Stake.com, has fallen prey to a major hacker attack, resulting in a staggering loss of $40 million. This unprecedented breach has sent shockwaves through the cryptocurrency gambling industry.
The Heist
The daring exploit unfolded when Stake.com, renowned for its cryptocurrency-based gaming offerings, saw a massive $16 million withdrawal from its accounts. Experts have traced the incident back to a "private key leak" on the Ethereum network, as reported by on-chain analyst Cyvers. This breach wasn't confined to Ethereum; an additional $25.6 million was drained from Polygon and the Binance Smart Chain.
The attack is not an isolated incident in the world of crypto gambling, with a chilling $3.7 billion stolen in similar hacks and exploits over the past year. However, this year has witnessed a significant decline, with the first quarter showing a 70% reduction in such incidents. Cyvers believes the stolen funds were converted into ether (ETH) and subsequently funneled into external wallets.
While the wallet has not been completely emptied, it still contains ETH worth $240,000 and other altcoins valued at $2.1 million, according to data from Etherscan. Some Stake.com customers have reported that withdrawals have been temporarily halted.
Stake.com: Growth of an Online Cryptocurrency Casino
The world of online gambling has witnessed a significant transformation in recent years with the rise of cryptocurrency casinos. One such platform that has been making waves since 2017 is Stake.com. In this blog post, I will explore the story of Stake.com and the recent plans by the duo behind Stake.com to launch an online sports betting site in Australia.
The Founders of Stake.com
Stake.com was founded by Edward Craven and Bijan Tehrani. Ed is thought to be Australia's youngest billionaire. Bijan was born in Iran and after moving to the US started off in the financial sector and pivoted into online gambling. They are also the owners of the company. The platform was registered in Curacao and has a daily average of $585 million in earnings from international sports betting and online gambling activities. Stake.com has become a popular online casino platform with users from all over the world where it is legal to do so.
Is Stake.com Illegal?
Despite its global popularity, Stake.com is not allowed for Australian customers due to legal restrictions. It is legal to play at Stake.com in many jurisdictions. For example, it is licenced by the UK Gambling Commission (UKGC). It also partners with TGP Europe further cementing its legality.
Stake. com-Legal Restrictions for Australian Customers
Online gambling companies from Australia are banned from marketing their services to Australians. As a result, the duo has not been able to launch their platform in their home country. However, they have managed to register their own company - Stake Gaming Pty Ltd - with ASIC and applied for a trademark to use their well-known brand Stake in the country's market.
Can You Play Stake in the US?
If you are in the USA Stake.com is available as a social casino. That means you can spend Gold Cash or Stake cash. Remember Stake Cash is the way you can get prizes. and it can be in the form of Crypto. Some states do not allow gambling in any form.
Twitch's Suspension of Live Gambling Streams
In late 2022, Twitch suspended live gambling streams. This decision left a lot of gamblers feeling disappointed, as Twitch was a popular platform for all things gaming. However, the founders of Stake.com saw this as an opportunity to launch their own streaming service. They created Kick – with over a million customer bases and a 95/5% revenue split. Their solution to offer an interactive streaming experience for their audience was innovative and showed a deep understanding of their customer base.
Global Ambassadors of Stake.com
Stake.com has a lot of famous people and teams who endorse and promote it. Some of the most famous are Drake from Canada, Everton Football Club in England, and Sergio Aguero, who is an Argentine football legend. Legend. UFC Middleweight Champion, Israel Adesanya from New Zealand was their first representative from the world of MMA. They sponsored Watford when they were in the Premier League and are the sponsors of Mumbai City Football Club and Hyderabad Football Club in India
Plans to Launch an Online Sportsbetting Site in Australia
The duo behind Stake.com has made headlines recently with their plans to launch an online gambling operator in Australia. This move is expected to challenge local sportsbook giants in the country. Despite the legal restrictions on cryptocurrency gambling in Australia, Edward Craven and Bijan Tehrani have been able to register their company and apply for a trademark. Their success with Stake.com has given them the confidence to enter the Australian market, where they plan to take the online gambling world by storm.
Conclusion: What Is Next For Stake.com
Stake.com has come a long way since its inception in 2017, and it shows no signs of slowing down. Its exponential growth has been impressive, with the platform currently accounting for just under 6% of total global Bitcoin transactions per day. It reports high volumes of Dogecoin and Litecoin usage too.
The legal restrictions in Australia have not deterred the founders of Stake.com, who have now set their sights on launching an online gambling operator in the country. Stake.com has licenses in both the UK and the US. Their innovation, understanding of their customer base, and success with Stake.com have paved the way for this ambitious move. We can expect to see even more growth and success for Stake.com in the years to come.
