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Australian crypto casino hit with a $40 mln exploit

2min Read

A hack hit the Australian crypto betting platform Stake on 4 September, leading to an exploit of $4 million.

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  • Stake tried assuring its users that their funds remained safe but many crypto community members questioned the claim.
  • The platform resumed its services a few hours after the attack but didn’t specify the reason behind the exploit.

A $40 million exploit hit the crypto betting platform Stake on 4 September, following a “private key leak.”

The incident was first reported by blockchain analyst Cyvers Alerts, mentioning an exploit of $16 million on Ethereum [ETH]. The stolen funds have been converted to Ethereum and transferred to several externally owned wallets.

Later, noted blockchain sleuth ZachXBT highlighted that a $15.7 million exploit took place on Ethereum and another $25.6 million exploit took place across Polygon [MATIC] and Binance [BNB] Smart Chain.

The hacker first moved approximately $3.9 million worth of Tether [USDT] and Ethereum worth $9.8 million. The next token movement included $1 million in USD Coin [USDC] and $900,000 worth of Dai [DAI].

Stake said that its Bitcoin [BTC], Litecoin [LTC], Ripple [XRP] wallets did not get affected. It also tried assuring its users that their funds remained safe.

 

The Twitter community, however, questioned this claim.

A few hours after the hack, the platform resumed all of its services.

However, Stake has not specified the reason behind the hack. CertiK, a blockchain security firm, speculated that a potential private key compromise could have led to the incident.

But there is still no clarity over the incident.

Stake is an Australian casino that allows users to deposit and play with crypto. Australian billionaire Ed Craven founded the company in 2017. Financial Times reported gross gaming revenues generated by Stake in 2022 to be $2.6 billion.

A number of celebrities, most notably Canadian rapper Drake, have endorsed the platform. The rapper signed a $100 million a year endorsement deal with Stake in 2022.

$997 million lost to exploits in 2023 so far

As per a CertiK report, crypto hacks cost the crypto industry around $997 million year-to-date (YTD) in 2023. It includes around $261 million lost to flash loan attacks, over $137 million lost to exit scams, and over $596 million lost to exploits.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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