Crypto betting platform Stake quickly recovers after $41M hack

2:08 am
September 5, 2023
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Stake, a popular crypto betting platform, has managed to resume its services and reopen deposits and withdrawals just five hours after experiencing a hack that resulted in an estimated loss of $41.3 million. The platform announced the reopening of all services at 9:28pm UTC time on September 4, stating that user funds remain safe. Although Stake has not disclosed the cause of the exploit or the exact amount stolen, the company confirmed that its Bitcoin (BTC), Litecoin (LTC), and XRP wallets were not affected. Blockchain security firms have estimated that the hack led to losses across Ethereum (ETH), Polygon (MATIC), and Binance Smart Chain.

A blockchain security firm called Beosin reported that the total loss from the hack amounted to $41.35 million, with losses of approximately $15.7 million on Ethereum, $7.8 million on Polygon, and an additional $17.8 million from the Binance Smart Chain. The initial estimate provided by another blockchain security firm, PeckShield, did not account for the losses on Binance Smart Chain and Polygon. The attack involved several unauthorized transactions from Stake’s ETH/BTC hot wallets, with the first transaction occurring at 12:48pm UTC and resulting in the transfer of around $3.9 million worth of Tether (USDT) from Stake to the attacker’s account.

Despite the hack, Stake acted swiftly to address the situation, secure its wallets, and restore its services to minimize disruption for its users.

FAQs

What is Stake?

Stake is a crypto betting platform that allows users to place bets using various cryptocurrencies.

How long did it take for Stake to resume its services after the hack?

Stake was able to reopen deposits and withdrawals and resume all services just five hours after the hack occurred.

Were user funds affected by the hack?

No, Stake confirmed that user funds remain safe despite the hack.

How much money was stolen in the hack?

The exact amount stolen has not been disclosed by Stake, but blockchain security firms estimate the losses to be around $41.3 million.

Which cryptocurrencies were affected by the hack?

The hack impacted Ethereum, Polygon, and Binance Smart Chain, but Bitcoin, Litecoin, and XRP wallets were not affected.


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