Bitcoin Shorts Lose $16M as BlackRock ETF Filing Sparks Bullish Outlook

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Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million. The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet. The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap. The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a 24-hour period. Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.ZkSync-based decentralized exchange (DEX) Merlin plans to compensate users impacted in a nearly $2 million rug pull with blockchain audit firm CertiK. A representative for CertiK told CoinDesk that the company is actively investigating the recent Merlin DEX exit scam, where rogue developers are suspected of causing the loss of around $2 million in user funds. Working closely with the remaining Merlin team, CertiK will initiate a compensation plan to cover the lost funds for affected users. Initial investigations indicate that the rogue developers are based in Europe, and CertiK will collaborate with law enforcement authorities to track them down if direct negotiation is unsuccessful. The rogue developer is urged to return 80% of the stolen funds and accept a 20% white-hat bounty. Merlin was seemingly exploited for over $1.8 million on Wednesday morning during a public sale of its mage (MAGE) tokens. The attack occurred despite Merlin touting an audit conducted by blockchain security firm CertiK. Further analysis by firms and analysts alleged the attack was conducted by a rogue developer who held private keys to Merlin's smart contracts - allowing them to withdraw all liquidity from the protocol.Conic Finance, a new tool for capturing yields from the prominent stablecoin swapping service Curve, has attracted over $60 million in deposits just over a week after launch. The platform offers unlocked yield rewards to users by diversifying exposure across the Curve ecosystem while increasing rewards. Each omnipool allocates liquidity of a single asset into different Curve pools, boosting CRV rewards earnings and providing up to 21% annualized yields on USDC, DAI, and FRAX. Holders can lock their CNC tokens for vlCNC to participate in Conic governance and directly control how liquidity is allocated across Curve pools. The high yields offered by Conic could generate value for its own CNC token, making it an attractive option for traders looking to earn yields without locking up their tokens for long time periods. Curve uses smart contracts to offer an efficient way to exchange stablecoins while maintaining low fees and low slippage, and depositors on Curve earn annual yields of up to 4% from one of the many pools on the platform. veCRV allows users to participate in platform governance, earn higher rewards and fees, and receive airdrops, but it effectively locks up liquidity, creating opportunity costs for users. Protocols like Conic offer a solution to this issue, allowing users to gain exposure to the Curve ecosystem without locking up their tokens for long time periods.Exactly Protocol, a decentralized credit market on the Optimism network, has been targeted by a bridge exploit worth as much as $12 million. The hacker used an exploiter contract on Ethereum that transferred deposits to Optimism before ultimately bridging stolen funds back to Ethereum, blockchain security firm De.Fi said in a tweet. The protocol's native governance token (EXA) slumped by more than 12% following the exploit as it currently trades at $5.51, per CoinMarketCap. The hack coincides with a significant downturn across the wider cryptocurrency market, with several assets including XRP, LTC and BCH leading double-digit declines as roughly $1 billion in positions were liquidated in a 24-hour period. Cross-chain bridges have become a common attack vector for hackers due to the relatively novel technology. Last year it was estimated that over $2 billion was lost to bridge hacks, according to Chainalysis.Traders who have bet on a USDC revival are in healthy profit, but downside risk remains if the stablecoin depegs again. According to DeFiLlama, there are $70.8 million in positions that can be liquidated between $1.00 and 90 cents. Two recently filled positions on Compound are worth $20.7 million and $15.4 million, respectively. If USDC hits 99 cents, the first position will be liquidated, and if it hits 93 cents, the second position will be liquidated. The immediate panic appears to be over with USDC regaining its peg on Monday, but the risk of liquidation remains. Traders using DeFi protocols to bet on a USDC revival over the weekend are at risk of eight-figure liquidations if the stablecoin loses its $1 peg again this week.

