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Crypto casino Stake reopens withdrawals just 5 hours after $41M hack

Five hours after the crypto betting site Stake was hacked to $41.3 million, the platform reopened deposits and withdrawals and restarted user services. Blockchain security firms estimate that the breach caused the loss.

On September 4 at 9:28 p.m. UTC, Stake reported that all services had been restored. This news came just a few hours after the platform announced that many unauthorized transactions had been performed using Stake’s ETH and BTC hot wallets.

The online gambling service reported that its Bitcoin wallets holding a total of $25,617, Litecoin wallets holding a total of $63.17, and XRP wallets holding a total of $0.50, were not affected. Still, it has not disclosed what led to the vulnerability or how much money was taken. On the other hand, the stake has assured users that their money is safe.

Beosin, a company specializing in blockchain security, investigated and determined that the overall loss was $41.35 million. This figure includes $15.7 million lost on Ethereum, $7.8 million on Polygon, and another $17.8 million from the BNB Smart Chain. 

According to information provided by on-chain researcher ZachXBT, an earlier estimate made by another blockchain security company, PeckShield, of $15.7 million did not consider the $25.6 million that was purportedly lost on BSC and Polygon.

At around 12:48 UTC, the first transaction took place, which involved the transfer of approximately $3.9 million worth of the stablecoin Tether $1.00 from Stake to the attacker’s account. The subsequent two transactions removed almost 6,000 ether, equivalent to nearly USD 9.8 million at the current pricing.

Over the next few minutes, the attacker continued to steal tokens, including approximately $1 million worth of USD Coin $1.00, $900,000 worth of Dai $1.00, and 333 Stake Classic (STAKE) ($75), all of which are believed to have contributed to the initial $15.7 million stolen from Ethereum.


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