Stake.com resumes operation after unauthorised crypto transfers

Stake.com — Cryptocurrency Sportsbook and Casino — Resumes Operations After Addressing Unauthorized Transfers

Stake.com, renowned for its innovative cryptocurrency sportsbook and casino platform, has successfully restored its services following a significant security incident involving unauthorized transfers. The disruption occurred on September 4, impacting multiple blockchain networks, including Ethereum, Polygon, and the Binance Smart Chain (BSC).

In an official update shared on X, Stake.com reported that unauthorized transactions had been identified in several of its hot wallets. However, the operator reassured its users that all funds remained secure and unaffected.

The security breach was confined to specific wallets; transactions involving Bitcoin, Litecoin, and XRP continued uninterrupted, allowing customers to engage with these assets without inconvenience.

Hours later, Stake.com issued a follow-up communication on X, announcing the restoration of full services. The statement clarified: “All services have resumed. Deposits and withdrawals are processing instantly for all currencies. We apologize for any disruption this may have caused.”

While Stake.com refrained from divulging detailed information about the full extent of the incident, reports from within the cryptocurrency sector indicated that the platform may have incurred losses totaling approximately $41.3 million (£32.8 million/€38.4 million).

Founded in 2017, Stake.com has rapidly grown to amass a user base exceeding 500,000 globally, with its reach extending across markets such as Canada, Brazil, Japan, and the UK. The platform has also formed strategic sponsorship agreements within high-profile sports, including a prominent front-of-shirt deal with Everton, an English Premier League club, as well as collaborations with the Ultimate Fighting Championship (UFC).

For its UK operations, Stake.com runs a dedicated website, Stake.uk.com, in partnership with TGP Europe, which is licensed by the British Gambling Commission, ensuring compliance with strict regulations.

Given the increasing reliance on cryptocurrencies within the gambling landscape, Stake.com’s experience underscores the critical importance of cybersecurity measures and the need for operators to maintain transparency and customer trust during operational challenges. As the industry evolves, maintaining robust security protocols will be pivotal in safeguarding user assets and preserving integrity within the ever-expanding online gambling market.