Popular crypto betting platform Stake has been exploited, losing around $40 million in funds, blockchain security experts said today. 

The gambling firm, which is backed by rapper Drake, experienced multiple unusual transactions Monday morning Eastern Time with around $16 million in Ethereum, Tether, USD Coin and DAI leaving the platform, Web3 security firm Cyvers first said on Twitter. Another $25 million was drained on Binance Smart Chain and Polygon, according to pseudonymous crypto sleuth ZachXBT.

Blockchain security firm Peckshield told Decrypt that the transfers looked “suspicious” if the platform was not under maintenance. Hours later, Stake confirmed the wallet transfers were “unauthorized,” meaning someone gained access to the company’s wallet and moved the funds.

“Three hours ago, unauthorised [transactions] were made from Stake’s ETH/BSC hot wallets. We are investigating and will get the wallets up as

Go to Source to See Full Article
Author: Mathew Di Salvo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details