Stake’s $4.7B Revenue Competes with Industry Giants

Crypto betting giant Stake reported a GGR of $4.7 billion in 2024 — up 80% since 2022.
This rivals traditional gambling companies:

• Entain: $5B
• Flutter: $14B

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Stake offers casino games and sports betting, with all transactions handled through crypto wallets.

Stake Lost $41M in 2023 Hack

On September 4, 2023, suspicious withdrawals from Stake’s Ethereum and BNB Chain wallets were flagged. The FBI later confirmed that the North Korean Lazarus group was responsible for the $41 million hack.

VPNs Help Users Bypass Bans

Despite bans, users still access crypto casinos using VPNs.

• Some influencers post tutorials on how to access geo-blocked gambling sites.
• Verified “ready-to-gamble” accounts are sold on platforms like Facebook for as little as $10.

These accounts come pre-verified, allowing users to skip platform registration.

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The post Crypto Casinos Generated $81B in 2024 appeared first on Coin Engineer.

ZachXBT discovered in his first research—which was supported by staff members from Metamask, Binance, TRM Labs, and Five I’s LLC—North Korea’s state-sponsored Lazarus Group laundered approximately $200 million in crypto into currency over a three-year span. After 25 distinct attacks on many blockchains, the hackers exploited a variety of accounts at peer-to-peer marketplaces to cash out the money.

The research resulted in the issuers of the USDT (Tether), USDC (Circle), TUSD (Techterx), and BUSD (Paxos) freezing about $5 million in stablecoins belonging to two wallets. Both of the two wallets have not frozen the DAI stablecoin valued at $720,000 or the Ethereum valued at roughly $313,000.

“All four stablecoin issuers (Paxos, Tether, Techteryx, and Circle) have blacklisted the two addresses below with $4.96M from Lazarus Group as of right now.” ZachXBT noted on X. “Another $1.65M frozen at several exchanges, thereby putting the total frozen from my research to $6.98M.” 

ZachXBT specifically targeted Circle, the USDC issuer, for freezing the tokens for longer than the other stablecoin issuers in posts on X. “Took Circle 4.5 months longer than the others, but at least everything is frozen now,” a post notes. ZachXBT said in another, “(Circle has) 1000+ employees yet no incident response team who blocks after a DeFi or Lazarus Group hack or exploit safeguards the ecosystem.” 

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The post $5M Stablecoins Frozen in Crackdown on Lazarus Group appeared first on Coin Engineer.

According to SlowMist’s chief information security officer, a hacker from Lazarus Group created a fake LinkedIn profile under the name “Nevil Bolson” claiming to be the co-founder of Fenbushi Capital. It was determined that the profile picture used by the fraudster belonged to the real Fenbushi Capital partner Remington Ong.

It has been confirmed that the fake LinkedIn page remains active and the fraudster is soliciting discussions from software developers. Lazarus Group often conducts private conversations on LinkedIn pretending to be an investor and then tries to schedule meetings with its targets.

SlowMist warns that Lazarus Group’s strategy involves gaining the victim’s trust before adding malicious links disguised as meeting invitations or event pages that, when clicked, will lead to phishing attacks.

By comparing IP addresses and observing similarities in attack methods, the security firm determined that “Nevil Bolson” was part of the Lazarus Group.

As reported by the UN Security Council, North Korea’s state-sponsored crypto hacker groups allegedly generate significant revenue for the country, a large portion of which is allocated to the development of weapons of mass destruction.

According to Chainalytics, approximately $1.7 billion worth of funds have been stolen from the cryptocurrency space through 231 hacks.

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The post Lazarus Group Targets DeFi via Fake Fenbushi Capital Profile on LinkedIn, Says SlowMist appeared first on Coin Engineer.