Blockchain security platform Cyvers has detected several suspicious transactions from the crypto casino site Duelbits, indicating a security breach. 

The suspicious address received $4.6 million from Duelbits wallets on the Ethereum and BNB chains. Cyvers CEO Deddy Lavid shared early insights from the company’s investigation exclusively with Coin Insider Daily. 

The incident’s root cause seems to be loss of wallet access control. It usually means that the private keys or access credentials to the wallet have been exposed or stolen. The suspicious address converted various tokens into Ethereum. Hackers commonly use this tactic to consolidate assets into a more liquid and widely accepted cryptocurrency, making it easier to launder or hide the trail.

Additionally, assets on the BNB chain were bridged to Ethereum. This further indicates an attempt to move assets across platforms to obscure their origin. The hacker hurriedly swapped all BNB for BSC-USD without realizing the lack of gas fees to bridge the funds to Ethereum. 

To resolve the lack of gas fees, the hacker used FixedFloat, a service allowing quick cryptocurrency exchanges, to acquire the necessary funds for the bridging transaction. Duelbits has yet to provide an update on this incident at the time of writing. 

This is a developing story.