Exclusive: Eddie Craven, Co-founder of Stake, Reveals Insights on Massive $41 Million Cyber Theft

Exclusive: Eddie Craven, Co-founder of Stake, Reveals Insights on Massive $41 Million Cyber Theft


Cryptocurrency Casino Stake Reports $41 Million Hack, Assures User Safety

According to Stake co- founder Ed Craven, regardless of a recent hack that resulted in the theft of $41 Million in digital currencies, users’ private information and funds remained uncompromised. Craven released a blog  post detailing the incident, which the FBI attributes to North Korean hackers. The attacker targeted Stake’s ETH/BSC hot wallets, utilized for daily transactions and customer payouts. Although while unauthorized transactions were stopped within four hours, the hackers managed to withdraw the stolen funds through Ethereum (ETH), Binance Smart Chain, and Polygon. The funds were then moved to Bitcoin’s blockchain through numerous addresses. Craven reassured users that their personal details and account balances were never exposed during the attack.

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FBI Blames Lazarus, North Korean Criminal Group

The FBI identified the TraderTraitor organization APT38, likewise known as Lazarus, as in charge of the attack on Stake. Lazarus is a trending criminal group specializing in adept cyber attacks. Backed by the North Korean regime, Lazarus has reportedly stolen over $1 Billion in virtual currencies since 2022. Tornado Cash, an Ethereum-based privacy protocol, previously faced sanctions due to its connections to Lazarus’ money laundering schemes. The United States Justice Department has likewise indicted two Tornado Cash developers, accusing them of aiding criminals by developing decentralized software. One of the developers has pleaded not guilty, while the other has been arrested and faces similar charges in the Netherlands.

Hot Take: Ensuring User Safety Amidst Cryptocurrency Hacks

The recent hack on Stake serves as a reminder of the ongoing threats faced by the cryptocurrency industry. It is commendable that Stake’s security team swiftly responded and managed to prevent further unauthorized transactions. Nonetheless, the incident underscores the importance of robust security measures and constant vigilance in protecting user funds and information. As digital currencies become increasingly mainstream, it is critical for platforms to prioritize the implementation of rigorous security protocols. In addition, collaboration between law enforcement agencies and the cryptocurrency community is essential in identifying and apprehending cybercriminals. By prioritizing user safety and maintaining a proactive approach to cybersecurity, the industry can work towards building trust and resilience in the face of evolving threats.

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Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.

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