Enjoy a Full Week of Bitcoin Bonuses and Tournaments at CloudBet Casino, Every Week!

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Cloudbet is an online casino that has been in the business for more than a few years and a familiar name with Bitcoin casino players. After having a very successful summer, when wagering on the site rose by 600% during the 2018 World Cup in Russia, the casino is now trying to give something back to its members. And what better place to start than a couple of new casino promotions and weekly tournaments?

Weekly Reloads, Cashbacks, and Free Spins

Last week, Cloudbet decided it was time to bring some fresh promo offers to its platform to incentivize existing punters and those who sign up in the future. The first things added to the promotions menu at Cloudbet were three different bonuses, each offering a different prize on a selected day during the week.

The first prize added to the bonus menu was the Reload Monday bonus which is to open every week at the casino from now on. This promotion gives registered players a chance to grab a 100% bonus of up to 25 mBTC whenever they make a minimum deposit of 0.1 mBTC on Mondays.  The free money can be claimed through your account dashboard and it can only be spent on casino games.

And if you’re not after reload bonuses, you also have the Money Back Wednesdays and Free Spins Thursdays to look forward to. On Wednesdays, the casino gives all players who make a deposit a 10% cashback if they lose their money. And on Thursdays, punters will get a chance to claim some free spins instead. If you deposit between 1 and 10 mBTC during this day, you can grab between 10 and 50 free spins with this offer. So, no matter your playing style or taste for bonuses, you’ll always have something to enjoy while playing at Cloudbet Casino.

Weekend Slot and Table Tournaments

Once the weekend comes, things become even more interesting at Cloudbet. Every Friday through Sunday, the casino will be running two separate tournaments, one aimed at slot players and one at fans of table games. Depending on your taste in games, you can win one of two different prizes.

The slot tournament, for instance, will give you a chance to claim a portion of 1,000 free spins according to your place on the official leaderboard. The rules couldn’t be simpler – just play any of the selected slot machines during the weekend and you can win 1 point for every 1 mBTC you wager. If you climb to the top of the leaderboard, the casino will give you an enticing prize of 200 free spins.

As for the table tournament, it has 10 different prizes, starting with a top prize of 75 mBTC for the first position on the leaderboard and continuing downwards to a minimum prize of 5 mBTC. To become eligible, you just have to play at the live casino and win. The higher your wins, the more points you get and the better your chances of claiming something extra on top of the money you’ve already won on the tables. For more information about the rules, you can visit CloudBet Casino.

October 19, 2018: • No Comments

Is China the Next Big Market for Cryptocurrency Gambling?

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

China has always been closely tied to the cryptocurrency sector. For years now, experts have speculated about the role China plays in Bitcoin mining and recent reports indicate that the country is also heavily involved in Ethereum. But when it comes to gambling with Bitcoin, the Chinese market has played an insignificant role in the sector. However, according to one cryptocurrency expert, that may all change in the following years.

China to Lead the Crypto-Casino Market?

As reported by Calvin Ayre, cryptocurrency expert and founder of a blockchain casino, Darin Oliver, believes that the Asian nation is more than ready to take on cryptocurrency casinos, despite its fierce stand on gambling. Speaking to a reporter from Inside Asian Gaming at a Las Vegas conference last week, Oliver discussed the potential of China in the development of the blockchain gambling industry.

Oliver believes that the Asian region can add “massive growth” to the world of online gambling – an opinion based on the growth of internet penetration that is predicted for the country. Normally, when the number of new internet users rises in a region, so does the number of new online gamblers. In Russia, where online gambling is illegal, around 20 million new internet users are predicted to be added over the course of the next five years. But with China, that number is set at a massive 120 million.

Another reason why Oliver believes that China could lead the way is the fact that the largest cryptocurrency markets are now found in Eastern Europe and Asia. Reportedly, these are the same regions that are associated strongly with gambling, so the combination of all trends combined could create a “unique opportunity” for a crypto-gambling industry to develop in the region.

It is these statistics that leads Oliver to be “very bullish on online gambling” in the region, particularly gambling with cryptocurrencies. As for the local crackdown on the crypto sector in China, Oliver predicts that it won’t hold for too long considering that the local economy has had major hardships with the national currency, just like in a number of countries from Eastern Europe.

