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Crypto

The House Loses: Crypto Casino Stake Allegedly Hit In $40 Million Exploit

Ronaldo Marquez
by Ronaldo Marquez
5 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Stake, an Australian crypto casino renowned for the integration of crypto assets into gambling, has fallen victim to a recent alleged exploit. 

On-chain analysis firm Cyvers revealed that a jaw-dropping $16 million was siphoned off from the Ethereum network due to a “private key leak.” 

The suspicious nature of the transfers, involving the swap of Tether’s USDT to Ethereum (ETH), has raised eyebrows and triggered an extensive investigation. 

As the probe expands to other chains, losses of $17.8 million on the BNB Chain and $7.8 million on the Polygon Proof of Stake (PoS) chain have been discovered.

High-Stakes Heist

Leading blockchain investigator ZachXBT has corroborated Cyvers’ findings, shedding light on the gravity of the situation. The Ethereum network alone suffered losses of $15.7 million, while an additional $25.6 million vanished across Polygon and the Binance Smart Chain (BSC). 

Related Reading: New Report Identifies Region With Highest Adoption And Crypto With The Most Interest

Etherscan data exposes that the compromised Stake wallet still holds $383,000 worth of ETH and $2.2 million in various altcoins (100 Tokens). Withdrawals from the affected wallet have been temporarily suspended, as the platform grapples with the aftermath of the heist.

The exploit has thrust Stake into a challenging position, necessitating a comprehensive response to address the breach, strengthen security protocols, and rebuild trust among its user base. As players reevaluate their options, Stake alternatives may become more appealing, offering similar experiences with a focus on security and reliability.

Known for its approach to cryptocurrency gambling, the platform now faces the daunting task of mitigating the financial and reputational repercussions of the incident. 

The full extent of the exploit and any potential vulnerabilities exploited remain under investigation, leaving industry experts and stakeholders eagerly awaiting further developments.

The Rise Of Crypto Casino Era?

According to a Financial Times report, founded by Australian billionaire Ed Craven and his US co-founder Bijan Tehrani, Stake.com has experienced exponential growth, capitalizing on the surge of wealthy gamblers seeking the anonymity and convenience offered by cryptocurrency betting. 

Despite its relatively recent inception, Stake.com has achieved success, becoming the seventh-largest gambling group globally in terms of revenues.

Estimates compiled by consultancy Regulus Partners for the Financial Times reveal that the platform generated a modest $105 million in gross gaming revenues in 2020. However, this figure soared to nearly $2.6 billion in the following year, as disclosed by the company’s accounts. 

Per the report, Stake owes much of its triumph to the “natural synergy” between cryptocurrency and gambling. The platform tapped into the rising popularity of cryptocurrencies and leveraged them as a medium of exchange for betting, attracting a niche audience of risk-takers and crypto enthusiasts. 

The Financial Times report highlights Stake.com’s emphasis on marketing as a crucial driver of its growth. Recognizing the challenges associated with blending crypto and gambling, the company invested heavily in marketing campaigns to establish itself as a trusted brand. 

What’s more, high-profile partnerships with Premier League club Everton and Alfa Romeo’s F1 team, along with endorsements from celebrities like rap star Drake, further bolstered Stake.com’s reputation and enabled it to outshine larger competitors.

Related Reading: Has Ripple Shifted From XRP As A Reserve Currency To Stablecoins On DEXs?

Nevertheless, Stake.com’s journey has not been without challenges and controversies. Added to the ongoing exploit, the report highlights a pending lawsuit filed by Christopher Freeman, a former business partner, who alleges theft of ideas and misconduct by Craven and Tehrani, seeking a staggering $400 million in damages. 

Crypto
Total crypto market cap with sideways movement on the daily chart above $1.012 trillion. Source: TOTAL on TradingView.com

Featured image from iStock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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