Following Stake.com Incident, Cloudbet Highlights iGaming Security Essentials

In light of a recent security incident at Stake.com involving a loss of $41M, Cloudbet emphasizes the importance of rigorous security protocols in the iGaming sector.

Cloudbet, operational since 2013, has implemented various security measures. Among these are hot and cold digital wallet storage, multi-party computation (MPC) wallets, and multi-signature endorsements for transactions. There are also additional layers of authentication, secure management of keys and recovery codes, and protocols that monitor transactions based on real-time fund account reconciliations.

Regularly, Cloudbet conducts internal simulations to assess and adjust their security approaches in alignment with industry standards.

“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,” a Cloudbet spokesperson said. “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 on a daily basis for the last 10 years,” the Cloudbet spokesperson said.

“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 realize 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.”