70% of Bitcoin Network Held by China

The idea of a big crypto-gambling market emerging in China may not be that impossible, considering how big of a control over the Bitcoin network local companies hold. According to a new paper from Princeton and the International University in Florida, China holds such a big portion of the BTC network in its hands that it could destroy Bitcoin at any given moment.

According to the findings in the paper, around 74% of Bitcoin’s hash rate – the power to mine Bitcoin and create new coins – is located currently in China. It is this large percentage that can enable Chinese miners to launch a 51% “attack” on the Bitcoin network and take over the entirety of it at any time. The country also has the means to launch censorship attacks, destroy the anonymity of the coin, as well as disrupt the whole network at a whim. With such a high power over a currency that established the whole crypto casino sector, it shouldn’t be at all surprising if Oliver’s predictions come true.

October 17, 2018: • No Comments

Win BTC Cash Prizes With New Table and Slot Tournaments at Fortune Jack and BitStarz

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

If you’re of a competitive nature and are looking for some free prizes to grab at a top Bitcoin casino, we have just the right news for you. Starting this weekend are two tournaments at Fortune Jack Casino where both slot and table game players will have a chance to compete for BTC prizes. And if that’s not enough competition for you, BitStarz will be opening new legs of their weekly Slot and Table Wars tours at the start of next week. Learn more about both offers in our breakdown below.

1,500 mBTC in Prizes at Fortune Jack

For a chance to grab some free prizes while playing top casino games, Fortune Jack offers you its weekly Leaderboard tournaments. The first tournament coming up is aimed at Blackjack players, who will get a chance to snatch up to 250 mBTC in individual prizes this Sunday. The rules of this competition are very simple: just play at the casino’s XPG Live Blackjack table or any other virtual Blackjack game during the day and you can qualify for a prize.

On the other hand, if you’re more into playing BTC slots, you can instead join the slots Leaderboard. Opening on Monday, this competition will be played on slots from iSoftBet and to join you just have to wager real money on any slot machine from the studio. Again, there are 10 prizes up for grabs and they are distributed in the same way as with the Blackjack tournament:

  • 1st – 250 mBTC
  • 2nd – 150 mBTC
  • 3rd – 100 mBTC
  • 4th – 80 mBTC
  • 5th – 60 mBTC
  • 6th – 50 mBTC
  • 7th – 30 mBTC
  • 8th – 15 mBTC
  • 9th – 10 mBTC
  • 10th – 5 mBTC

In both competitions, you collect points by wagering BTC to climb up the leaderboards. If you want to learn more about the other rules of the promotion and get a head start on everyone else, just simply go and check out Fortune Jack Casino.

€2,000 in BTC + 250 Free Spins at BitStarz

For even more tournament fun, you can also take a look at the Table Wars and Slot Wars tournaments at BitStarz Casino. Running every week, these popular player competitions give all registered players an opportunity to snatch solid BTC rewards just by playing their favorite games.

The Table Wars will be giving a total of 20 rewards worth a combined €1,000, with the first two being prizes of €500 and €100 in BTC equivalent. As for the Slot Wars, they are even more rewarding, offering a prize pool of €1,000 + 250 free spins. But instead of offering prizes only for 20 players, the Slot Wars will be rewarding a total of 50 members at the casino. And all it takes to become eligible for some free money is to wager real cash on any slot machine.

The best part of the tournament rules is that the prizes are given as is, no wagering requirements attached. And thanks to BitStarz’s fast cash-out policy, you can withdraw them within an hour. If you want to learn more about the competitions, you can pay a visit to BitStarz Casino to find the Promotions page.

October 12, 2018: • No Comments

MGA to Start Testing for Crypto Casinos in 2019; Skrill Starts Selling Bitcoin

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

 

Cryptocurrency gambling is looking more like the future of online gambling every day and if you ever need proof of that you need only to look at the recent trends in the industry.  In the past week alone, we saw two major updates from the crypto-casino sector that are great news for all Bitcoin punters. The first is that the Malta Gaming Authority has officially set the date of its crypto sandbox tests for January next year. And the second is that the popular casino payments service Skrill is now allowing for direct Bitcoin purchases. For more info on both updates, just keep reading.

