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Crypto betting platform Stake.com confirmed on Sept. 4 that an unknown entity had carried out unauthorised transactions from its ethereum and Binance Smartchain hot wallets. However, the crypto-betting platform insisted that user funds were safe and that its other hot wallets remain operational.
Digital Assets Worth More Than $40 Million Reportedly Stolen
Stake.com, one of the leading crypto-betting platforms, confirmed on Sept. 4 that “unauthorised [transactions]” were made from its ETH and BSC hot wallets. The betting platform said an investigation into the apparent hacking incident is currently underway and the hot wallets will only get back up “as soon as they’re completely re-secured.”
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.
— Stake.com (@Stake) September 4, 2023
The crypto-betting platform’s confirmation of the hacking came a few hours after users of X (formerly Twitter) claimed that Stake.com had lost digital assets worth millions of dollars. The online sleuth Zachxbt suggested that hackers had initially stolen assets worth close to $16 million before siphoning another lot worth over $25 million.
However, in a statement issued on X, Stake.com, which is “approved” by Canadian singer and celebrity Drake, claimed that user funds were safe. It added that BTC, LTC, XRP, EOS, TRX, and all other wallets are operational.
Commenting on the incident, Stake.com co-founder Ed Craven said:
Stake keeps a small portion of its crypto reserves in hot wallets at any given moment for these very reasons. All affected wallets should be operational shortly.
However, Craven, just like the crypto-betting platform, did not reveal the value of the stolen digital assets.
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