One more hack has just hit the cryptocurrency industry… The crypto betting and casino platform Stake announced Monday evening the suspension of all deposits and withdrawals, claiming to have been the victim of the exploitation of a vulnerability of security.

Estimates vary, but the amounts mentioned for this cryptocurrency theft are around $40 million. Note that before Stake publicly acknowledged the hack, it had also been highlighted by several computer security experts, including PeckShield.

Stake resumes service after a few hours of interruption following a hack

“Hey Stake, you might want to take a closer look at this,” the company wrote in a post on X, sharing an etherscan link to suspicious transactions.

The hack was soon after confirmed by Stake, which declared that “three hours ago, unauthorized transactions were carried out from Stake’s ETH/BSC hot wallets”, adding that investigations are underway, and specifying that “the User funds are safe,

The stake had also specified that the BTC, LTC, XRP, EOS, and TRX wallets remained fully operational. Less than four hours after this message, Stake posted a new update, announcing that services have resumed, and that “deposits and withdrawals are working instantly again.”

It should be noted, however, that although the hack seems resolved, no official information has been provided on its amount or on the modus operandi of the hacker(s). The case therefore remains to be monitored.

The amount of the hack could exceed 40 million dollars

However, we can note that Cyvers, a renowned blockchain analyst, detected “multiple suspicious transactions” linked to Stake thanks to an AI alert system citing an address receiving approximately $15.7 million in Ethereum (ETH) and several stablecoins, including USDC, USDT and MakerDAO’s stablecoin, DAI.

Another $17.8 million was drained from BSC, while $9.8 million was allegedly stolen from Polygon, according to fellow blockchain analyst ZachXBT. The total amount of the hack could therefore exceed 41 million dollars.

It should also be noted that the attacked wallet holds a remaining balance of $340,000 in ETH and $2.1 million in various altcoins, according to data from Etherscan, funds whose security remains to be confirmed.

Finally, it should be noted that this case did not have any particular impact on the cryptocurrency market, on which indecision still reigns, with Bitcoin which hesitates below the $26,000 threshold.

Tags: Stake
Name Price24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Lido Staked Ether (STETH)
Dogecoin (DOGE)
Cardano (ADA)
Solana (SOL)


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