The renowned cryptocurrency gambling platform Stake has reportedly fallen victim to a hacking incident, resulting in the unauthorized transfer of over $40 million from its diverse wallets.
Hailing from Australia, Stake, a prominent player in the crypto gambling realm, has garnered significant popularity in recent years, partly due to its sponsorship of various Twitch streamers. This sponsorship has sparked debates about gambling’s role on the platform.
Several Stake stakeholders have subsequently ventured into creating a competing streaming platform, Kick, which has attracted notable figures like Trainwreck and Adin Ross.
On September 4, 2023, Stake allegedly became the target of a hacking attack, leading to a substantial loss of more than $40 million through transactions involving various blockchain wallets.
Blockchain investigators Cyvers Alerts and ZachXBT confirmed the movement of funds between wallets, with Zach uncovering an additional string of transactions where Stake experienced losses exceeding $25 million in BSC and Polygon tokens.
Following the detection of the hack, Stake reportedly initiated a suspension of all deposits and withdrawals from its online platform.
Presumably, this step was taken to impede further transactions while the company endeavors to trace and locate the various wallets that might be harboring their funds.
The extent to which this event will impact payouts on Kick remains uncertain. Equally unclear is whether the suspension of withdrawals will exclusively affect users of the Stake website or extend to Kick users as well.
Martin Dover was born in England and holds a degree in English literature from the University of Sussex. Martin's passion for language and literature ignited at an early age. Martin is known for his insightful analysis and eloquent writing style. He actively engages in literary discussions and has contributed articles to a variety of publications varying from the serious to the downright stupid.