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Stake.com Hacked for 40 Million Bucks in Crypto

Gary McLellan

Stake.com Hacked for 40 Million Bucks

Stake.com has been hit with a multi-million dollar hack. The online casino has been the victim of a $40 Million crypto hack, according to Cyvers – a Web3 security firm.

Cyvers AI-powered cybersecurity system detected large transactions taking place in quick succession.

Over $16 million was transferred to the hacker’s crypto wallet in $USDT, $ETH, $USDC, $USDT, and $DAI.

2 hours later, a further $25 million was transferred to the hacker’s wallet from Stake.

Stake.com has not officially released a statement as of writing, but a leaked internal message from Stake shows they are hoping it’s an ethical hacker.

stake internal memo hack

Ethical hackers will gain access to companies that highlight flaws in their cybersecurity and receive a reward in return. But, it’s not yet clear if this is to be the case.

Bitcoincasinos.com has learned Cyvers contacted Peckshield, a security and data analytics firm, to investigate the alleged hack.

Stake only had $2 million left in its crypto wallet, according to the CEO of Ethereum L1 Blockchain, Energi.

Stake.com launched in 2016 and has since grown to be a well-known brand. Bettors can bet on sports, casino games, slots, and live dealer games,

How Stake.com can recover from this remains to be seen. Losing such a swathe of cash is likely to be a crippling blow to one of the world’s biggest online betting platforms.

Whether it will have an overall effect on crypto gambling sites remains to be seen.

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Gary McLellan

Gary McLellan has been involved in the gambling sector for years after studying Journalism in Glasgow. Starting out with running a poker blog over 10 years ago, he has since worked with many betting publications, focusing on crypto-related sites more recently due to their growing popularity. Gary brings his expertise on gambling to BitcoinCasinos.com since 2022 after successfully overseeing the launch of several sports betting sites including legalsportsbooks.com.