Stake.com Casino Exploit Results In $41.3 Million Crypto Loss

Key Points:

• Stake.com casino and sportsbook suffered an exploit resulting in $41.3M loss.
• The stolen funds have been converted to ETH and transferred to several wallets.

Stake.com casino and sportsbook targeted by exploit resulting in $41.3M loss. Stolen funds were transferred to ETH and other wallets.

Stake.com, an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies, appears to have been targeted by an exploit. On-chain analyst Cyvers has reported that $16 million has been withdrawn on the Ethereum network following a “private key leak.”

Additionally, blockchain sleuth ZachXBT backed up Cyvers’ claim, stating that another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets.

Last year, more than $3.7 billion worth of crypto was lost to various hacks and exploits, although that figure dropped by 70% in the first quarter of this year.

The Stake.com wallet that was targeted still holds $383,000 worth of ETH and $2.2 million in various altcoins, withdrawals from the wallet appear to have been paused. The total amount lost in this exploit is approximately $41.3 million, a significant loss for the company and its customers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.