Stake Crypto Betting Platform Resumes Services After $40 Million Hack
Did you hear about the recent hack on the crypto betting platform Stake? On September 4th, the platform experienced an exploit that resulted in a reported loss of $40 million. But here’s the surprising part – Stake was able to resume its deposit and withdrawal services just five hours after the incident!
The hack began with unusual transactions, with around $16 million worth of cryptocurrencies leaving the platform. The attacker drained tokens, including Ethereum, Tether, USD Coin, and DAI, totaling $15.7 million. Additionally, $25 million was siphoned off of Binance Smart Chain and Polygon.
Stake.com confirmed that the wallet transfers were unauthorized, indicating a breach in their wallet security. However, they assured users that their funds were safe and that the incident had been thoroughly investigated.
Hot Take: Stake’s Swift Recovery Sheds Light on Crypto Security
The quick recovery of Stake’s services after the hack highlights the resilience of crypto platforms in the face of security breaches. While the incident is concerning, it’s reassuring to see that measures were in place to protect user funds. This serves as a reminder to remain vigilant when using crypto platforms and to choose those with robust security measures in place.
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