Crypto Casino Stake Targeted in Reported $40M Exploit

The cryptocurrency casino Stake has fallen victim to an exploit, as on-chain analyst Cyvers has reported a withdrawal of $16 million on the Ethereum network due to a “private key leak.”

ZachXBT, a blockchain detective, supported Cyvers’ statement, affirming that $15.7 million had been depleted on Ethereum, and an additional $25.6 million had vanished across Polygon and the Binance Smart Chain.

Last year, over $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 stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets, Cyvers said.

As per data from Etherscan, the targeted Stake wallet still retains $340,000 worth of ETH and $2.1 million in various altcoins. Withdrawals from this wallet seem to have been temporarily suspended, as multiple Twitter users reported.

Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. According to a Financial Times report, it made $2.6 billion in revenue in 2022.