Cloudbet addresses the Stake.com hack, stating that the crypto community must prioritise safety.

According to reports earlier today, Stake.com's cryptocurrency infrastructure was compromised, resulting in a loss of almost $41.3 million.

Reportedly, this comprised a total of $17.8 million via Binance Smart Chain, $7.8 million through Polygon, and $15.7 million on the Ethereum blockchain.

Sportsbook and casino Cloudbet, which operates on the bitcoin platform, has used the opportunity to call attention to the need for industry-wide security audits.

According to a representative from Cloudbet, "an attack on one is an attack on all." The survival of the sector depends on customers having absolute faith that their money is protected.

The event serves as a stark warning that the sector must consistently implement the strongest security measures available.

"We must all stay alert to preserve the faith that users have been having in us, even though incidents like Stake's are uncommon."

Despite the lack of transparency regarding its security procedures, Stake.com assures consumers that it employs "encryption and firewall technology, along with a set of rigorous internal processes" to safeguard their data.

"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," the Cloudbet spokesman continues.

However, we are firm believers that prioritising security in crypto is essential if we are to bring that future into existence.

"The Premier League may be all glitz and glamour, but players still need strict on-field security measures."

This isn't the only legal dispute the operator has had to resolve recently; Stake.com and Stake are both operating under confusingly similar names in Australia.