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ZachXBT

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 <p class="is-style-lead">Unusual activity has been observed on Stake, a popular crypto-based sports betting and casino platform. </p> 
 <p>Initially flagged by Cyvers Alerts on X, the AI-powered system detected “multiple <a rel="noopener noreferrer nofollow" title="suspicious" href="https://thebittimes.com/tag/suspicious.html">suspicious</a> transactions” linked to Stake. </p> 
 <p>Transactions totaling roughly $16 million were questionably transferred from Stake.com. </p> 
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    <p lang="en" dir="ltr">ALERTOur AI-powered system has detected multiple <a rel="noopener noreferrer nofollow" title="suspicious" href="https://thebittimes.com/tag/suspicious.html">suspicious</a> transactions with @Stake.https://t.co/0ZoMITOyF5 address received about $16M in $ETH $USDC $USDT and $DAI<br><br>All the stable coins are converted to $ETH and distributed to different EOAs.<br><br>FYI: @tayvano_ @zachxbt pic.twitter.com/CSGwRHEiVm</p>— Cyvers Alerts (@CyversAlerts) September 4, 2023 
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 <p>The transfer comprised 6,000 Ethereum (ETH), worth roughly $9.8 million, and an additional $5.9 million in stablecoins. </p> 
 <p>While these transactions are still under investigation, some experts believe that they could be linked to a possible security vulnerability in Stake’s wallet infrastructure.</p> 
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    <p lang="en" dir="ltr">Hi @Stake, you may want to take a look: https://t.co/qtoTeXpXWE</p>— PeckShield Inc. (@peckshield) September 4, 2023 
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 <p>Notably, data <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> firm PeckShield tweeted a direct alert to Stake, linking to a specific Ethereum address connected to the unusual movements. </p> 
 <p>Shortly after, ZachXBT, a known crypto analyst, also tweeted, “Looks like ~$15.7 million,” further highlighting the scale of the issue.</p> 
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    <p lang="en" dir="ltr">Looks like ~$15.7M</p>— ZachXBT (@zachxbt) September 4, 2023 
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 <p>So far, Stake hasn’t issued an official statement addressing the situation, adding to the uncertainty for its user base. </p> 
 <p>However, it’s worth noting that the betting platform has suspended deposits and withdrawals, possibly as a preventative measure while the issue is investigated.</p> 
 <div class="cn-block-related-link"> 
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 <p>Given the lack of formal communication from Stake, it’s difficult to determine the scope or the nature of this suspected security lapse. </p> 
 <p>Vulnerabilities in crypto wallets aren’t a new phenomenon; the crypto industry has had its share of high-profile breaches. </p> 
 <p>What makes this situation more pressing is Stake’s role as a platform where people not only invest but actively bet on various events, making the integrity of its financial operations crucial for user confidence.</p> 
 <p>As Stake’s situation remains unresolved, its challenges highlight the larger security concerns that exist in the crypto industry. </p> 
 <p>The sector, although booming, is relatively young and comes with its own set of growing pains—security being at the forefront. </p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Drake-backed gambling startup Stake faces legal hurdles in Australia 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/stake-reportedly-hacked-15-7m-suspiciously-moved-tbt61508.html">https://thebittimes.com/stake-reportedly-hacked-15-7m-suspiciously-moved-tbt61508.html</a></p>

Stake reportedly hacked, $15.7m suspiciously moved

TheBitTimes

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