Crypto Betting Site Stake Resumes Operations After $41M Hack

• Crypto betting platform Stake suffered an estimated $41M hack across its Ethereum and BNB Chain hot wallets on Sunday.
• Despite the multi-million dollar breach, Stake was back online in just 5 hours, resuming deposits, withdrawals and services.
• While details remain limited, Stake’s swift response has drawn praise – but the hack also highlights constant security threats in crypto.

Popular crypto betting platform Stake reopened deposits, withdrawals, and services just hours after hackers exploited its hot wallets for an estimated $41 million.

On September 4th, Stake confirmed unauthorized transactions that drained funds from its Ethereum and BNB Smart Chain wallets. Total losses are pegged at $15.7 million on Ethereum, $25.6 million on BSC and Polygon, per analysts, though Stake has yet to confirm amounts.

Stake loses over $41 million

The first transaction occurred Sunday afternoon, siphoning nearly $4 million in USDT stablecoins from Stake to the attacker’s wallet. This preceded over $9.8 million in Ethereum transfers in under 10 minutes.

Additional stolen assets included USD Coin, Dai, and Stake’s native STAKE token – totaling roughly $15.7 million from the Ethereum side. BSC and Polygon losses brought the total hack to over $41 million, according to blockchain security firms.

Remarkably, Stake resumed full operations by Sunday evening, just 5 hours after the breach compromised its hot wallets. The company stated Bitcoin, Litecoin, and XRP wallets were unaffected, and user funds remain intact.

While details remain limited, the speedy resumption of service suggests Stake had contingency plans to isolate and absorb the attack. However, the incident highlights lingering security risks, even for major platforms.

Stake will likely provide a full breakdown of the hack timeline and stolen amounts. For now, the company appears to have rebounded swiftly, aided by unaffected wallets and reassurances that user holdings stayed protected. Still, the breach underscores the ever-present threats lurking within crypto. Stake’s response offers a blueprint for reacting effectively.