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    <p>Crypto casino Stake looks to have been the victim of a near-$16 million exploit, according to blockchain security experts.</p> 
    <p>As reported by The Block, Cyvers and Peckshield say around 6,000 ether (worth around $9.8 million) and $5.9 million in stablecoins have been transferred off Stake in a number of “suspicious transactions.”</p> 
    <p>The funds were converted into various different cryptos, including DAI, Tether, and Circle’s USDC, and moved into multiple addresses. The original suspicious wallet is now empty, according to Cyvers.</p> 
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       <p lang="en" dir="ltr">UPDATEOriginal wallet of the suspicious address has been emptied<br><br>97 $ETH of the remaining funds are just transferred to https://t.co/9O7A0SLkRW#CyversAlerthttps://t.co/3lndSQ371F</p>— Cyvers Alerts (@CyversAlerts) September 4, 2023 
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    <p>Reaction to the presumed hack has been mixed, with some claiming that it’s just the latest rug pull to affect the crypto industry (<strong>particularly given its controversial links to embattled influencer BitBoy</strong>), while others have shrugged it off with claims that $16 million represents “about three minutes of profit” for Stake.</p> 
    <h2 class="wp-block-heading" id="h-stake-is-being-sued-in-australia">Stake is being sued in Australia</h2> 
    <p>Late last month, <a rel="noopener noreferrer nofollow" title="Stake" href="https://thebittimes.com/tag/stake.html">Stake</a>, which is attempting to make in-roads into the lucrative Australian gambling market was sued by a Sydney-based share trading platform that goes by the same name.</p> 
    <p>Hello<a rel="noopener noreferrer nofollow" title="Stake" href="https://thebittimes.com/tag/stake.html">Stake</a>.com filed a federal court lawsuit arguing that it had already established a strong brand and reputation in Australia. Therefore, it says, the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> <a rel="noopener noreferrer nofollow" title="casino" href="https://thebittimes.com/tag/casino.html">casino</a> shouldn’t be allowed to operate in the country under its current name.</p> 
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        Crypto casino Stake sued by firm with same name as it seeks Australian expansion 
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    <p><em>Read more: BitBoy cut from BitBoy Crypto — who’ll save crypto now?</em></p> 
    <p>The Aussie company also <strong>claimed that <a rel="noopener noreferrer nofollow" title="Stake" href="https://thebittimes.com/tag/stake.html">Stake</a> broke the law by using its name and making false and misleading statements on its website</strong>, which confused Australian customers into thinking the companies were related.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-casino-stake-looks-to-have-been-hacked-for-nearly-16m-tbt61497.html">https://thebittimes.com/crypto-casino-stake-looks-to-have-been-hacked-for-nearly-16m-tbt61497.html</a></p>

Crypto casino Stake looks to have been hacked for nearly $16M

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