Just my opinion, but it seems logical that they would officially state that user funds are safe after the hack. However, let's consider the practical reality. All deposits made to a Stake deposit address go directly to their wallet. So, when their wallet is compromised, are those funds considered Stake's or the users'?
Of course, Stake does keep records in their database of each user's account balance. But here's a thought: what if everyone tried to withdraw all their funds at once? Would Stake have enough of what we consider 'their' funds to cover all the withdrawals?
I believe their best course of action is to continue with their business and gradually recover from the losses. After all, it's a casino, and in the long run, most users tend to lose their deposits anyway.
Topic: Stake.com Hot wallet robbed for 40Million + usd (Confirmed by stake) - page 3. (Read 795 times)
September 04, 2023, 04:32:05 PM
September 04, 2023, 03:54:59 PM
I guess part of the question is going to be not if they can cover the loss. But, can they cover everyone now if people panic and start pulling their funds out and stop gambling there. Given time and effort, considering their size they should be able to overcome a loss like this. But, if everyone runs, it's going to make it that much harder to do.
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
Yes most people above seem to try to avoid to talk about the consequences. But I think it is very likely that most of their customers will try to withdraw their funds in the coming days and will only leave the minimum for playing there, if they don't go elsewhere. So if Stake has not a large bankroll from their own capital they won't be able to pay the winnings and the bonuses to their customers. Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
September 04, 2023, 03:24:08 PM
I guess part of the question is going to be not if they can cover the loss. But, can they cover everyone now if people panic and start pulling their funds out and stop gambling there. Given time and effort, considering their size they should be able to overcome a loss like this. But, if everyone runs, it's going to make it that much harder to do.
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
As long as Stake operation is not suspended and the users are able to deposit and withdraw their fund when the suspension of wallet is lift up, the users fund on their account is unaffected, I believe players will continue to play on stake and this will not give a red flag that make players panic and pull out their funds. Instead if the Stake platform is able to solve this easily, this case will strengthen the trust of their players.
The only thing I am concerned is what caused this and whether or not there's something wrong with their security measures. All we know at the time is that it was likely a private key leak and that could happen because of numerous things.
I am also curious how does this hack happened. Is this some glitch on the smart contract implemented on those wallets?
September 04, 2023, 02:58:25 PM
I guess part of the question is going to be not if they can cover the loss. But, can they cover everyone now if people panic and start pulling their funds out and stop gambling there. Given time and effort, considering their size they should be able to overcome a loss like this. But, if everyone runs, it's going to make it that much harder to do.
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
I suppose the average player might not bat an eye especially if the site continues normal operation.
The only thing I am concerned is what caused this and whether or not there's something wrong with their security measures. All we know at the time is that it was likely a private key leak and that could happen because of numerous things.
September 04, 2023, 02:43:04 PM
I guess part of the question is going to be not if they can cover the loss. But, can they cover everyone now if people panic and start pulling their funds out and stop gambling there. Given time and effort, considering their size they should be able to overcome a loss like this. But, if everyone runs, it's going to make it that much harder to do.
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
Stake takes the slot percentages slider and lowers it all the way and continues business only works if people keep playing.
-Dave
September 04, 2023, 01:33:32 PM
I think they are active in action, and according to their statement that no user funds were affected, it might mean that they have a separate wallet for user deposits and also a separate wallet for withdrawals.
A user in X asked what would happen if he made a deposit to his stake account, and he was replied that it would be credited immediately, which means the deposit part doesn't have an issue and some of the network withdrawals are still completely functional. Let's just hope it's their reserve funds that were affected and not user deposits, as they explained.
A user in X asked what would happen if he made a deposit to his stake account, and he was replied that it would be credited immediately, which means the deposit part doesn't have an issue and some of the network withdrawals are still completely functional. Let's just hope it's their reserve funds that were affected and not user deposits, as they explained.
September 04, 2023, 01:26:45 PM
While this amount could be like some advertisement money for them, it's still a lot of money that was gotten to them.
How could the hacker was able to gain access to those funds? Could it be that there's some backdoor that was seen through their staff or so?
Again, I've seen some tweets on this recent incident about crypto is a gamble and this is where their money goes, to the hacks. They always trying to flame the incident and make it look like it's a whole thing for the crypto market.
Stake will recover for sure with this incident.
How could the hacker was able to gain access to those funds? Could it be that there's some backdoor that was seen through their staff or so?
Again, I've seen some tweets on this recent incident about crypto is a gamble and this is where their money goes, to the hacks. They always trying to flame the incident and make it look like it's a whole thing for the crypto market.
Stake will recover for sure with this incident.
September 04, 2023, 01:08:07 PM
Although Stake team confirmed no user funds were lost (i'm sure they would likely reimburse it)
Users don't have a direct claim on wallets, so unless they can't afford to pay everyone, it makes sense that no user funds were lost.
September 04, 2023, 01:07:05 PM
Although Stake team confirmed no user funds were lost (i'm sure they would likely reimburse it)
Users don't have a direct claim on wallets, so unless they can't afford to pay everyone, it makes sense that no user funds were lost.Well, It's a good thing that it is stake and they will probably cover the loss. Otherwise, user funds would indeed have been lost even if users have no direct claim on wallets.
This is similar to how it works for exploited centralized exchanges.
September 04, 2023, 12:55:19 PM
Saddened by this news! But with this incident they are still operating normally as if they were hacked and nothing happened. 
We know stake is a big casino.
[1] https://twitter.com/StakeEddie/status/1698748627622244840
We know stake is a big casino.
does this mean 41 million is like pocket change to them?
