Casinos for youStake Casino is one of the biggest names in the crypto gambling niche and recently suffered a €38.5 million hack. We look at how they handled the situation, what has been communicated, and the impact this will have on player withdrawals.
The invention of the blockchain and the groundswell of wealth created by the cryptocurrencies that followed have grabbed the attention of dreamers, gamblers, investors and, unfortunately, hackers from around the world.
While blockchain technology is virtually uncrackable, the people that use it always represent a significant chink in the armour as leading crypto operator, Stake Casino, discovered for themselves.
Stake Respond As Swiftly As the Lightning Network
One of the major selling points of crypto transactions is how fast they are, and that same accolade can now be applied to the Stake crisis management team and media teams.
Within three hours of the operator discovering that their accounts had been accessed and unauthorised payments sent to anonymous wallets, they tweeted out:Quote
“Three hours ago, unauthorised tx’s [transactions] were made from Stake’s ETH/BSC hot wallets. We are investigating and will get the wallets up as soon as they’re completely re-secured. User funds are safe. BTC, LTC, XRP, EOS, TRX + all other wallets remain fully operational.”
The transparency, speed of communication, and positive message of fund security are fantastic examples of why Stake is an industry leader and sets a brilliant model for other online casinos to follow when things go wrong.
Not much stays hidden online, especially when money is involved, therefore:
- Control the narrative – speak first, not last.
- Clarify the current situation – don’t let customers begin to fill in the blanks themselves.
- Confirm that the player's money is safe and their payouts are guaranteed – your losses should never impact a customer's ability to withdraw their full winnings.
With a simple Tweet, no one calls them "posts" yet, the operator took control of a catastrophic event and created an environment where they are being praised for their responsiveness, not being criticised for the fact that it happened in the first place. With the notification being viewed more than 405,000 times, it has enforced the market trust that the site has the situation well in hand.
Online Account Trackers Reveal the Numbers
While Stake was upfront regarding the hack's occurrence, they didn't mention the specific amounts transferred from their Ethereum (ETH) and Binance Smart Chain (BSC) wallets.
The @BeosinAlert account on X.com tracks suspected Web3 hacks, rug pulls, and vulnerability abuses in real-time. The watchdog reported that the operator had lost €38.5 million in total split as follows: €7.3 million MATIC, €14.6 million ETH, and €16.6 million BSC.
While these losses would be difficult for most smaller operators to recover from, the reality is that Stake is estimated to be a €1 billion company with most of its crypto assets invested in Bitcoin and other leading tokens, all of which remain untouched.
As of their latest Tweet from 23 hours ago, it is business as usual again at the casino and betting site, which means processing deposits and instant withdrawals worldwide.
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