% 0.17
BTC Dominance:
% 0.12
Market Cap:
$2.43 T
% 0.29
Fear & Greed:
73 / 100
$ 67.353
BTC Dominance:
% 54.3
Market Cap:
$2.43 T

Suspicious $40M Crypto Outflows from Hack Concerns

Suspicious Crypto Outflows Stake

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.

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.

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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