The Ethereum Shanghai upgrade, set to take place late Wednesday, will allow validators to unstake and withdraw the ether (ETH) they've pledged to run the network. However, according to data from Nansen, very little ETH is poised to be withdrawn, with nearly 4,000 validators having already unstaked 141,499 ETH, representing less than 1% of Ethereum's total validators and staked ETH. Crypto exchange Huobi is waiting to remove almost 40,000 ETH, making it the largest entity in the withdrawal queue. Validators cannot withdraw at once; there's a daily limit, with eight validators able to exit per epoch, or about 1,800 per day. The Ethereum upgrade will complete the transition to a proof-of-stake (PoS) blockchain, allowing stakers to withdraw their staked ETH as well as the rewards they've accrued. According to Fundstrat Global Advisors' Walter Teng, there are several possibilities for unstaking, including restaking with liquid staking derivatives, selling tokens, using tokens to lever up, or holding tokens to sell later. Teng's hunch is that restaking will be the dominant option. Edited by Nick Baker.In the first few hours of Arbitrum's governance token airdrop, entities providing liquidity to the Ethereum scaling protocol made over $500,000 in profits. The ARB tokens went live for claiming on Thursday, and the rush to claim them has resulted in significant yields for liquidity providers. According to Uniswap data, over $180 million in volume was traded on the ARB/ETH liquidity pool, netting $542,000 in fees for liquidity providers (LPs). The annualized yields on the Uniswap pool are between 90% and 100% in Asian morning hours on Friday, with the Trader Joe pool offering an even more significant 800% yield. The high yields are due to the high demand for ARB tokens, which has resulted in a significant increase in trading volume on the Uniswap and Trader Joe liquidity pools. As of Friday, over 75% of all tokens were claimed, with over 800 million ARB now held by users. The circulation supply of ARB is 1.2 billion, and the token is trading at $1.30 with a market capitalization of $1.7 billion.The attackers behind the recent $35 million exploit of crypto wallet Atomic Wallet are moving stolen funds via OFAC-sanctioned exchange Garantex, according to blockchain security firm Elliptic. The infamous North Korean hacking group Lazarus is believed to be responsible for the hack, and the stolen funds have been laundered through a bitcoin mixer service called Sinbad. Nearly $35 million worth of various tokens were stolen from Atomic Wallet on June 3, including bitcoin, ether, tether, dogecoin, litecoin, BNB coin, and Polygon's MATIC. Garantex, which was sanctioned by the Office of Foreign Assets Control (OFAC) last year for its lax anti-money laundering measures, continues to operate and has allowed the hackers to freely move the stolen funds. Several crypto exchanges have already frozen addresses related to the Atomic Wallet hack, but some funds have found their way to Garantex. The bitcoin was then laundered through Sinbad, a bitcoin mixer service allegedly used by North Korean hacking groups. The incident highlights the ongoing risks of hacking and money laundering in the cryptocurrency space.Crypto Twitter has a new obsession: Pepe the Frog meme coins. The token, which launched just three days ago, has already raked in $30 million in trading volumes and reached a market capitalization of $33 million. The token has gained over 21,000% in the past three days, with hopes of turning a profit pinning the token's popularity. The token has quickly gained popularity, with over 10,000 individual holders on Tuesday, according to data from blockchain tracker Etherscan. The tokens have a circulating supply of 420 trillion, a reference to '4/20,' another popular cannabis culture slang. The tokens have no connection to the actual Pepe the Frog meme or Matt Furie, the meme's original creator. Crypto Twitter has a history of jumping on memecoins, with tokens such as dogecoin and shiba inu gaining tens of billions in market capitalization in the previous bull market. However, most of these do not last beyond a few weeks. Professional investors have previously told CoinDesk that meme coins and their narratives will always remain a part of the crypto ecosystem. 'Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge. So even in a bear market, some of the meme coins will have large up-swing, even if it's just short term,' said James Wo, founder at crypto fund DFG. The premise doesn't matter: if there's money to be made peddling trendy topics, expect a market for it somewhere in niche 's**tcoin' circles.A bug in a token issued by decentralized finance (DeFi) protocol Yearn Finance was exploited this morning, leading to millions of dollars in losses. The exploit occurred on Aave version 1, and the losses could total over $11 million, with the stolen assets being spread over U.S. dollar-pegged stablecoins dai (DAI), tether (USDT), USD coin (USDC), Binance USD (BUSD), and tru USD (TUSD).nnAccording to security firm PeckShield, the exploit was caused by a misconfigured yUSDT token, which allowed the attacker to mint over 1.2 quadrillion yUSDT using a $10,000 initial deposit. This was then used to trick the Yearn Finance protocol into cashing out millions in stablecoins. nnAave developers have clarified that the protocol was not directly impacted and that the exploit was mainly due to the misconfigured yUSDT token. The current size of v1 is $18 million, and the current size of the Aave safety module is $382.50M. Version 2 and version 3 of Aave were not impacted at writing time. nnThe exploit is the latest in a series of high-profile hacks and exploits in the cryptocurrency space, with over $67 million in crypto lost to hacks and exploits in February alone, according to a report by Immunefi. nnThe incident highlights the risks associated with decentralized finance and the importance of proper security measures to protect against exploits and hacks. It also underscores the need for ongoing monitoring and updates to ensure the security of DeFi protocols and their users.