MGA to Start Tests Very Soon

At the Delta Summit in Malta last week, Heathcliff Farrugia, the newly appointed CEO of the Malta Gaming Authority – one of the biggest gambling regulators in Europe –  shed details about the start of the first phases of MGA’s Sandbox Framework test.

Announced in October last year, the Sandbox Framework was devised as a testing ground for the implementation and adoption of “Virtual Financial Assets and Virtual Tokens” (i.e. cryptocurrencies) in Malta-licensed gaming operators. According to details revealed in a press release, the first phase of the test will begin on the 1st of January 2019, when the MGA will start accepting applications for the use of “Distributed Ledger Assets” (cryptocurrencies) as a payment method.

Phase 1 of the test will then be followed by a Phase 2 which will extend the Sandbox Framework and start the process of accepting applications from operators who want to use ITAs (Innovative Technology Arrangements) in important technical equipment. Officially, the sandbox test will span until the end of October next year, or even more if extended, a time during which the MGA is to estimate the risks and benefits of the adoption of cryptocurrencies in the local gambling industry.

Skrill Now Lets You Buy and Deposit Crypto Directly

One of the most popular payment processors for online gambling, Skrill has been a steady member of the online casino industry for quite some time now. Staying in touch with the trends in the online sector, the payment service recently started allowing users to pay in cryptocurrencies while its latest change has also added crypto-purchases to the list of services Skrill now offers.

As of now, any Skrill user can buy not only Bitcoin but also Litecoin, Ethereum, and Bitcoin Cash through the wallet service by using over 100 different payment methods and over 40 fiat currencies. And if you already have a wallet, you won’t need to go through any additional identity checks to purchase or sell coins. If you use US dollars or Euros to buy, you will need to pay only a 1.5% commission. Other currencies, however, are charged a higher 3% commission.

Now that the feature is already implemented, Skrill is reportedly hoping to make it available in its mobile app as well to allow users to buy, sell, and deposit crypto on the move. According to official announcements from the company, plans were also made to implement the feature in Neteller wallets, which are owned by the same parent company of Skrill. Unlike Skrill, Neteller introduced Bitcoin transfers way back in 2015.

October 10, 2018: • No Comments

Get Free Spins Every Week for a Month with Bitcasino or a Slice of $5,000 at Drake Casino

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

It’s the month of Halloween and while October 31st is still far ahead, that doesn’t mean there aren’t any “spooktastic” casino promotions to get you in the mood beforehand. The first Bitcoin-friendly casino to roll out a Halloween-themed promotion this month is Bitcasino, where a new weekly free spins promotion was just launched. But if free spins bonuses aren’t what you’re looking for, you also have a new $5,000 slot tournament at Drake Casino you can enjoy throughout the month. Learn more about both promotions by reading through our short breakdown below.

Freaky Fridays for Free Spins Bonuses

Adding another great offer, Bitcasino has just started its Freaky Fridays promotion. Active since Monday, October 1st, the Freaky Fridays promo period will continue until the last Friday this month, October 26th. During this period, players at Bitcasino can log into their accounts each week to take part in the special offer and win 10 free spins.

The rules of the promotion are quite simple. Between Saturday and Thursday each week, you will have to log in at the casino and activate the Freaky Fridays offer from your private bonus menu. Once you do, you will have to wager μɃ 300,000 on Microgaming’s new Wicked Tales: Dark Red Slot. After you complete this requirement, the casino will add 10 free spins the next day, which can again be used on this stunning, bonus-packed slot machine.

If you’re interested in learning more about the Freaky Fridays promotion or trying out the Wicked Tales: Dark Red (free playing also available), you can use this link to pay a visit to Bitcasino.

$5,000 in BTC Prizes at New Slot Tournament

Another promotion you can participate in to get yourself in the mood for Halloween is Drake Casino’s new $5K monthly competition. Happening every month, this tournament is a staple of the casino that ends up giving 15 different prizes to the top-scoring participants each month, which are paid out as follows:

  • Player 1 – $2,000 in BTC equivalent;
  • Player 2 – $1,000 in BTC equivalent;
  • Player 3 – $750 in BTC equivalent;
  • Player 4 – $250 in BTC equivalent;
  • Players 5-14 – $100 in BTC equivalent.

