Stake Crypto Casino Resumes Operations After $41M Exploit

Affected Users To Be Reimbursed

By: Tarang Khaitan Loading...

Stake Crypto Casino Resumes Operations After $41M Exploit

Stake, a leading Australian-Curaçaoan crypto gambling platform, has resumed operations after losing $41 million in a hot wallet exploit.

The company said that user funds remain unaffected and that users who transacted during the hack will be reimbursed. The stolen assets included ETH, USDC, USDT, and DAI, spanning across Ethereum, Polygon, and BNB Chain.

Stake had earlier confirmed that an unauthorized entity had made transactions from its ETH and BSC hot wallets.

"Stake keeps a small portion of its crypto reserves in hot wallets at any given moment for these very reasons." Stake co-founder Ed Craven said.

Within hours of acknowledging the security breach, Stake was back online.

Potential Links to North Korea

Security firm PeckShield reported that the exploit targeted multiple hot wallets. MetaMask Lead Product Manager Taylor Monahan noted that the hackers appeared methodical, distributing the stolen funds across multiple wallets.

Monahan also suggested a potential link between the Stake exploit and North Korean hackers, citing similarities with previous exploits.

Stake is one of the largest crypto gambling platforms, reporting $2.6B in revenue for 2022. The company has secured high-profile sponsorships, including with Canadian rapper Drake and Alfa Romeo's Formula 1 team.