Stake Reopens Withdrawal Just 5 Hours After Hack Of $41 Million

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Stake, the crypto betting platform, recently reopened all withdrawals and deposits and restarted its services for the users just five hours after the platform had been hacked with around $41.3 million being taken, according to estimates from blockchain security firms. The betting platform further confirmed that all the services had resumed at 9:28 pm on the 4th of September- a few hours after the platform had confirmed that more than a few unauthorized transactions were made on the hot wallets of the betting platform.

The betting site also stated that the wallets of Litecoin, Bitcoin, and XRP hadn’t been much impacted- but also hadn’t shared the cause of the exploit, or even how much of it had been stolen. The betting platform, however, confirmed that the user funds were quite safe. 

Stake Resumes Services After Being Hacked

According to the analysis made by Beosin, the blockchain security firm, the total loss had been calculated to be around $41.35 million, which included around $15.7 million on Ethereum, around $7.8 million on Polygon, and $17.8 million from the Smart Chain of BNB. PeckShield, a fellow blockchain security firm, had put out an earlier estimate of $15.7 million, which didn’t account for the $25.6 million that was allegedly lost on Polygon and BSC- according to ZachXBT- the on-chain analyst. 

The first transaction on Stake occurred at around 12.48 pm, where around $3.8 million worth of stablecoin Tether had been transferred from Stake to the account of the attacker. The next two transactions ended up removing around 6,000 Ether, which had a worth of $9.8 million at the current prices. As it turns out, the attacker went on to remove multiple tokens over the next few minutes, which included a $1 million USD coin, $900,000 worth of DAI, and 333 Stake Classic.