Crypto Casino Stake Unfazed by $41M Hack, Reopens Withdrawals

Crypto betting platform Stake has resumed withdrawals, reiterating that customer funds are safe despite a $41M hack.

Woman happy in a digital casino.
Created by Kornelija Poderskytė from DailyCoin
  • Crypto casino Stake has enabled withdrawals after a multi-million dollar hack.
  • The betting platform reiterates customer funds are safe.
  • Millions still feared missing as reports indicate on-chain activity by the attacker.

Crypto gambling platform Stake has enabled withdrawals for all supported currencies following a $41 million hack termed “suspicious outflows” by blockchain security consultant Beosin Alert.  

In an earlier tweet, Stake confirmed that unauthorized transactions were made from its ETH/BSC hot wallets and that efforts were underway to completely re-secure them. The company reiterated that user funds were safe.

A Multi-Million Dollar Heist

Other blockchain security firms that sent a similar alert as Beosin include PeckShield, which confirmed that $41 million worth of crypto was drained from the betting platform and urged Stake to investigate the activity.


Per PeckShield’s alert, the stolen cryptocurrencies were drained from multiple blockchains, including approximately $15.7 million on Ether, $7.85 million on Polygon, and $17.75 million on Binance Smart Chain.

Despite the multiple alerts, the betting platform has yet to make an official statement on whether the funds are indeed missing from its platform.

Reports of Swiped Funds

While blockchain explorer Etherscan has already labeled the wallet address associated with the hack as “ Hacker,” widely followed on-chain analyst ZachXBT claimed that about $25.6 million of the stolen funds had been swiped on the Ethereum, Polygon (MATIC) and BNB Smart Chain (BSC) networks.


The first suspicious transaction happened at around 12:48 pm UTC on September 4, where the attacker transferred about $3.9 million worth of stablecoin Tether USDT into their wallet, followed by two consecutive transactions, each worth over 6,000 Ether.

A few minutes later, the attacker transferred about $1 million in USD Coin (UDC), $900,000 in Dai (DAI), and Stake Classic (STAKE) tokens, cumulatively making up the first batch of the $15.7 million drained on Ether.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.