Key Takeaways:
- Stake has resumed its crypto betting services.
- The online casino suffered a massive hack, losing over $41 million as per estimates.
- The platform has yet to give an official report on the reasons for the hack and the exact losses.
YEREVAN (CoinChapter.com) — Crypto casino and betting platform Stake resumed services, including deposits and withdrawals, just five hours after it suffered a security breach.
The platform officially confirmed the resumption of all services on its official handle on X (formerly Twitter).
This announcement came shortly after Stake acknowledged unauthorized transactions on its platform.
“Three hours ago, unauthorized tx’s [transactions] 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,”
the platform had announced.
No Official Hack Data Released Yet
Blockchain security firm Beosin estimates Stake’s losses to be around $41.35 million across multiple blockchains. Namely, the crypto betting platform has reportedly lost $15.7 million on the Ethereum network, $7.8 million on the Polygon network, and $17.8 million on the Binance Smart Chain.
However, Stake itself has neither disclosed any details about the hack’s nature nor it has shared the total amount lost. The platform has, though, ensured that its wallets on the Bitcoin (BTC), Litecoin (LTC), and XRP Ledger (XRP) wallets are safe.
Cyvers’ AI systems detected “multiple suspicious transactions” involving Stake. Notably, the $15.7 million hackers stole from the platform’s Ethereum-compatible wallets included ERC-20 stablecoins USDC, USDT, and MakerDAO’s DAI.
The attackers converted these stablecoins to ETH and distributed them to different externally owned accounts EOAs.
The wallet used in the attack has been publicly named “Stake.com hacker” on Etherscan. The platform has also released a red alert notice about its recent involvement in the hack.
“This address is reported to be involved in an exploit on Stake.com,”
the label reads.
Crypto Hacks On the Rise
Crypto hacks remain one of the main problems of the industry. In 2022, malicious actors managed to abscond with $3.1 billion in cryptocurrency theft, as outlined in a Chainalysis report. Strikingly, DeFi protocols bore the brunt, constituting 82.1% of all funds pilfered by hackers.
In 2023, North Korean hackers successfully acquired approximately $200 million through cryptocurrency thefts across 30 incidents. According to a recent report by blockchain analytics company TRM Labs, the total amount gained by North Koreans in the past 5 years is over $2 billion.