The multichain decentralized exchange (DEX) Dfyn has released version 2, which features dedicated vault contracts to protect against liquidity pool exploits, as well as enhanced trading features and order matching. The new version also introduces decentralized limit orders, which match trades at exact prices transparently via smart contracts, and concentrated liquidity on individual ticks for better security and price precision. Additionally, the Signal smart contract-based order routing system finds the optimal trade path for users swapping two assets, ensuring the best trades and prices with minimal slippage and no maximal extractable value (MEV) risk. The new version aims to eliminate challenges such as impermanent loss and liquidity mining, and create an inclusive multi-chain decentralized finance ecosystem with a feature-rich, easy-to-use DEX at its heart. Co-founder Ramani Ramachandran highlighted the technology's ability to scale and create a more secure and inclusive ecosystem. The new version is live now and available for users to experience.AllianceBlock, a blockchain-agnostic platform designed to link traditional (TradFi) and decentralized finance (DeFi), has signed a deal to add business data from Crunchbase to its ecosystem. The deal is Crunchbase's first foray into the crypto market. The firm's data, which includes funding rounds as well as information on earnings, will initially be available to AllianceBlock’s Data Tunnel users. The tunnel is a tool that lets users publish, share and consume data in a variety of formats. nnThe agreement follows AllianceBlock's recent deal with investment firm ABO Digital to offer institutional and retail investors a series of tokenized investment products. nnThe AllianceBlock token (ALBT) plunged by 51% last month after Bonq, a decentralized borrowing protocol, was struck with an exploit worth around $5 million. AllianceBlock responded by suspending trading of the token, taking a snapshot before issuing a new token to replace the legacy ALBT. nnAllianceBlock have since then resolved the issue and introduced a new token Nexera (NXRA), which has about $46 million of market-cap, according to CoinGecko data. nn'The buying and selling of data is a multibillion-dollar growth industry that shows no signs of slowing down,' said Rachid Ajaja, CEO and co-founder of AllianceBlock. 'However, until now, decentralized and centralized data providers and users have operated in siloes, unable to interact.'The total value of all assets locked on decentralized finance (DeFi) protocols has surged to a three-month high of $42 billion after being at its lowest point since February 2021 just two weeks ago, according to DefiLlama data. The resurgence of the DeFi market is based on two factors: rising asset prices and fresh inflows from participants that aim to generate a yield through staking and lending. nnEther (ETH), the asset that underpins the majority of the DeFi market, has rallied from $1,590 to $1,810 over the past two weeks, while the likes of lido (LDO) and aave (AAVE) have posted 25% and 34% moves to the upside respectively. Transactional volume across DeFi protocols rose to its highest point since March, with $4.4 billion recorded on Oct. 24, according to DefiLlama. nnSolana's most extensive lending protocol, Marinade, experienced a 120% jump in total value locked (TVL) this month following the release of its native staking product, which offers yields of 8.15% APY to complement its 7.7% rate on liquid staking. Marinade's rival protocol, Jito, has risen by 190% to $168 million in TVL in the same period. On Ethereum, meanwhile, the amount of capital on Enzyme Finance, Spark and Stader have all risen by between 37% and 55%, outpacing the rise in asset prices to illustrate fresh inflows. nnRecently released layer one blockchains Sui and Aptos have also experienced positive growth this month, TVL on Sui has jumped from $34 million to $75 million. Aptos has been spurred by increased activity on lending platform Thala, with its overall TVL also hitting the $75 million mark this month. nnDespite a fruitful month, risks remain across the DeFi sector, as even the slightest slide in the price of ETH would trigger notable on-chain