“User funds are safe”: Stake reassures users after reports suggest more than $41 million were stolen in a cryptocurrency hack
Hackers have withdrawn nearly $41 million from cryptocurrency gambling site Stake likely via a stolen private key.
Stake confirmed the hacking on X (formerly Twitter), saying that unauthorized transactions were made from Stake’s Ethereum (ETH)/Binance Smart Chain (BSC) hot wallets.
“We are investigating and will get the wallets up as soon as they’re completely re-secured. User funds are safe,” the company informed.
Stake said that other crypto wallets like BTC (Bitcoin), LTC, XRP, EOS, and TRX + remain fully operational.
After draining the funds, the alleged attacker distributed them to multiple accounts.
The company’s Co-founder Ed Craven said that “Stake keeps a small portion of its crypto reserves in hot wallets at any given moment for these very reasons,” implying that the losses are a small percentage of the total and will not affect users, reports Cointelegraph.
The stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets.
Smart contract auditor Beosin reported that the attack also occurred on other blockchains, including BNB Smart Chain (BSC) and Polygon.
According to Beosin, an additional $7.8 million was lost on Polygon and $17.8 million on BSC, bringing the total losses to more than $41 million, the report mentioned.
Last year, more than $3.7 billion worth of crypto was lost to various hacks and exploits.
Stake is a crypto gambling platform that offers dice games, Blackjack, Lingo, and other casino games, as well as sports betting.
[With Inputs from IANS]
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Pro-Khalistani graffiti found on north Delhi flyover, police registers case - September 28, 2023
- DU teachers’ body polls: All RSS-backed NDTF candidates win by a huge margin - September 28, 2023
- Nijjar, Arsh Dalla’s chilling plot; lured shooters for terror acts in exchange for ‘Canadian dreams’: NIA charge sheet reveals - September 28, 2023