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News

Stake.com Resumes Services Instantly After Losing $41 Million In Cryptocurrency

September 5, 2023 - Around 2 mins mins to read

Key Points:

  • Stake.com resumes all services with instant deposits and withdrawals.
  • Exploit results in loss of $41M worth of cryptocurrency.
  • Stolen funds were converted to ETH and transferred to externally owned wallets.
Stake.com has resumed all services with instant deposits/withdrawals after losing $41M in crypto due to an exploit. Funds were converted to ETH and transferred out.

Stake.com recently announced that all services have resumed, with deposits and withdrawals processing instantly for all currencies. This comes after the casino and sportsbook, which allows users to deposit and play with cryptocurrencies, was targeted by an exploit that resulted in the loss of millions of dollars.

According to on-chain analyst Cyvers, $16 million was withdrawn on the Ethereum network following a private key leak. Blockchain sleuth ZachXBT confirmed this claim, adding that another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds were converted to ether (ETH) and transferred to several externally owned wallets.

PeckShieldAlert’s report revealed that a total of approximately $41 million worth of cryptocurrencies were drained from Stake, with $15.7 million on Ethereum (9.62K ETH), $7.85 million on Polygon (14.24M MATIC), and $17.75 million on BNBChain (82.65K BNB).

Stake.com Resumes Services Instantly After Losing $41 Million In Cryptocurrency

Last year, more than $3.7 billion worth of crypto was lost to various hacks and exploits, although that figure dropped by 70% in the first quarter of this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.