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· Posted on
February 21, 2024

Stake.com's wallet gets $64 million ETH lighter in a heist than even Danny Ocean would applaud

Stake.com has just had over $64 million stolen in the form of ethereum tokens.

What's the key learning?

  • The thieves have reportedly stolen the funds from Stake.com's ethereum hot wallet.
  • A hot wallet is a digital crypto wallet that's connected to the internet.
  • While a hot wallet is useful for speedy transactions, it's more exposed to possible cyber attacks or other security risks.

👉 Background: Stake.com was founded in Australia as an online crypto casino. But since this type of casino is illegal in Australia, it only operates internationally. And this isn't a small enterprise. In fact, the company is estimated to be worth over $1 billion.

👉 What happened: Now, Stake.com has just had over $64 million stolen in the form of ethereum tokens. Luckily for Stake.com, none of their user's funds have been affected. However, they still haven't found the culprits of the online-Ocean's-Eleven heist.

👉 What else: We do know that the thieves managed to steal the funds from Stake.com's ethereum hot wallet.

What's the key learning?

💡A hot wallet is a digital crypto wallet that's connected to the internet. Think of it like a transaction account for cryptocurrency.

💡The upside of a hot wallet is that it's online and you can use it to make speedy transactions. But the downside is that it's more exposed to possible cyber attacks or other security risks.

💡Stake.com uses its hot wallets to cover its customers' payouts. But now, on top of payouts, they're stuck forking out $64 million to cover their loss.

‍

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