Is Lazarus Group Behind The Hack Of $41 Million From Stake?
Crypto gambling platform Stake was hacked and lost $41 million worth of cryptocurrency recently. This gambling platform offers sports betting and casino games. Stake halted deposits and withdrawals from the platform after this hack. Later they resumed withdrawals and deposits to keep running the operation.
Hackers exploited and drained 41$ worth of crypto from the platform's hot wallets. So who is behind this hack? The Federal Bureau of Investigation (FBI) investigated this and found valuable information. According to the FBI, North Korean hackers Lazarus Group was behind this attack of Stake.
Stake stated that a small portion of funds was affected by this hack. Since the platform resumes deposit and withdrawal options, people can use this platform. Users' funds would not affected by this hack, according to the gambling platform Stake.
It is safe to hold crypto on a cold wallet. You need to keep crypto on hot wallets as well. If hackers find any vulnerability or find a way to trick the victim, they can get access to the wallet and drain all crypto assets. There is no way you can underestimate the phishing attacks, scams, and hacks in crypto.
According to the FBI investigation, 33 crypto wallets including 22 Bitcoin (BTC) addresses are related to Stake hack. Hackers used Bitcoin, Ethereum, BNB Smart Chain, and Polygon networks to hold the stolen funds. The attackers would find a way to get away with this stolen crypto.
If crypto exchanges and protocols review addresses before making any transaction, criminal actors will not find it easy to move the stolen funds. Notorious Lazarus Group is a familiar name behind major hacks and exploits in crypto platforms and protocols.
It is unlikely that you would hear about Lazarus Group for the first time if you pay attention to the rise of attacks and exploits in crypto. While talking about Alphapo, CoinsPaid, and Atomic Wallet hacks, the same hacking group appears over and over. People did not forget about Harmony’s Horizon bridge, and Ronin bridge hacks and lost $100 million and $600 million respectively.
Blockchain security firms and experts point their fingers at the notorious Lazarus Group. You cannot see any alternative to paying more attention to the security and safety aspects of the crypto platforms. Otherwise, people will not feel comfortable getting involved in crypto platforms.
Image Sources: 1, and 2.
Reference: 1.
About Me
I'm a content creator and passionate learner. I write about finance, cryptocurrency, and lifestyle. Stay tuned to know what's going on in crypto.
Follow me on Twitter
Watch my videos: 3Speak, DTube, and YouTube.
Posted Using LeoFinance Alpha
The lazarus group keeps coming up but I don't think there is much people can do about it because that group runs in a place that normal laws can't touch. Then again, we don't know if they are the real culprits and security is something all crypto projects need to focus on.
The Lazarus Group is active not only in crypto but also in the traditional financial sector. They inject malware to take control and steal money from financial institutions.