On-chain data shows a series of large withdrawals from Stake.com contracts into the hacker’s account.
Stake.com, a crypto betting platform known for its multibillion-dollar deal with Drake, is the next victim of DeFi hacks.
Stake.com hacked!
Cryptocurrency casino platform Stake is the next victim of a multi-million dollar exploit. The world largest crypto betting platform reportedly lost $41.3M worth of digital assets to a potential key leak.
First reported by @CyversAlerts on X, a transfer of about $16M in various cryptocurrencies including ETH, USDC, USDT, and DAI, was made from Stake’s Ethereum address to a separate wallet address, which was then converted to ETH.
@ZachXBT highlighted that a further $25.6 million worth of cryptocurrency had been drained from the platform, on Polygon and BNB Chain.
On-chain data shows a series of large withdrawals from Stake.com contracts into the hacker’s account.
The first transaction was at around 12:48pm, with the hacker transferring an estimated $3.9M. The other transactions soon followed with Cyvers approximating the loss at $16M.
Read more: Lido accounts for a third of all staked Ether, sparking concerns of centralisation
Transfer appear to have been suspended
According to Etherscan data, the targeted Stake wallet still has $340,000 worth of ETH and $2.1 million worth of different cryptocurrencies. According to multiple users on Twitter, withdrawals from the wallet appear to have been suspended.
Eddie Craven, a co-founder of Stake, said that the company keeps a small portion of its cryptocurrency holdings in hot wallets in order to reduce risks. Furthermore, affected wallets are anticipated to resume soon.
Stake.com has confirmed the hack. “Three hours ago, unauthorised tx’s were made from Stake’s ETH/BSC hot wallets. We are investigating and will get the wallets up as soon as they’re completely re-secured. User funds are safe. BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational,” read the statement.
Stake is an Australian casino and sportsbook that accepts cryptocurrency deposits and wagers. According to a Financial Times article, it generated $2.6 billion in revenue in 2022.
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