Betting platform Stake sees over $15 million in suspicious funds outflow

On-chain analyst Cyvers said it detected "multiple suspicious transactions" on the crypto-based betting platform Stake.

About $15.7 million was transferred away from the platform, consisting of 6,000 ether ($9.8 million) and $5.9 million in stablecoins, per on-chain data.

On-chain analysts suspect that the irregular activity may be related to a security vulnerability affecting the platform’s wallet.

Stake is a platform that enables users to wager on sporting events and also offers a casino service. Stake has yet to issue an official statement on the matter, although the platform has reportedly paused deposits and withdrawals.

Stake did not immediately respond to a request for comment.