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

Press Releases Crypto News Bitcoinist The House Loses: Crypto Casino Stake Allegedly Hit In $40 Million Exploit

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).

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.

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 developmen

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Author: Ronaldo Marquez

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