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Stake was forced to suspend all deposits and withdrawals yesterday after hackers made off with $41.3m worth of cryptocurrency.

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Web 3 security analyst Cyvers – an AI detection software designed to prevent crypto hacks –alerted Stake to multiple suspicious transactions in a tweet some 18 hours ago.

Stake later confirmed that unauthorised withdrawals were made from the operator’s Ethereum (ETH) and Binance Smart Chain (BSC) hot wallets.

The hacked wallets retained a balance of just $340,000 in ETH and approximately $2.1m in various alternative cryptocurrencies, according to data from Etherscan.

This confirms that more than $40m was stolen in total, including $16m on the Ethereum network and up to $26m across Polygon and BSC.

Despite the major security breach, Stake guaranteed that user funds would be safe. The casino suspended all user activity amid an internal investigation.

There are no reports of lost customer funds at this time and Stake co-founder Ed Craven took to X to reassure customers.

He said: “Stake keeps a small portion of its crypto reserves in hot wallets at any given moment for this very reason.

“All affected wallets should be operational shortly,” he added.

Craven went on to thank his team for resolving the matter swiftly. One employee told iGaming NEXT it was a “crazy night” for the team.

“Despite some dramatic headlines, as always Stake has everything under control,” Craven added.

More than $3.7bn worth of crypto was lost to hacks and security exploits last year according to CoinDesk.

More to follow…

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