Crypto Casino Stake Reportedly Hacked For $41.3 Million

Popular crypto casino Stake appears to be the latest victim of a costly security exploit. According to on-chain analysts, over $41.3 million worth of funds have been drained from Stake’s wallets across multiple blockchains.

First flagged by analyst Cyvers, the incident involves a reported private key leak that enabled the withdrawal of $15.7 million in ether (ETH) from Stake’s Ethereum wallet.

Crypto sleuth ZachXBT shares the cost of the exploit

Crypto Sleuth ZachXBT shared the figure, adding that $15.7 million in ETH was taken along with $25.6 million stolen from Stake’s Polygon and Binance Smart Chain wallets. The funds have been converted to ETH and sent to various external wallets.

Stake, an Australian crypto casino and sportsbook that generated $2.6 billion in 2022 revenue, per the Financial Times. It still holds around $2.4 million in its compromised Ethereum wallet based on Etherscan data. Withdrawals appear to have been paused, matching user reports on Twitter.

While details remain limited, the evidence points clearly to Stake as the latest platform exploited by hackers. Security weaknesses continue to put user funds at risk, recalling last year’s “Hacktober” wave of breaches.

Also read: Australia Rejects Crypto Regulation Bill

For Stake’s customers, many questions remain unanswered. However, the company has yet to issue an official statement on the alleged multimillion-dollar hack.

As crypto platforms face an extended downturn, security is paramount. But the Stake situation exemplifies that risks still abound, highlighting the urgent need for robust safeguards and protocols across the industry.