Betting platform Stake sees over $41 million in suspicious crypto outflows

On-chain analysts reported that a large amount of funds suspiciously moved out of the crypto-based sports betting platform Stake in multiple transactions, in what appears to be a major security incident.

The outflows occurred in two separate rounds. Initially, data from the analyst firm Cyvers showed that $15.7 million was transferred away from the platform. This amount included 6,000 ether ($9.8 million) and $5.9 million in stablecoins.

Subsequent data from ZachXBT revealed that an additional $25.6 million moved out of wallets believed to be tied to Stake on two other blockchain networks: $17.8 million on BNB Chain and $7.8 million on Polygon. These transfers reportedly bring the total outflows to over $41 million across various crypto addresses on the three chains. ZachXBT’s findings were further corroborated by security firm Beosin.

Analysts think that these unusual transactions may be connected to a potential security issue affecting the platform’s wallet addresses.

Stake, which facilitates bets on sporting events and also offers casino services, has not yet issued any official statement about these transactions. Reports indicate that the platform has temporarily paused both deposits and withdrawals.

Stake did not immediately respond to a request for comment.

This article has been updated with most recent data concerning the total value of fund outflows on Stake.