ETH - The Great Stake.com Robbery Of $40M Amplifies Calls For Stricter Digital Safeguards | Benzinga
Recent high-profile hot wallet breaches have sent shockwaves through the crypto community, prompting industry experts to weigh in on potential security lapses and the urgent need for enhanced cybersecurity measures.
Benzinga spoke to experts who highlighted the significance of robust security infrastructure, the vulnerabilities of hot wallets and the importance of global cooperation in ensuring a safer crypto environment.
As these concerns gain momentum, Benzinga's upcoming Future of Digital Assets conference on Nov. 14 is a pivotal platform with a dedicated panel set to delve deep into the realm of cybersecurity.
Hacks Drive Millions In Losses In 2023: Founded in 2017 by Bijan Tehrani and Ed Craven, Stake.com, a digital casino and sportsbook platform, faced a security incident earlier this week leading to an estimated loss of $40 million. Through a post on X, earlier known as Twitter, Stake.com confirmed unauthorized activities from its Ethereum and Binance Smart Chain hot wallets.
Slava Demchuk, CEO of AMLBot, emphasized the importance of multifactor authentication and the need for cold storage.
"In an interconnected world, financial technology transcends borders, therefore making cross-border partnerships absolutely crucial."
In April this year, Singapore-based crypto exchange Bitrue reported a loss of $23 million ...