Best Crypto to Buy Now September 4 – Rocket Pool, Synthetix, IOTA
Crypto betting platform Stake.com suffered a major security breach this Monday, with hackers exploiting vulnerabilities to steal over $41 million from hot wallets across multiple blockchains.
The theft was first detected through blockchain analysis before further investigation revealed the full extent.
As the news unravels about Stake.com's unfortunate security breach, what are the best cryptos to buy now?
The first signs of suspicious activity were detected by blockchain analyst Cyvers, who flagged the unauthorized withdrawal of $15.7 million in ether from Stake's Ethereum wallet.
Further investigation by crypto expert ZachXBT revealed an additional $25.6 million had been drained from the company's Polygon and Binance Smart Chain wallets.
The stolen funds were promptly converted to ether before being dispersed to various external wallet addresses.
While details remain scarce, the evidence overwhelmingly suggests Stake as the hacked entity.
Withdrawals from the platform have been frozen, matching numerous user reports across social media of interrupted services.
Stake, founded in 2017, has rapidly grown into one of the largest crypto casinos globally, reporting annual revenue of $2.6 billion last year.
This latest exploit once again highlights the pressing need to bolster security practices within the crypto sector.
Custodial vulnerabilities have led to billions in lost funds from hacks in 2022 alone. Strengthening risk management protocols and adopting advanced cybersecurity tools will be key to restoring trust and protecting user assets moving forward.
In other industry news, former SEC chair Jay Clayton remains confident the regulatory agency will approve a spot bitcoin ETF despite repeated delays.
The SEC has extended its review
Read more on cryptonews.com
