Key takeaways:
- Only five hours after the cryptocurrency betting platform Stake was hacked to $41.3 million, the platform reopened deposits and withdrawals and restarted user services.
- The overall loss was $41.35 million, consisting of $15.7 million on Ethereum, $7.8 million on Polygon, and an additional $17.8 million from the BNB Smart Chain.
Only five hours after the cryptocurrency betting platform Stake was hacked to the tune of $41.3 million, according to blockchain security firms, the platform has reopened deposits and withdrawals and restarted services for users.
A few hours after the platform acknowledged that numerous unauthorized transactions had been carried out on Stake’s ETH/BSC hot wallets, Stake stated that complete services were resumed on September 4.
The betting site claimed that its Bitcoin, Litecoin, and XRP wallets were unaffected, but it hasn’t yet disclosed what caused the exploit or how much money was taken. However, Stake reaffirmed that user funds are still secure.
According to an analysis by blockchain security company Beosin, the overall loss was $41.35 million, consisting of $15.7 million on Ethereum, $7.8 million on Polygon, and an additional $17.8 million from the BNB Smart Chain.
According to on-chain researcher ZachXBT, a previous estimate of $15.7 million by another blockchain security company, PeckShield, did not consider the $25.6 million purportedly lost by BSC and Polygon. On the Ethereum network, $16 million was taken out after a private key leak.
The initial transfer occurred, moving roughly $3.9 million worth of the stablecoin Tether from Stake to the attacker’s account. The following two transactions eliminated over 6,000 Ether, worth almost $9.8 million.
Over the course of the subsequent minutes, the attacker continued to remove tokens, including around $1 million in USD Coin, $900,000 in Dai, and 333 Stake Classic (STAKE) ($75), which is thought to have made up the initial $15.7 million on Ethereum.
Various hacks and exploits cost about $3.7 billion in cryptocurrency last year; however, the amount lost fell by 70% in the first three months of this year.
