Stake Hit by Cryptocurrency Exploit: Over $40 Million Drained
Cryptocurrency-based casino, Stake, seems to have fallen victim to an exploit. Cyvers, an on-chain analyst, reported a whopping $16 million withdrawal on the Ethereum network due to a "private key leak." This claim was echoed by blockchain expert ZachXBT, who noted losses of $15.7 million on Ethereum along with an additional $25.6 million across Polygon and Binance Smart Chain.
While over $3.7 billion in crypto was lost to hacks and similar exploits last year, this number saw a 70% reduction in this year's first quarter.
According to Cyvers, the siphoned funds were converted into ether (ETH) and moved to various external wallets. However, as per Etherscan data, the compromised Stake wallet still retains $340,000 in ETH and an additional $2.1 million in other altcoins. Stake seems to have put a halt to further withdrawals from this wallet, a sentiment echoed by several Twitter users.
For context, Stake is an Australian-based cryptocurrency casino and sportsbook. In 2022, they reported revenues reaching $2.6 billion, as stated by the Financial Times.
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