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Suspicious crypto outflows from Stake have sparked concerns among blockchain security experts, who are tracing millions in cryptocurrency across three blockchains. Stake, an online gambling platform that accepts cryptocurrency bets, has recently witnessed substantial transfers of Ethereum (ETH) and USDT from known wallets, raising red flags within the crypto community.
🚨ALERT🚨Our AI-powered system has detected multiple suspicious transactions with @Stake.https://t.co/0ZoMITOyF5 address received about $16M in $ETH $USDC $USDT and $DAI
All the stable coins are converted to $ETH and distributed to different EOAs.
FYI: @tayvano_ @zachxbt pic.twitter.com/CSGwRHEiVm
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) September 4, 2023
The irregular transactions, initially brought to light by the Web3 security firm Cyvers, involve conversions from USDT to ETH as part of suspicious crypto outflows from Stake. These transactions, as per Etherscan data, occurred between 8:52 a.m. ET and 10:05 a.m. ET. At 10:08 am ET, Stake’s official Telegram channel announced temporary maintenance for Ethereum and BSC/ERC20 networks. Attempts to reach Stake via their official press email resulted in undeliverable messages, and a spokesperson did not respond to inquiries from Blockworks. The suspicious nature of these transfers primarily arises from the conversion of USDT to ETH, as Ethereum cannot freeze ETH holdings, a capability that Tether possesses.
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In addition to the Ethereum transactions, blockchain investigators have also tracked $17.8 million on the BNB Chain and $7.8 million on the Polygon PoS chain.
Hi @Stake, you may want to take a look: https://t.co/qtoTeXpXWE
— PeckShield Inc. (@peckshield) September 4, 2023
Stake, a Curacao-based platform self-described as a “leading crypto casino,” allows users to place bets on sports and online games using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). The platform, established in 2017, also supports betting in traditional currencies, including the US dollar. It’s worth noting that Stake has been embroiled in a trademark infringement lawsuit in Australia and is facing a separate $400 million claim from a former associate against its founders.
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