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Market News

Crypto Gambling Platform Stake Loses $41M In Hack

A sum of $41 million in assets has been withdrawn from Stake's hot wallets on Ethereum, Polygon, and the BNB Chain.

Written By Gopal Solanky Gopal Solanky
Published 2023-09-05·Updated 3 months ago
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Crypto Gambling Platform Stake Loses $41M In Hack

The popular crypto gambling site, Stake has reportedly lost a whopping amount of $41 million in crypto theft. It claims that funds were withdrawn illicitly from the platform’s hot wallets. 

The incident was reported by onchain analyst PeckShield. It first described that the crypto betting platform has lost approximately $15 million on Ethereum. 

However, in a late post, PeckShieldAlert shared the whole theft with confirming assets outflow from Polygon and BNB Chain as well. It said that the attacker has drained a total of $41 million worth of crypto assets which includes $15.7 million from Ethereum, $7.85 million from Polygon and $17.75 million from BNB Chain.

#PeckShieldAlert A total of ~$41M worth of cryptos were drained from @Stake, with ~$15.7M on #Ethereum (9.62K $ETH), ~$7.85M on #Polygon (14.24M $MAITC), and $17.75M on #BNBChain (82.65K $BNB) pic.twitter.com/dfYCpkgDPz

— PeckShieldAlert (@PeckShieldAlert) September 5, 2023

The transactions show that withdrawn assets include different tokens including 900k DAI, 3.9 million USDT, 1.1 million USDC and 6k ETH on Ethereum while 70k DAI, 4.22 million USDT, 1.78 million USDC and 3.25 million MATIC on Polygon. It also includes BNB, BUSD, USDC, SHIB and other assets totaling $17.75 million from BNB Chain.

The stolen assets were sent to multiple accounts and swapped on DEX with the attacker currently holding all the amount in ETH, BNB and MATIC. 
Stake shared a post confirming that it has discovered unauthorized transactions being sent from platform’s hot crypto wallets. “We are investigating and will get the wallets up as soon as they’re completely re-secured,” it said.

Stake later announced that it’s services have resumed with deposits and withdrawals functioning instantly.

Also Read: Gala Games Co-Founders Sue Each Other For $130M Theft

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Gopal Solanky, Senior Reporter for Markets and Protocols at The Crypto Times
By Gopal Solanky Sr. Crypto Journalist
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Gopal Solanky is a Senior Reporter for Markets & Protocols at The Crypto Times, based in Ahmedabad. He covers institutional crypto adoption, Bitcoin treasury strategies, DeFi markets, protocol ecosystems, Ethereum network activity, Hyperliquid, on-chain trends, and broader digital asset market movements. Gopal has been active in the crypto ecosystem for more than six years. Before joining The Crypto Times full-time in 2023, he worked as a freelance crypto content writer, developing a strong understanding of blockchain infrastructure, DeFi protocols, market cycles, token mechanics, and peer-to-peer systems. His reporting focuses on explaining how protocols work, why market movements happen, and how institutional and on-chain activity affects crypto investors and builders. At The Crypto Times, Gopal also hosts on-the-record interviews with regional Web3 founders, protocol teams, and ecosystem leaders. His work has been cited by external publications, including Vulture.com, in coverage of major crypto stories such as the Hawk Tuah memecoin controversy. His reporting has also contributed to The Crypto Times’ coverage of major industry events, including FTX-related developments, institutional crypto adoption, and emerging protocol narratives. Gopal holds a Bachelor’s degree in Computer Applications, giving him a technical foundation for analyzing blockchain systems, crypto infrastructure, and market data.

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