack, there is intense speculation that Multichain will not resume business.
Cybercrime is prevalent
The Billion Dollar Heist
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The doco illustrates how sophisticated and prevalent cybercrime has become in recent years.
The story is about how in 2016 , a group of security hackers managed to steal $81 million from the Bangladesh Bank while also accidentally letting a typo keep them from getting away with much more .
The hackers issued 35 fraudulent requests to illegally transfer close to US $1 billion from the Federal Reserve Bank of New York account belonging to the Bangladesh Bank to themselves.
Cybersecurity experts across the world on such high alert.
In 2017, the G20 warned that cyberattacks could “undermine the security and confidence and endanger financial stability.”
Is this a threat to humanity at large as pandemics, weapons of mass destruction, and climate change ?
https://study.uq.edu.au/stories/how-do-you-stop-cyber-bank-heist
If cyber security isn't done well, it’s as easy as walking into an unlocked vault. That’s where cyber security experts step in.
According to VMware’s fifth annual Modern Bank Heists Report, 63% of financial institutions admitted experiencing an increase in destructive attacks, with cybercriminals leveraging this method as a means to burn evidence as part of counter incident response. Additionally, 74% experienced at least one ransomware attack over the past year, with 63% paying the ransom.
“What exactly are these cybercrime cartels looking for? We’re witnessing an evolution from a bank heist to economic espionage, where cybercriminals target corporate information or strategies that can affect the share price of a company as soon as it becomes public,” wrote Tom Kellermann, head of the cybersecurity strategy at VMware in a blog post.
How can cybercrime be stopped?
How can you mitigate the risk?
Kala Philip of BSILearning says that it starts with education .
Every professional and employee should be aware of the risks and strategies on how cybercrime can be mitigated .
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