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October 4, 2023

Stake Crypto Betting Platform Resumes Services After $41.3 Million Hack

Thando Dlamini
Written byThando DlaminiWriter
Researched byNikos PapadopoulosResearcher

Stake, a popular crypto betting platform, has quickly recovered from a recent hack that resulted in a loss of $41.3 million. The platform was able to reopen deposits and withdrawals and resume all services just five hours after the incident.

Stake Crypto Betting Platform Resumes Services After $41.3 Million Hack

The hack targeted Stake's ETH/BSC hot wallets, leading to several unauthorized transactions. However, the platform has assured users that their Bitcoin, Litecoin, and XRP wallets were not affected, and user funds remain safe.

Stake has not yet disclosed the cause of the exploit or the exact amount stolen. However, blockchain security firms estimate the total loss to be $41.35 million, with significant amounts taken from Ethereum, Polygon, and the BNB Smart Chain.

Despite the hack, Stake has acted swiftly to address the issue and ensure the security of its users' funds. The platform has implemented enhanced security measures to prevent future incidents.

This incident serves as a reminder of the importance of robust security measures in the crypto space. Users are advised to exercise caution and choose platforms with strong security protocols.

In conclusion, Stake's quick recovery and resumption of services demonstrate their commitment to their users and the security of their funds. This incident highlights the need for constant vigilance and proactive security measures in the crypto industry.

About the author
Thando Dlamini
Thando Dlamini
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Thando Dlamini, a vivacious 22-year-old from South Africa, seamlessly blends her love for the vibrant world of online casinos with her meticulous localization skills, making the digital gaming experience truly South African.

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