The chosen slot machine for this month’s competition is the Golden Owl of Athena from BTC slot makers BetSoft. Inspired by Ancient Greece, this 10-paylines, 5-reels online slot packs a traditional look but modern bonus features. Apart from the regular payouts, the Golden Owl of Athena also offers a bonus game that awards 8-20 free spins, expanding symbols, and a double-or-nothing gamble function.

To enroll in the tournament, you will need to be a member of Drake Casino and enter via the official “register” button. The entry fee is $5 and the re-buys also cost the same. So far, only 10 positions on the leaderboard have been claimed, leaving the last four spots entirely open. If you want to get a head start against other players, you can pay a visit to Drake Casino and sign up.

October 5, 2018: • No Comments

This Week in Weird Bitcoin Gambling News: Kim Kardashian Plays Bitcoin Poker

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

When you think of the people attending public Poker tournaments, you mostly think about amateur players eager to learn the ropes or Poker pros with a sole purpose to crush everyone else and add another trophy to their collection. However, what anyone rarely thinks of on the subject of Poker tours are the Kardashians playing the game. Well, that’s exactly what happened at one charity event, as surprising as it may sounds. And get this, it was not only about regular Poker but also about playing Poker with Bitcoin. Yes, for real.

Kim Plays Poker. Pays With Bitcoin?

As reported by Canadian gaming portal GP, the Kardashians recently teamed up for a charity event set up to raise money for a cancer research center in California. The event reportedly gathered around $500,000 and was attended by a few notable individuals, including Kim Kardashian herself and her mother/manager Kris Jenner.

The game played at the tournament was Texas Hold’Em and Kim and her mom were both seated at the tables and playing. But the plot twist wasn’t that the Kardashians were gambling but that they were also endorsing the world’s biggest cryptocurrency by market cap – Bitcoin.  However, it isn’t like Kim pulled out a mobile wallet and transferred some cryptocurrency to a dealer through a QR code scanner. No, she actually took out a physical Bitcoin coin.

As her Instagram feed suggests, the Bitcoin used was a beautifully-designed chip that looked like a platinum playing card with a Bitcoin coin carved in the middle of it. For those who were baffled by the occurrence, subsequent reports showed that Kim Kardashian was trying to endorse Bitcoin use for a different individual. Seen in previous posts on her social media profile holding the same type of coin was the cryptocurrency entrepreneur Matt Roszak, raising suspicions that it was all just a clever marketing idea conceived by him.

Meanwhile, Poker Players Use Real Bitcoins

On the other side of the gambling industry, the online sector, Bitcoin is not something that needs to be promoted by influencers or celebrities. Namely, Bitcoin is a very popular choice of payment in the online casino industry, especially the Poker sector where brands like America’s Cardroom operate. A very popular online Poker room that’s frequented by US and international players, the success of America’s Cardroom is much owed to the adoption of Bitcoin.

Even outside of Poker rooms, Bitcoin is thriving, with more and more new casino operators warming up to the cryptocurrency. Whereas years ago, Bitcoin casinos were few in numbers and not quite up to the standards of fiat money online casinos, things are now radically different and some of the best online gambling brands are actually “Bitcoin-first”.

Furthermore, a recent report from Technavio about the future trends of the online gambling market suggests that Bitcoin is an emerging trend in a sector that is expected to see a compound annual growth rate (CAGR) of 11% for the following year. Still, that doesn’t stop influential media from labeling Bitcoin as nothing but a tool for people who don’t want to get caught online while committing felonies.

October 3, 2018: • No Comments

Earn Double Award Points with Every Bet at Gossip Slots

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Thanks to its great selection of slots and the great prizes, Gossip Slots has quickly become the Bitcoin casino to-go for every slot fan. There’s an endless variety of slots at this delightful casino, ranging from classics to newest titles. The jackpots alone make a great case why you should visit Gossip Slots, but if you need a little bit more incentive, the Rewards Game of the Month should be enough. 

Every month, Gossip Slots adds a new game to their Rewards Game of the Month tab. If you’re an avid slot fan, this means double reward points for you for every bet you make. Just pick the selected game from the promotions tab and you will earn double rewards during the month. Wondering what those points are worth? Read on to learn more.

