Crypto Casino Stake Quickly Recovers After $41 Million Hacking Loss

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Crypto Casino Stake Quickly Recovers After $41 Million Hacking Loss
  • Crypto casino Stake experienced a security breach that led to major assets being lost.
  • $41 million worth of crypto was drained from Stake’s ETH/BSC hot wallets.
  • The company shared that all services had resumed and user funds were safe.

Crypto casino, and gambling platform experienced a security breach that led to the loss of major assets. The platform lost 6,000 ETH, 3.9 million USDT, 1.1 million USDC, and 900,000 DAI.

The Curacao-based sports betting company didn’t share the amount of money lost; however, PeckShield did. PeckShield is a blockchain security and data analytics company, and they shared that the amount went up to a total of 41 million dollars worth of crypto. PeckShield broke down the amount in detail and stated that there was approximately $15.7 million on Ethereum, $7.58 million on Polygon, and $17.75 million on BNB Chain.

Moreover, Stake shared on X (formerly Twitter) that unauthorized transactions were made from Stake’s ETH/BSC hot wallets, and other wallets remain fully operational. Moreover, the gambling platform ensured users that their funds were safe.

Colin Wu, a Chinese reporter known on X as WuBlockchain, shared that the security breach could have been caused by a problem with the private key. He claimed that the private key wasn’t necessarily stolen, but the interface or service related to the private key could be maliciously used.

After a few hours of the exploit, Stake announced that all their services had resumed, and deposits and withdrawals were ready to be processed instantly. Edward Craven, Co-Founder of Stake, applauded the team’s rapid response. He said, “Shoutout to the team for such a quick turn-around. Despite some dramatic headlines, as always, Stake has everything under control.”

Furthermore, Stake issued a temporary user compensation distribution to all Stake users to restore market sentiment. The company shared that all users who interacted with Stake and its affiliates were eligible to claim the compensation.