Crypto betting platform Stake.com has confirmed a security incident involving unauthorized transactions from its Ethereum and Binance Smart Chain hot wallets on Sept. 4. The company said an investigation is ongoing and the affected wallets will return online once they have been fully secured again.
In its statement on X, Stake.com stressed that user funds are safe despite the breach. The platform added that only its ETH and BSC hot wallets were affected, while BTC, LTC, XRP, EOS, TRX, and all other wallets remain fully operational.
Reported losses may top $40 million
Before the company publicly confirmed the incident, users on X had already claimed that Stake.com had lost millions of dollars in digital assets. Blockchain investigator Zachxbt suggested that the attackers first moved nearly $16 million worth of assets, then siphoned off another batch valued at more than $25 million. Based on those estimates, the total amount stolen could exceed $40 million.
Stake.com and co-founder Ed Craven did not disclose the exact value of the stolen assets. Craven said the platform intentionally keeps only a small portion of its crypto reserves in hot wallets at any given time, describing that approach as a safeguard against incidents like this one.
Platform says services will resume after re-securing wallets
Stake.com said the affected wallets will be restored as soon as they are completely re-secured. The incident once again highlights the security risks tied to hot wallets, especially for platforms that handle active flows of digital assets. Going forward, the market will be watching for the company’s investigation results and the timeline for restoring the impacted wallets.