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Cloudbet comments on Stake.com hack: Crypto world cannot ignore safety concerns

Following the reported hack of Stake.com funds, Cloudbet has released a statement regarding security in the cryptocurrency industry.

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Earlier today, it was reported that Stake.com had suffered an approximate $41.3m hack through its cryptocurrency platform.

According to reports, this included a $15.7m unauthorised transaction of Ethereum blockchain, $7.8m of Polygon and another $17.8m through Binance Smart Chain.

Cloudbet, a cryptocurrency-based sportsbook and casino, has taken the opportunity to remind those in the industry to revisit their security measures.

A spokesperson for Cloudbet said: “In many ways, an attack on one is an attack on all, and this industry only thrives if our users know with all possible certainty that their funds are safe and secure.

“This incident is a reminder that the industry must continuously put in place the most robust security protocols possible.

“While incidents like Stake’s are rare, we must all remain vigilant to maintain the trust that users have been placing in us.”

Although it doesn’t explicitly break down its security measures on the website, Stake.com does state that it uses ‘encryption and firewall technology, along with a set of rigorous internal processes’ to keep users safe.

The Cloudbet spokesperson continues: “We are firm believers that crypto is pioneering an exciting new world of financial freedom, and that gaming and betting can help lead that effort.

“But we also believe that in order for us to realise that world, we have to put security at the front line of crypto.

“No matter how flashy and glamorous the Premier League is, players aren’t safe to play without some very serious on-field security.”

This isn't the only trouble the operator has had to deal with recently, seeing as Stake.com has also entered into a legal battle with Stake in Australia, regarding their similar operating names.


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