World’s largest cryptocurrency casino and sports betting platform, Stake.com, has reportedly suffered a cyber-attack, recording a bout $41.3 million loss.

Analyst Cyvers reported a private key leak that enabled the withdrawal of $15.7 million in ether (ETH) from Stake’s Ethereum wallet.

Crypto Sleuth ZachXBT shared the figure, adding that $15.7 million in ETH was taken along with $25.6 million stolen from Stake’s Polygon and Binance Smart Chain wallets. The funds have been converted to ETH and sent to various external wallets.

The Australian crypto casino and sportsbook, generated $2.6 billion in 2022 revenue. It still holds around $2.4 million in its compromised Ethereum wallet based on Etherscan data. Withdrawals appear to have been paused, matching user reports on Twitter.

While details remain sketchy, the incident has raised serious questions about the security of online crypto platforms, even as it casts a shadow over the burgeoning crypto gambling industry.

For Stake’s customers, many questions remain unanswered. However, the company has yet to issue an official statement on the alleged multimillion-dollar hack.

As crypto platforms face an extended downturn, security is paramount. But the Stake situation exemplifies that risks still abound, highlighting the urgent need for robust safeguards and protocols across the industry.