{"id":3617,"date":"2023-09-05T13:26:55","date_gmt":"2023-09-05T13:26:55","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=3617"},"modified":"2023-09-04T20:48:10","modified_gmt":"2023-09-04T20:48:10","slug":"suspicious-40m-crypto-outflows-from-stake-raise-hack-concerns","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/suspicious-40m-crypto-outflows-from-stake-raise-hack-concerns\/","title":{"rendered":"Suspicious $40M Crypto Outflows from Hack Concerns"},"content":{"rendered":"<p style=\"color: #252525\">Suspicious crypto outflows from <strong>Stake<\/strong> have sparked concerns among blockchain security experts, who are tracing millions in cryptocurrency across three blockchains. Stake, an online <strong>gambling<\/strong> platform that accepts cryptocurrency bets, has recently witnessed substantial transfers of <strong>Ethereum<\/strong> (ETH) and <strong>USDT<\/strong> from known wallets, raising red flags within the crypto community.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8ALERT\ud83d\udea8Our AI-powered system has detected multiple suspicious transactions with <a href=\"https:\/\/twitter.com\/Stake?ref_src=twsrc%5Etfw\">@Stake<\/a>.<a href=\"https:\/\/t.co\/0ZoMITOyF5\">https:\/\/t.co\/0ZoMITOyF5<\/a> address received about $16M in <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDT<\/a> and <a href=\"https:\/\/twitter.com\/search?q=%24DAI&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$DAI<\/a><\/p>\n<p>All the stable coins are converted to <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> and distributed to different EOAs.<\/p>\n<p>FYI: <a href=\"https:\/\/twitter.com\/tayvano_?ref_src=twsrc%5Etfw\">@tayvano_<\/a> <a href=\"https:\/\/twitter.com\/zachxbt?ref_src=twsrc%5Etfw\">@zachxbt<\/a> <a href=\"https:\/\/t.co\/CSGwRHEiVm\">pic.twitter.com\/CSGwRHEiVm<\/a><\/p>\n<p>&mdash; \ud83d\udea8 Cyvers Alerts \ud83d\udea8 (@CyversAlerts) <a href=\"https:\/\/twitter.com\/CyversAlerts\/status\/1698690342113931422?ref_src=twsrc%5Etfw\">September 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"color: #252525\">The irregular transactions, initially brought to light by the <strong>Web3<\/strong> security firm <strong>Cyvers<\/strong>, 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&#8217;s official Telegram channel announced temporary maintenance for Ethereum and <strong>BSC\/ERC20<\/strong> 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.<\/p>\n<blockquote><p>You might like: <a href=\"https:\/\/coinengineer.net\/blog\/the-latest-status-of-bitcoin-and-cryptocurrencies-september-4\/\"><strong>The Latest Status of Bitcoin and Cryptocurrencies<\/strong><\/a><\/p><\/blockquote>\n<p style=\"color: #252525\">In addition to the Ethereum transactions, blockchain investigators have also tracked <strong>$17.8<\/strong> million on the BNB Chain and <strong>$7.8<\/strong> million on the <strong>Polygon<\/strong> PoS chain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hi <a href=\"https:\/\/twitter.com\/Stake?ref_src=twsrc%5Etfw\">@Stake<\/a>, you may want to take a look:  <a href=\"https:\/\/t.co\/qtoTeXpXWE\">https:\/\/t.co\/qtoTeXpXWE<\/a><\/p>\n<p>&mdash; PeckShield Inc. (@peckshield) <a href=\"https:\/\/twitter.com\/peckshield\/status\/1698697721342042621?ref_src=twsrc%5Etfw\">September 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"color: #252525\">Stake, a Curacao-based platform self-described as a &#8220;leading crypto casino,&#8221; allows users to place bets on sports and online games using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and <strong>Dogecoin<\/strong> (DOGE). The platform, established in 2017, also supports betting in traditional currencies, including the US dollar. It&#8217;s worth noting that Stake has been embroiled in a trademark infringement lawsuit in Australia and is facing a separate <strong>$400<\/strong> million claim from a former associate against its founders.<\/p>\n<hr \/>\n<p>You can share your opinions in the comments about the topic. Also, follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Twitter<\/strong><\/a>, and\u00a0<strong><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a><\/strong>\u00a0for more content like this.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suspicious crypto outflows from Stake have sparked concerns among blockchain security experts, who are tracing millions in cryptocurrency across three blockchains. Stake, an online gambling platform that accepts cryptocurrency bets, has recently witnessed substantial transfers of Ethereum (ETH) and USDT from known wallets, raising red flags within the crypto community. The irregular transactions, initially brought<\/p>\n","protected":false},"author":2,"featured_media":3624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[61,60,1202,1200,1204,67,68,106,105,1201,935,84,447,1203,119,85],"class_list":["post-3617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-btc","tag-crypto-casino","tag-crypto-gamble","tag-cyvers","tag-doge","tag-dogecoin","tag-eth","tag-ethereum","tag-hack","tag-hack-attack","tag-polygon","tag-pos","tag-stake","tag-usdt","tag-web3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suspicious $40M Crypto Outflows from Hack Concerns - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Suspicious crypto outflows from Stake, involving USDT to ETH conversions, have raised concerns among experts in blockchain security.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/suspicious-40m-crypto-outflows-from-stake-raise-hack-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suspicious $40M Crypto Outflows from Hack Concerns - 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