Reports suggest that the cryptocurrency casino Stake has fallen victim to an exploit, resulting in the withdrawal of approximately $16 million on the Ethereum network. On-chain analyst Cyvers has attributed this incident to a “private key leak.” Additional information from blockchain investigator ZachXBT indicates that losses extend to approximately $15.7 million on Ethereum, as well as $25.6 million across Polygon and the Binance Smart Chain.

In the previous year, various hacks and exploits led to the loss of over $3.7 billion in cryptocurrency. However, this figure decreased by 70% in the first quarter of this year.

The stolen funds have reportedly been converted to ether (ETH) and transferred to external wallets. Despite the breach, the targeted Stake wallet still retains approximately $340,000 worth of ETH and $2.1 million in various altcoins, as per Etherscan data. Withdrawals from the compromised wallet appear to have been temporarily halted, a claim supported by several users on Twitter.

Stake, an Australian casino and sportsbook that facilitates cryptocurrency deposits and gameplay, generated $2.6 billion in revenue in 2022, according to a report by the Financial Times.