Stake bounces back and reopens withdrawals after $41.3M hack

Crypto betting platform Stake has reopened its deposit and withdrawal services just five hours after suffering a hack estimated to have stolen $41.3 million. The unauthorized transactions occurred in Stake’s ETH/BTC hot wallets, with blockchain security firms estimating the total loss.

All services have resumed! Deposits & withdrawals are processing instantly for all currencies. We apologise for any inconvenience. 🙏

— Stake.com (@Stake) September 4, 2023

While Stake confirmed that Bitcoin, Litecoin, and XRP wallets were unaffected, it has not disclosed the cause of the exploit or the exact amount stolen.

Three hours ago, unauthorised tx’s were made from Stake’s ETH/BSC hot wallets.

We are investigating and will get the wallets up as soon as they’re completely re-secured.

User funds are safe.

BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.

— Stake.com (@Stake) September 4, 2023

However, the platform assured users that their funds remain secure. Analysis by blockchain security firm Beosin estimated the loss at $41.35 million, including amounts on Ethereum, Polygon, and BNB Smart Chain.

An earlier estimate by PeckShield did not account for the losses on BSC and Polygon. The attacker began with a transfer of $3.9 million in Tether, followed by over 6,000 Ether and various other tokens. Stake has quickly resumed all services and apologized for any inconveniences caused.

Read Now: Is Bitcoin losing its sparkle? Metrics point to concerning trends