The popular crypto-based online casino and gambling company Stake was hacked Monday for about $40 million in unauthorized online transfers.
Known by many for its partnership with rapper and entertainer Drake, Stake reported $16 million worth of withdrawals in Ethereum, Tether, USD Coin and DAI Monday morning, per Web3 security firm Cyvers. Crypto sleuth ZachXBT corroborated the report and also revealed another $25 million had been lost on Polygon and the Binance Smart Chain.
Despite the massive losses, Stake reopened for business less than five hours after the hack at around 5:30 p.m. ET.