Crypto betting platform Stake has swiftly resumed its services, including deposits and withdrawals, just five hours after it was targeted in a hack that cost an estimated $41.3 million. The incident, which occurred on September 4, prompted Stake to confirm that unauthorized transactions had been made on its ETH/BTC hot wallets. However, the company ensured its users that all their funds remained safe.
Taking to social media, Stake confirmed that all services were up and running again at 9:28 pm UTC time on September 4. The platform also apologized for any inconvenience caused by the hack. Stake further clarified that its Bitcoin (BTC), Litecoin (LTC), and XRP wallets were not compromised. Nevertheless, the exact cause of the exploit and the amount stolen have not been disclosed by Stake.
According to analysis conducted by blockchain security firm Beosin, the total loss resulting from the hack is approximately $41.35 million. Beosin’s research shows that $15.7 million was lost on Ethereum (ETH), $7.8 million on Polygon (MATIC), and another $17.8 million was taken from the Binance Smart Chain.
Another reputable blockchain security firm, PeckShield, had initially estimated the loss to be $15.7 million. However, this figure did not account for the additional $25.6 million allegedly lost on BSC and Polygon, which was pointed out by on-chain analyst ZachXBT.
The hackers initiated their attack by transferring around $3.9 million worth of Tether (USDT) from Stake to their own account. Subsequently, they carried out two more transactions, withdrawing over 6,000 Ether (ETH), equivalent to approximately $9.8 million at the time. The attacker then proceeded to remove various other tokens, including $1 million in USD Coin (USDC), $900,000 worth of Dai (DAI), and 333 Stake Classic (STAKE), amounting to the first $15.7 million stolen on the Ethereum blockchain.
Despite the breach, Stake managed to restore its services relatively quickly, ensuring that users were not significantly impacted. It remains to be seen how Stake plans to prevent such incidents in the future and what security measures will be implemented to safeguard user funds.
The hack on Stake serves as a reminder of the continuous and evolving threats faced by the crypto industry. It is crucial for platforms and users alike to remain vigilant and adopt robust security measures to minimize the risk of cyberattacks.
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