The Target: Curaçao-headquartered Stake.com offers casino and sports betting for players using cryptocurrency.
The Take: Over $40m in cryptocurrency.
The Vector: In crypto, hot wallets are less secure than cold wallets because public and private keys can be reached from the internet, enabling remote access and unauthorized activity. This appears to be what happened to Stake.com, although the firm has revealed few other details.
This breach is a stark reminder of how important authentication controls are in an overall robust cybersecurity posture, and more critically, ensuring these controls are in place on all third-party vendors which have access to a firm’s data.