Crypto Casino Stake Reportedly Falls Victim to $40 Million Exploitation Attack

Crypto Casino Stake Suffers Reported Exploit Resulting in $16 Million Loss

It appears that the cryptocurrency casino Stake has fallen victim to an exploit, leading to the withdrawal of $16 million on the Ethereum network due to a “private key leak,” according to reports by blockchain analyst Cyvers. Additionally, ZachXBT, a blockchain investigator, confirmed this, revealing that $15.7 million was drained from Ethereum, with an additional $25.6 million lost across Polygon and the Binance Smart Chain.

While crypto-related hacks and exploits led to losses of more than $3.7 billion last year, the first quarter of this year saw a significant decrease of 70% in such incidents.

The stolen funds have been converted into ether (ETH) and transferred to various externally owned wallets, as outlined by Cyvers. Notably, the targeted Stake wallet still contains $340,000 worth of ETH and $2.1 million in various altcoins, according to Etherscan data. Withdrawals from this wallet seem to have been halted, a fact that has also been reported by several users on Twitter.

Stake, an Australian-based casino and sportsbook, enables users to deposit and engage in activities using cryptocurrencies. In 2022, the platform generated revenue totaling $2.6 billion, as reported by the Financial Times.