Stake Allegedly Hacked For Over $40 Million

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.

According to details shared by CoinDesk, Stake encountered a series of “suspicious transactions” on September 4, resulting in an initial removal of $16 million from the company’s 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.

Sally Jones

Sally Jones

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