Stake’s $4.7B Revenue Competes with Industry Giants

Crypto betting giant Stake reported a GGR of $4.7 billion in 2024 — up 80% since 2022.
This rivals traditional gambling companies:

• Entain: $5B
• Flutter: $14B

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Stake offers casino games and sports betting, with all transactions handled through crypto wallets.

Stake Lost $41M in 2023 Hack

On September 4, 2023, suspicious withdrawals from Stake’s Ethereum and BNB Chain wallets were flagged. The FBI later confirmed that the North Korean Lazarus group was responsible for the $41 million hack.

VPNs Help Users Bypass Bans

Despite bans, users still access crypto casinos using VPNs.

• Some influencers post tutorials on how to access geo-blocked gambling sites.
• Verified “ready-to-gamble” accounts are sold on platforms like Facebook for as little as $10.

These accounts come pre-verified, allowing users to skip platform registration.

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The post Crypto Casinos Generated $81B in 2024 appeared first on Coin Engineer.

ALERTOur AI-powered system has detected multiple suspicious transactions with @Stake.https://t.co/0ZoMITOyF5 address received about $16M in $ETH $USDC $USDT and $DAI

All the stable coins are converted to $ETH and distributed to different EOAs.

FYI: @tayvano_ @zachxbt pic.twitter.com/CSGwRHEiVm

— Cyvers Alerts (@CyversAlerts) September 4, 2023

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.

Hi @Stake, you may want to take a look: https://t.co/qtoTeXpXWE

— PeckShield Inc. (@peckshield) September 4, 2023

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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The post Suspicious $40M Crypto Outflows from Hack Concerns appeared first on Coin Engineer.