Crypto gambling platform Stake experienced a massive withdrawal of $41 million on September 4, labeled as “suspicious outflows” by blockchain security analysts. The withdrawing account, named “Stake.com Hacker” on Etherscan, indicates the possible involvement of a stolen private key.

Blockchain data shows significant withdrawals from Stake.com contracts to the attacker’s account, starting with a transfer of approximately $3.9 million worth of Tether (USDT). Subsequent transactions involved 6,001 Ether (ETH), worth around $9.8 million, as well as other tokens such as USD Coin (USDC), Dai (DAI), and Stake Classic (STAKE).

After siphoning off the funds, the attacker distributed them to multiple accounts. Stake confirmed the hack via social media and assured users that their funds are safe, mentioning that the platform keeps only a small portion of crypto reserves in hot wallets.

The attack also extended to other chains, including BNB Smart Chain (BSC) and Polygon, resulting in additional losses of $7.8 million and $17.8 million, respectively. This brings the total losses to over $41 million.

Stake offers various casino games, sports betting, and is not the only crypto gambling platform targeted by hackers in 2023. Earlier in the year, payments provider Alphapo experienced $31 million in suspicious withdrawals, affecting several crypto gambling sites