Stake, a crypto betting platform, has recently resumed deposits and withdrawals and other services just five hours after a $41M exploit. The betting platform let its users know that Bitcoin and Litecoin wallets were not affected but have not yet commented on the major cause of the exploit. Furthermore, Stake reassured that all user funds remained safe. Not too long ago, unauthorized transactions were made from the platform’s ETH/BSC hot wallets. These wallets remain suspended and will function normally as soon as they are deemed to be re-secured.
All services have resumed! Deposits & withdrawals are processing instantly for all currencies. We apologise for any inconvenience. 🙏
— Stake.com (@Stake) September 4, 2023
As per the investigation of the blockchain security firm, Beosin, the total loss accounted for almost $41.35 million which included $15.7 on Ethereum, $7.8 million on Polygon, and an additional $17.8 million on the Binance Smart Chain. Peckshield was another blockchain security firm that conducted an investigation following the Stake exploit. However, the firm estimated a sum of almost $15.7 million but it did not account for an additional $25.6 million which was lost on BSC and Polygon.
Digging into Details of the Stake Exploit
Stake is a crypto gambling platform that offers a series of dice games, Blackjack, Lingo, and several other casino games. The platform also offers sports betting for several games including basketball, tennis, volleyball, and much more. However, this is not the first time crypto-gambling sites have been targeted by hackers. In July this year, the payments provider, Alphapo, suffered a $31 million loss following suspicious withdrawals. The platform was a provider for several crypto-gambling sites which include Hypedrop, Bovada, and Ignition.
It was revealed that the first transaction occurred at 12:48 pm UTC and transferred a sum of approximately $3.9 million in USDT stablecoins from Stake to the wallet of the attacker. The other two transactions that followed wiped out over 6000 Ether tokens, which account for almost $9.8 million.
The attacker did not stop then as they continued to remove additional funds over the next few minutes as well. The tokens stolen later on include $1 million of USDC tokens, almost $900,000 in DAI tokens, along with 333 Stake Classic tokens. It is currently understood that all of these combined make up the sum of $15.7 million which was stolen on Ethereum.