Stake suffered a possible security breach that resulted in the loss of over $15 million in funds. Onchain analysts detected multiple suspicious transactions from the platform's wallet to an unknown address.
According to Cyvers, an on-chain analytics firm, approximately 6,000 Ethereum ($9.8 million) and $5.9 million worth of stablecoins were transferred from Stake's wallet today. The stablecoins were then exchanged for ETH using decentralized exchanges and the funds were distributed to different addresses.
Another chain analyst, ZachXBT, reported that another $25.6 million was withdrawn from Stake's wallet on the Binance Smart Chain and Polygon networks. The total amount of funds lost by Stake could be over $40 million.
The reason behind the massive fund outflow is not yet clear, but some analysts suspect that Stake's wallet may have been compromised by hackers or insiders. Stake has not released any official statement or response regarding the incident.
*This is not investment advice.