liquidations. Currently, there is a $76.2 million position on Aave that will be liquidated if ETH crosses $1,777, with over $100 million set to be liquidated if the price falls by 20%.The attacker behind Euler Finance's $200 million exploit has apologized and returned more funds to the protocol, seemingly in a series of messages sent on the blockchain. The hacker, who now identifies as Jacob, sent over 7,000 ether and $10 million worth of dai stablecoins to the protocol in the past 12 hours, bringing the total amount returned to over $120 million. The attacker had previously sent over 51,000 ether to Euler over the weekend. In a message encoded in a transaction, the hacker apologized for their actions, saying 'I f**d up' and 'I didn't mean all that.' The lending protocol suffered an exploit earlier this month that resulted in almost $200 million being lost over four transactions in dai, wrapped bitcoin, staked ether, and USD coin. The attacker used a flash loan to conduct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken. Euler had earlier threatened legal action and offered a $1 million bounty to the hacker in return for the funds.Users who held assets on bankrupt crypto exchange FTX and lender Celsius Network can now trade their claims on the Open Exchange (OPNX). According to a press release, claims can be converted into the platform's reborn OX (reOX) or oUSD tokens. This offers immediate liquidity, control over funds, and the chance to participate in market opportunities. The tokens can be used as collateral to trade on OPNX. The platform was co-founded by CoinFlex's Mark and Leslie Lamb alongside Three Arrows Capital's Kyle Davies and Su Zhu. Three Arrows Capital was one of the first dominos to fall in last year's cryptocurrency bear market. Edited by Sheldon Reback.

Pepecoin, one of the biggest meme coins of 2023, has been plagued by internal conflicts and 'bad actors' on the team, according to a recent tweet from a developer. The team member claimed that millions of dollars worth of PEPE tokens were stolen from the project's multisig wallet and sold on crypto exchanges, causing a nearly 20% slide in the token's value. The developer also stated that the project will be fully decentralized in the months ahead and that they plan to burn the remaining tokens from the multisig wallet. The incident has raised concerns about the limited liquidity and the concentration of tokens in the hands of a few investors, known as 'whales', who hold up to 25% of the currently circulating supply. Analysts have repeatedly warned about the risks of such a centralized ownership structure and the potential for a 'high-stakes game of music chairs'.Arkham Intelligence, an on-chain data provider, has launched a bounty marketplace called the Arkham Intel Exchange, which will allow users to buy and sell on-chain cryptocurrency data. The marketplace will feature a native token, ARKM, that is designed to 'deanonymize the blockchain.' The token will be issued on the Binance Launchpad with 50 million tokens up for sale, which equates to 5% of the total supply. Each user will be able to buy $15,000 worth of ARKM tokens in the sale, which runs from July 11 to July 17. The new platform uses a bounty mechanism that lets users post 'bounties' for sought-after data, and blockchain researchers and sleuths can then source and provide information in return for the pledged bounty. However, concerns have been raised by several privacy advocates on Twitter about the potential risks of deanonymization. Arkham has raised over $10 million from two rounds of equity financing, with the latest round at $150 million, and 5% of the token supply is allocated to the token sale. The company also plans to distribute ARKM tokens to early adopters of the data intelligence dashboard through an airdrop on July 18. Edited by Parikshit Mishra.Rook's well-funded offshoot Incubator DAO is holding a vote on its financial future where the organization could liquidate its entire $25 million treasury for payouts directly to ROOK token holders. The vote, which runs through Thursday, considers a proposal to 'rage quit' Incubator DAO by divvying up its $25 million treasury among holders of the ROOK governance token. The