Stake.com, a major player in the iGaming and crypto betting industry, found itself at the center of a devastating cyberattack, resulting in substantial losses of around $41 million in cryptocurrencies. The breach came to light when Stake.com issued a public statement on X, formerly known as Twitter, confirming unauthorized transactions originating from its ETH/BSC hot wallets. This alarming revelation prompted immediate action from the crypto betting and online gambling platform.
In response to the breach, Stake.com launched an investigation and assured its user base that their funds remained secure. While BTC, XRP, LTC, TRX, EOS, and other wallets remained operational, the company took precautionary measures by temporarily disabling withdrawals in the wake of the hacker’s attack.
Stake.com later released a statement confirming the restoration of all its services within a few hours, including the resumption of withdrawals and deposits. The company also issued an apology to its users for any inconvenience caused.
The magnitude of the cyberattack was evident as an account dubbed “Stake.com Hacker” withdrew approximately $41 million in multiple transactions, with a leaked private key believed to be the root cause of the breach.
Security experts from Beosin, a globally recognized security firm, disclosed details of “multiple suspicious outflows” that amounted to an estimated $41.35 million. The attack spanned different cryptocurrencies, with the initial Ethereum transaction involving $3.9 million in Tether.
Subsequent transactions included $9.8 million in Ether, as well as sums of $1.1 million in USD Coin and $900,000 worth of Dai. The attack extended to other blockchains, including Polygon and BNB Smart Chain (BSC), which witnessed withdrawals totaling $7,825,000 and $17,825,540, respectively.
While an ongoing investigation seeks to uncover the full extent of the incident, the recovery of the lost $41 million remains uncertain, given the transparent and decentralized nature of cryptocurrency transactions.
