Stake.com Loses $40M in Cryptocurrency Hack, Lazarus Group Suspected

Stake.com, a popular crypto sports betting and casino gaming platform, recently fell victim to a cyberattack that resulted in the loss of over $40 million in cryptocurrency. The attack was first made public by digital security company Cyvers Alerts via X (formerly known as Twitter), which revealed that the hack was due to a private key leak.

Stake.com founder and CEO Ed Craven assured users that their funds were safe and that the theft only affected a 'small portion' of the platform's holdings. Security company Beosin estimated Stake’s losses at approximately $41.3 million. The cryptocurrency stolen came from Ethereum, Polygon, and Binance Smart Chain wallets.

The American FBI has accused North Korea's Lazarus Group, a notorious state-led cyberterrorist organization, of the crime. The hackers have been linked to the Democratic People's Republic of Korea (DPRK) and are believed to be responsible for a series of cybercrimes aimed at providing funds for the regime of Kim Jong Un, North Korea's leader. In April 2023, Ronin Network was attacked and lost an eye-watering $622 million. US authorities also blamed this attack on Lazarus Group. In total, North Korean hackers are thought to be responsible for the theft of more than $2 billion since 2018.