Withdrawals Halted at Stake.com As Crypto Casino Targeted in $40,000,000 Hack: Report

A major Ethereum (ETH)-based cryptocurrency casino is halting withdrawals after reportedly being hacked for $40 million.

First spotted by Cyvers Alerts, a real-time securities firm, suspicious transfers were tracked leaving Stake.com’s Ethereum wallets and into unidentified addresses.

“ALERT Our AI-powered system has detected multiple suspicious transactions with Stake.

https://etherscan.io/address/0x3130662aece32f05753d00a7b95c0444150bcd3c address received about $16M in ETH USDC USDT and DAI

All the stablecoins are converted to ETH and distributed to different EOAs (externally owned accounts).”

Stake is a crypto-based betting platform where users can place wagers on games or sports.

Ethereum blockchain explorer Etherscan has since labeled the address involved with the hack, which has made multiple transactions within the last hour, as “Stake.com Hacker.”

Blockchain security firm Peckshield sent out a similar alert to its 78,000 followers on the social media platform X, telling Stake.com that they “may want to take a look.”

Responding to the Peckshield post, widely followed on-chain analyst and blockchain investigator ZachXBT, said that roughly $40 million has been swiped so far on the Ethereum, Polygon (MATIC) and BNB Smart Chain (BSC) networks.

Despite the unauthorized transactions, Stake has issued a statement saying that all user funds are safe.

“Three hours ago, unauthorized 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.”

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Featured Image: Shutterstock/DrDrawer