vote is being orchestrated by activist investors who for weeks have debated the future of Rook (an Ethereum-based MEV project) on Discord. The prospect of ROOK owners receiving a share of the money has contributed to a tripling of ROOK's value over recent weeks. It was trading at $42 at press time, slightly over the price that some community estimates have placed on each token's value relative to its share of the treasury.The attacker behind Euler Finance's $200 million exploit has apologized and returned more funds to the protocol, seemingly in a series of messages sent on the blockchain. The hacker, who now identifies as Jacob, sent over 7,000 ether and $10 million worth of dai stablecoins to the protocol in the past 12 hours, bringing the total amount returned to over $120 million. The attacker had previously sent over 51,000 ether to Euler over the weekend. In a message encoded in a transaction, the hacker apologized for their actions, saying 'I f**d up' and 'I didn't mean all that.' The lending protocol suffered an exploit earlier this month that resulted in almost $200 million being lost over four transactions in dai, wrapped bitcoin, staked ether, and USD coin. The attacker used a flash loan to conduct the attack by temporarily tricking the protocol into falsely assuming it held varying amounts of eToken and dToken. Euler had earlier threatened legal action and offered a $1 million bounty to the hacker in return for the funds.Layer-2 blockchain Optimism is set to unlock $36 million worth of tokens on Sunday, with the anticipated increase in supply spurring a 3.5% slump in the price of the blockchain's native OP token on Tuesday. The previous token unlock on June 30 resulted in a 10.7% sell-off across all OP trading pairs, although the token rebounded by more than 15% over the following 24 hours. The unlock equates to 3.56% of optimism's circulating supply, with $19 million being allocated to core contributors and $17 million to investors. The token has marked a 67% gain since the turn of the year following a series of integrations with the likes of Worldcoin and Coinbase's Base protocol. Optimism is currently trading at $1.50 with a market cap of over $1 billion. Circulating supply remains at just 16% as token unlocks are scheduled incrementally until August, 2027.

Arkham Intelligence Rolls Out Crypto Data Marketplace, Privacy Advocates Raise Concerns

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The Dfinity Foundation, a significant contributor to the development of the Internet Computer network, has issued ckBTC, a liquid and cost-efficient 'twin' token backed on a 1:1 basis with bitcoin (BTC). This development brings layer-2 capabilities to Bitcoin, making it faster and cheaper to transact without compromising security. Unlike wrapped tokens controlled by a centralized entity, ckBTC uses canisters – smart contracts for asset transfers – and doesn't require intermediaries or risky cross-chain bridges. With fees set at just 0.0000001 ckBTC, or a few cents, users can enjoy fast and affordable transactions. This development comes as Bitcoin network activity surges, with layer 2 protocols such as Stacks seeing increased demand. The article highlights the potential of ckBTC to revolutionize BTC transactions and unlock new use cases for the Bitcoin network.deBridge, a cross-chain bridging service, has launched DLN Trade, a cross-chain exchange offering capital-efficient and fast native trading across various blockchains. The app supports Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche, and uses a global liquidity engine to create a decentralized order book, enabling any asset on one chain to be traded directly to any asset on another without the bottlenecks and risks of liquidity pools. This allows for unprecedented speed, capital-efficiency, and control for users, with trades protected from slippage, MEV, and the possibility of reversion, and guaranteed rates as low as 4bps. Users can also set cross-chain limit orders and cancel at any time before fulfillment. The app makes it possible for users to trade across chains without exposure to wrapped assets or liquidity pools, unlike other services on the market. Edited by Oliver Knight.