Eddie said a small percentage keep reserves in hot wallets, so this might be pocket change for them, he said the affected wallets will be operational soon.[1] https://twitter.com/StakeEddie/status/1698748627622244840
September 04, 2023, 12:51:35 PM
Biggest robbery from a crypto casino so far?
probably yesStake is the sister site of Primedice. As a billion dollar casino now, the $41 million loss won't be a big deal for Stake. Although the news isn't positive, but Stake.com will have some marketing for the news, articles and tweets of the hacking story.
September 04, 2023, 12:41:44 PM
Although Stake team confirmed no user funds were lost (i'm sure they would likely reimburse it)
Users don't have a direct claim on wallets, so unless they can't afford to pay everyone, it makes sense that no user funds were lost. September 04, 2023, 12:36:27 PM
Why would they keep 41 million dollars in a hot wallet? Wouldn't it be much cheaper (considering the risk) to hire someone to monitor hot wallet and top it up when needed? Or does this mean 41 million is like pocket change to them?
If anything, I felt they would use a multi-sig for a hot wallet if they intend to hold such an amount in a hot wallet. Although Stake team confirmed no user funds were lost (i'm sure they would likely reimburse it), but I will be waiting for a post-mortem.
Stake is one of the popular casino brand. This is the biggest hack so far for a crypto casino. I wonder how will Stake gonna handle this since this is too much.
They would properly reimburse it even if it leaves in a hole in their accounting.
September 04, 2023, 12:25:54 PM
Why would they keep 41 million dollars in a hot wallet? Wouldn't it be much cheaper (considering the risk) to hire someone to monitor hot wallet and top it up when needed? Or does this mean 41 million is like pocket change to them?
September 04, 2023, 12:25:34 PM
Confirmed! It was a hack.
https://x.com/stake/status/1698746766076588057
A big amount to lose, indeed… but probably fine for Stake since they have been spending much more with streamers for their platform Kick (i.e supposedly $100m for xqc).
https://x.com/stake/status/1698746766076588057
Quote
Three hours ago, unauthorised tx’s were made from Stake’s ETH/BSC hot wallets.
We are investigating and will get the wallets up as soon as they’re completely re-secured.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
We are investigating and will get the wallets up as soon as they’re completely re-secured.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
A big amount to lose, indeed… but probably fine for Stake since they have been spending much more with streamers for their platform Kick (i.e supposedly $100m for xqc).
no wonder their hot wallet is having that amount of money, which is quite huge already for other small time casinos. indeed, they are paying good amount of money to these streamers, so they can easily get back those hacked funds. now, they probably will tighten their secure and large withdrawals will go thru additional checks. as their withdrawals are almost instant, such huge withdrawals may haven't been flagged down by their system. and already too late when they found out.
September 04, 2023, 12:16:47 PM
Confirmed! It was a hack.
https://x.com/stake/status/1698746766076588057
A big amount to lose, indeed… but probably fine for Stake since they have been spending much more with streamers for their platform Kick (i.e supposedly $100m for xqc).
https://x.com/stake/status/1698746766076588057
Quote
Three hours ago, unauthorised tx’s were made from Stake’s ETH/BSC hot wallets.
We are investigating and will get the wallets up as soon as they’re completely re-secured.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
We are investigating and will get the wallets up as soon as they’re completely re-secured.
User funds are safe.
BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.
A big amount to lose, indeed… but probably fine for Stake since they have been spending much more with streamers for their platform Kick (i.e supposedly $100m for xqc).
September 04, 2023, 11:50:49 AM
This is a wake up call to my fellow gamblers to don’t store crypto in the casino wallet since most of the gambler usually leave their bankroll on there account for a long time until they have enough profit.
Stake is one of the popular casino brand. This is the biggest hack so far for a crypto casino. I wonder how will Stake gonna handle this since this is too much.
Stake is one of the popular casino brand. This is the biggest hack so far for a crypto casino. I wonder how will Stake gonna handle this since this is too much.
September 04, 2023, 11:25:41 AM
Damn, looks like a hack. If it was an inside transfer, they'd probably confirm it by now, no?
I don't know how much money they're working with on a daily basis, but 40 mil on hot wallets? Looks like way too much.
I don't know how much money they're working with on a daily basis, but 40 mil on hot wallets? Looks like way too much.
September 04, 2023, 11:15:33 AM
Are you an insider? There's nothing related news regarding this yet.
No official news yet from Stake, but there are already few articles out speculating about alleged hack.According to ZachXBT, additional $25.6 million were hacked on BSC and Polygon
https://twitter.com/zachxbt/status/1698712407177150729?s=20
I just saw this too, Im highly doubtful that this is not an inside job.
Biggest robbery from a crypto casino so far?
It is big news in the gambling industry now.
https://coinmarketcap.com/community/articles/64f5fb76d9a9381cf98108e0/
If they can do this to a big casino they can also do this to small casinos, The hacker is that good he targeted the big fish in the industry, it is time for other casinos to upgrade their security there's the possibility that they will target more casinos, I hope they can trace the movement of the funds like what exchanges has done.
September 04, 2023, 10:30:30 AM
Interesting, thanks for share, I have noticed their message on telegram
Well personally, I would wait a declaration made by site owners before claiming any assumption on this on-chain movement, or at least if there is any official news/source around that to confirm this was a real hack and not just some coins moved from their wallets...
probably yes
Well personally, I would wait a declaration made by site owners before claiming any assumption on this on-chain movement, or at least if there is any official news/source around that to confirm this was a real hack and not just some coins moved from their wallets...
Biggest robbery from a crypto casino so far?
probably yes
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