Direct answer (as of 31 Aug 2026)
The coins are not “on the website.” Stake posts 95%+ of player crypto in air-gapped Multi-Sig cold storage; the hot wallet is a refill buffer. BitStarz is about 85% segregated. Beef is ~90% off-grid — and still has no recovery if they flag you. A retail cage that keeps most of TVL hot and auto-freezes SoW on the first large cashout is the Fail.
Cold ratio is the test, not a padlock icon
A hot wallet pays $10k in minutes because it is online. That is also the exploit surface. Institutional desks cap hot exposure at a few percent of TVL and move the rest with an m-of-n signature (Stake’s public description is a 2-of-3 class scheme). A $2M cashout that takes 30–60 minutes is often the refill, not a delay tactic — if cold actually exists.
| Operator | Cold vs hot (31 Aug 2026) | Architecture | Status |
|---|---|---|---|
| Stake | 95%+ cold | Multi-Sig + player Vault / FIDO2 | Pass |
| BitStarz | ~85% segregated | Hybrid vault | Pass |
| Beef | ~90% off-grid | Segmented wallet | Pass (no recovery if flagged) |
| Retail hot-wallet cage | < 40% cold / mostly hot | SMS 2FA | Fail |
Parent: Casino Security Infrastructure Audit. Identity vs hijack: no-KYC safety. Cashier windows: Limits Ledger.
If the operator cannot describe Multi-Sig vs hot, treat the balance as an unsecured receivable.