Published 1 minute earlier on
Quick Take
- On-chain analysts detected suspicious outflows on betting platform Stake.
- Nearly $15.7 million has been moved, including 6,000 ether ($9.8 million) and $5.9 million in stablecoins.
On-chain analyst Cyvers said it detected "multiple suspicious transactions" on the crypto-based betting platform Stake. About $15.7 million was transferred away from the platform, consisting of 6,000 ether ($9.8 million) and $5.9 million in stablecoins, per on-chain data. On-chain analysts suspect that the irregular activity may be related to a security vulnerability affecting the platform’s wallet. Stake is a platform that enables users to wager on sporting events and also offers a casino service. Stake has yet to issue an official statement on the matter, although the platform has reportedly paused deposits and withdrawals. Stake did not immediately respond to a request for comment. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.