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October 4, 2023

Stake Crypto Betting Platform Resumes Services After $41.3 Million Hack

Ethan Lim
Written byEthan LimWriter
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
Ethan Lim
Ethan Lim
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Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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