A huge exploit allegedly occurred when Stake, one of the most famous cryptocurrency casinos, was exploited. According to the renowned on-chain analyst Cyvers, the Ethereum network was the target and $16 million was withdrawn from the account as a consequence of the “private key leak.”

A huge leak:

ZachXBT, the blockchain investigator, agreed with Cyvers. The company claimed that $17.5 million had been withdrawn from Ethereum, but that wasn’t all: on top of that, $25.6 million had been withdrawn from Polygon and the Binance Smart Chain.

This isn’t the isolated case in the crypto world: only during the last year, at least $3.7 billion were stolen in hacker attacks and exploits from the cryptocurrency casinos. 

However, this year brought a drop of 70% in the first quarter. According to Cyvers, the funds that were withdrawn were converted to ether (ETH), and after that, they were transferred to wallets outside the network.

The wallet wasn’t completely emptied – it still contains ETH worth $240,000, as well as other altcoins worth $2.1 million, as it was released in Etherscan data. Some of the company’s customers released on Twitter that the withdrawals have been paused.

Stake – a leader in the casino and sports betting industry:

The Stake is one of the leading casinos and sportsbooks in Australia. It allows the customers to deposit cryptocurrencies and use them to play. The company earned $2.6 only in the last year, as the Financial Times reported recently.

The company offers various services related to the casino and sports betting industries, using Bitcoin and other cryptocurrencies to place bets. The company was founded in 2017 and since then has become the ultimate leader in the online betting industry, available in 15 languages. The company recorded more than 65 billion bets last year.

Stake’s sportsbook offers betting on many important sports, such as Soccer, Basketball, MMA, eSports, Hockey, Cricket, American Football, Tennis, Table Tennis, Baseball, Darts, Formula 1, and various other sports. The games available on the platform are slots, blackjack, roulette, baccarat, various table games, and many more options.

Stake offers VIP Club Membership as well. The player can become a VIP if they place a significant amount of bets, unlocking many benefits such as Reload, Rakeback, various Level Up Bonuses, as well as weekly and monthly bonuses.

One of the companies’ main missions is to ensure safe and secure gaming and gambling, taking care of anti-money laundering and creating a very strict self-exclusion policy.

According to CoinDesk, the company didn’t respond to the comment inquiries.