Crypto Gambling Giant ‘Stake’ Faces $41M Hack

The hack was first alerted on Monday, September 4th with some suspicious outflows on ETH, BSC, and Polygon.

Stake later confirmed the hacks and were able to return operations to normal within a few hours. But the damage is clear.

Fast Facts 🏃‍♂️ 💨

👉 Stake was hacked on September 4, 2023, resulting in the withdrawal of $41.35 million in cryptocurrency. 👉 The hack affected Stake's hot wallets on Ethereum, Binance Smart Chain (BSC), and Polygon. 👉 The stolen funds were converted to ether (ETH) and transferred to several externally owned wallets. 👉 Stake has confirmed the hack and said that it is investigating the incident. 👉 The company has also said that it will reimburse all affected users. 👉 The hack is one of the biggest in the history of crypto gambling. 👉 It is still unclear how the hackers were able to access Stake's hot wallets. 👉 Stake has said that it will increase its security measures to prevent future hacks.

Potential Market Implications 👀

👨‍⚖️ Increased regulation of crypto gambling 🔐 Increased operational fees to cover the costs of added security measures

The Silver Lining 🤷‍♂️

With or without overt public interference, companies like Stake will be forced to discover new ways to improve security measures and boost user experience so this doesn’t happen again.

Plus, if bettors are more aware of the risks of crypto gambling with big headlines like this, maybe people will make more informed decisions about where to gamble their money?? Probably not lol.

Read today's full post below...