Stake, an online crypto casino and sports betting platform, has reportedly been hacked and over $40 million lost from the exploit.
According to a report by crypto analysts Cyvers, a private leak resulted to close approximately $15.7 million being withdrawn from their wallets. An additional $25.6 million has been lost on the Binance Smart Chain (BSC) and Polygon platforms.
Reports indicate that the stolen funds have been converted to Ethereum ($ETH) and transferred to other externally owned crypto addresses.
Despite security measures put in place on the platform such as strong password management policies and 2FA, the recent stake hack has revealed that no one is safe from cyber threats.
We wait to see the aftermath of the hack as some members call for regulatory measures and policies in the crypto-gambling space. In the meantime, it is prudent for such online platforms to take stringent cyber security practices to protect their users. Additionally, users should be cautious when interacting with online casinos.
This may be among the largest crypto hacks this year but is still significantly small compared to the largest with upwards of $600 million in crypto stolen in recent times.
Stake has not yet responded to the reports. However, there are claims that it has suspended deposits and withdrawals on the platform. We will update this article with more information regarding the attack as the story develops.
Update
Stake has confirmed it was indeed hacked and has claimed that user funds are safe. The company has further added that investigations are currently ongoing and it plans to reinstate the ETH/BSC hot wallets that were comprised once they are completely re-secured.
According to a post on X (formerly Twitter), not all wallets were suspended and users can still deposit and withdraw using other wallets other than ETH and BSC.