Stake restarts operations after $41M hot wallet exploit

Stake recently announced resuming its crypto gambling operations. The Australian-Curacaoan platform lost 41 million dollars in an exploit a  month ago.

According to Stake, user funds were not affected during the exploit. Any user who lost funds while transacting during the attack will get reimbursement. The attacker targeted BNB Chain, Ethereum, and Polygon, which was confirmed by Cyvers and ZachXBT.

Stake faced a security compromise, in which they lost 15.7 million worth of crypto via a direct transfer. The rest of the 25.6 million dollars were moved from hot wallets operated by Stake. The platform quickly stopped its deposit and withdrawal processes to avoid further issues.

Ed Craven, the co-founder of Stake, came out and addressed the situation recently. Craven stated that Stake keeps a portion of the crypto reserves secured in hot wallets for such reasons. 

After researching the exploit, PeckShield has confirmed that the attacker exploited several hot wallets. Similarly, Taylor Monahan, the Lead Product Manager at MetaMask, noted that the attacker distributed the funds through several wallets.

The PM went as far as to state that there might be a possible link between North Korean attackers and the exploit. Monahan cited multiple exploits similar to the Stake case that were carried out by North Korean attackers.

As one of the biggest crypto gambling platforms, Stake boasts massive control in the market. The platform registered a whopping revenue of 2.6 billion dollars in 2022. Personalities, such as Drake and Alfa Romeos F1 team have collaborated with the platform.

Thus, the news of its exploit naturally shook the market. Users have been eagerly waiting for Stake to resume its operations and now the crypto gambling platform is back to its usual state. Stake has reinforced its security operations and is ready to fend off similar attacks in the future.

Source: https://www.cryptonewsz.com/stake-restarts-operations-after-41m-usd-hot-wallet-exploit/