Stake.com Resumes Operations After Theft

The prominent online sports betting and gambling platform, Stake.com, which utilizes digital currencies, has resumed operations following a recent theft.

On the 4th of September, malicious actors illicitly withdrew funds from Stake.com’s Ethereum, Polygon, and Binance Smart Chain (BSC) accounts.

Stake.com announced on X (formerly Twitter) that a few of their “hot wallets” were compromised, but reassured users that all funds were secure.

Stake.com further clarified that only the aforementioned wallets were affected, while other wallets, including Bitcoin, Litecoin, and Ripple, remained operational.

After investigating the incident, Stake.com issued another post on X five hours later, declaring that normalcy had been restored. They confirmed that all services were back online and that users could deposit and withdraw funds in all currencies. An apology was extended for any inconvenience caused.

Media reports suggest that Stake.com incurred a loss of approximately $41.3 million. While Stake.com has refrained from providing further details regarding the incident, members of the cryptocurrency community have corroborated this estimated figure.

Established in 2017, Stake.com has become a well-known online gaming site, attracting over half a million players globally. It operates in various nations, including Canada, Brazil, Japan, and the United Kingdom.

The platform has secured significant sponsorship agreements with sports groups, including a jersey sponsorship with the English Premier League team Everton.

Stake.com’s UK website, Stake.uk.com, is managed by TGP Europe and is authorized by the UK Gambling Commission.

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This talented writer and mathematician holds a Ph.D. in Applied Mathematics and a Masters in Probability Theory. With a deep understanding of the intricacies of casino games, they have published numerous articles on game theory, probability, and combinatorics in relation to gambling. Their expertise in discrete mathematics and stochastic processes has made them a sought-after consultant for licensed casinos worldwide. Their articles, reviews, and news pieces provide valuable insights into the world of casino gaming.

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