Over $41 Million in Suspicious Crypto Outflows Have Been Detected by Stake

Published on:

Last Updated on September 5, 2023 by Bitfinsider

In what looks to be a huge security incident, on-chain analysts revealed that a large number of funds suspiciously migrated out of the crypto-based sports betting platform Stake in many transactions.

The outflows took place in two stages. Data from the analysis firm Cyvers first revealed that $15.7 million was transferred away from the platform. This totaled $9.8 million in ether and $5.9 million in stablecoins.

Following that, ZachXBT data revealed that an additional $25.6 million moved out of wallets thought to be associated with Stake on two other blockchain networks: $17.8 million on BNB Chain and $7.8 million on Polygon. These transfers apparently raise the total outflows across the three chains to more than $41 million. Beosin, a security firm, validated ZachXBT’s findings.

Analysts believe that these anomalous transactions are related to a possible security problem with the platform’s wallet addresses.

Stake, which enables sports betting and also provides casino services, has yet to publish an official statement about these transactions. According to reports, the platform has temporarily halted both deposits and withdrawals.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.