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After a week of bickering, cooler heads began to prevail in the Aragon Association's governance crisis. The market responded with gusto, with the ANT token rallying to its highest levels for May. Luis Cuende, co-founder of Aragon, proposed $30 million in ANT buybacks using a smart contract to buy all tokens trading higher than the 30-day moving average. He also called for Aragon's $200 million treasury to gradually transfer to the Aragon DAO over a period of five years. The proposal extended a banner rally for the ANT token, which climbed from its Wednesday low of $2.75 to $2.98 immediately prior to his post and shot up to $3.25 and higher afterwards. The proposal seemed to cool a volatile situation that exploded with the Aragon Association's decision to throw its DAO into lockdown to protect against a “51% attack.” The barbarians at its gates were the so-called RFV Raiders, a loose collective of activist crypto traders including the crypto hedge fund Arca who had called for buybacks of the ANT token to bring its value in line with the treasury. The Aragon Association reversed a community-approved plan to move its $200 million treasury to ANT holders’ control, out of fear that the RFV Raiders would plunder it. One member of the activist collective told CoinDesk that between all of them they have enough voting power to win any vote over the team’s objections, including the ability to block grant allocations. There was no guarantee that Cuende’s proposal would be implemented, and the Aragon Association did not immediately respond to CoinDesk. However, there were signs Wednesday that after days of bickering, banning, conspiratorial allegations, open letters, and accusations of “decentralization theater,” cooler heads were prevailing. Three activist investors that CoinDesk spoke to said the proposal was a good start.Developers behind the Optimism-based lending platform Kokomo Finance have been accused of conducting an exit scam after manipulating tokens on the protocol to steal $4 million in user funds. The project, which launched on Saturday and quickly gained favor among users, allowed for the trading, borrowing, and lending of wrapped bitcoin (WBTC), ether (ETH), tether (USDT), USD coin (USDC), and dai (DAI). However, on Sunday night, the developers deployed an attack contract cBTC from the main address of KOKO, Kokomo's native token, and set the reward speed, paused a borrow feature, and created a malicious contract to interact with the rest of the protocol. This ultimately tricked the protocol into falsely believing it had more liquidity when there was none. Another developer address was then used to maliciously approve a transfer of spending more than 7,000 sonne wrapped bitcoins, which were then used to swap all user-supplied liquidity to Kokomo, amounting to over $4 million. Social-media accounts and the Kokomo website were quickly deleted, and the tokens fell 97%, wiping nearly all value for holders. The exit scam is the latest in a series of growing attacks and exploits in the crypto market, following an earlier $200 million exploit of Euler Finance, another lending platform.

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GMX, the most popular decentralized exchange on the Arbitrum layer 2 network, has launched version 2 of its trading platform, offering liquidity pools for riskier assets at lower fees. The new version expands the list of tradable assets to include alternative currencies such as dogecoin (DOGE) and offers annualized yields of up to 47%.nnThe initial model of GMX version 2 went live Thursday, attracting over $1.2 million for its liquidity pools in a muted launch. The platform allows users to trade spot and perpetual futures through an on-chain interface at low fees, with part of its recent popularity attributed to the rise of the Ethereum-based Arbitrum. nnThe new version of GMX will exist alongside the current platform, offering traders a service for betting on price movements of major tokens using leverage. Liquidity on V2 is provided through individual GMX Market, or GM, pools, with liquidity providers rewarded with a cut of fees earned from services such as leverage trading, borrowing, and swaps. nnInitial GM pools include solana (SOL), xrp (XRP), litecoin (LTC), dogecoin, and arbitrum (ARB) on the Arbitrum network, alongside SOL, XRP, LTC, and DOGE on the Avalanche network. A GM pool comprises long tokens, which back positions betting on higher prices, a short token, which bets on lower prices, and an index pool token. nnAs of Friday, GM pools for DOGE are paying out as much as 45% annualized, while the solana pool is paying 47%. The rates are subject to change. nnThe introduction of V2 could help GMX's prospects among traders in an increasingly competitive market. Ultimately, attractive rewards and increased revenues could drive value to GMX's namesake governance tokens (GMX). nnGMX locks up over $447 million on Arbitrum and $74 million on the Avalanche network, data from DefiLlama shows. The platform has traded over $117 billion worth of tokens and generated $184 million in fees for its Arbitrum users alone, data shows.Cryptocurrency casino Stake appears to have been targeted by a exploit, with on-chain analyst Cyvers reporting that $16 million has been withdrawn on the Ethereum network following a 'private key leak.' Blockchain sleuth ZachXBT backed up Cyvers' claim, stating that $15.7 million had been drained on Ethereum and another $25.6 million had been lost across Polygon and the Binance Smart Chain. The stolen funds have been converted to ether (ETH) and transferred to several externally owned wallets, Cyvers said. The Stake wallet that was targeted still holds $340,000 worth of ETH and $2.1 million in various altcoins, Etherscan data shows. Withdrawals from the wallet appear to have been paused, which is also a claim made by several users on Twitter. Stake is an Australian casino and sportsbook that allows users to deposit and play with cryptocurrencies. It made $2.6 billion in revenue in 2022, according to a Financial Times report. Stake did not immediately respond to CoinDesk's request for comment.