Exchange Your Extra Points for Cashback, Free Spins or Store Merchandise

Registered players at Gossip Slots can benefit a lot from their special promotions. The popular Bitcoin casino values its players, awarding them with great prizes non-stop. The Rewards Game of the Month feature will let you earn double points for every bet you make on a selected slot, which you can later exchange at the casino for special slot features or use it in the store. Yes, there is a merch store at Gossip Slots where you can use your hard-earned extra points for everything from iPods to Apple TV.

Like if that wasn’t enough, Gossip Slots’ special Game of the Month promotion lets you enjoy the hottest 3D slots with stunning graphics and animations while earning extra points you can spend at the casino. This month, Zimba and Friends is the featured slot for this promotion – if you haven’t checked it out, visit Gossip Slots and enjoy this amazing Arrow’s Edge title. What are you waiting for? Visit Gossip Slots right now and play Zimba and Friends before September is over!

Get a 150% Reload Bonus at CoinRoyale

Another great promo offer you can get your hands on this month is CoinRoyale’s 150% Reload Bonus. The popular casino is offering the prize to their loyal players, awarding them with 150SP each month. It’s incredibly easy to claim it – just visit the bonus programs from your account, enter the code 150, click submit, make a Bitcoin deposit, and the bonus is yours. See how easy it was? Now you have a pending amount on the bonus programs page.

There’s a 30x rollover requirement to earn out the bonus. It will be released in 0.001 BTC increments until the total amount is released or after 30 days when the bonus expires. It’s easy to track its progress from the Bonus Programs page.

CoinRoyale’s great promotions have been a hit with fans, and their latest monthly Reload Bonus offer is another reason why you should visit it today. If you’re into Bitcoin casino games, why not get something extra for your efforts? Visit CoinRoyale Casino and claim your bonus today.

September 28, 2018: • No Comments

Canterbury Man Conned for $320,000 in Yet Another Bitcoin Investment Scam

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

In yet another story of a Bitcoin scam and why you should think twice before posting your personal details online, a Canterbury man was scammed for a whopping $320,000 in a year-long Bitcoin investment scam. 

Canterbury resident Paul Reeves says that the scam started about a year ago when he came across a Bitcoin dealing website. The company involved offered a great return on a small investment, but after a promising start, the investment started declining, which made Reeves suspicious. He was contacted by the scammers constantly, being asked to invest more so his return could grow. He deposited thousands of dollars, and after about a year, he stopped hearing from the scammers.

The Investments Went Directly Through The Website

Reeves is not the first Bitcoin scam victim. A month ago, a young Finnish millionaire was duped into a Bitcoin scam which stripped him of $35m. The money went to a fake casino investment and the whole process involved a stock exchange investor, scammers, and a group of local Thai banks, all operating together to steal money from the Finnish investor. Reeves’ story is similar, although it didn’t involve cryptocurrency casinos at all.

In the beginning, Reeves was contacted to invest as little as $250 and the company offered an extremely great return. Things were going great at first – the returns were really good and the man thought he struck gold. However, the investment started declining as he deposited more and more money. The scammers were persistent – they asked Reeves to deposit money all the time, which he hesitantly did. The money was deposited directly through the website – there were no bank details at all, even though Reeves asked about it on a few occasions.

After about a year, the scammers broke off all communications. After investing his life savings ($320,000), the man contacted the company for the bank details again, but this time, there was no response.

Police Warn Public After Reeves’ Unfortunate Story

After reporting the case to the police, Canterbury PD has issued a public warning about any suspicious online investments involving Bitcoin and cryptocurrencies in general. As Reeves says, a crypto investment that seems too good to be true probably is. He’s hoping that the scammers will be caught and that at least a portion of his money will be returned.

The New Zealand police say that the scammers usually appear very credible and skilled in their trade. They certainly were in Reeves’ case. The man ended up losing a staggering amount of his life savings, and his story is another reminder of why we should all reconsider cryptocurrency investments before losing it all.

Anyone who thinks they’ve been scammed should report the matter to local police. According to New Zealand police, Kiwis are losing up to $500m. every year to international scammers, and it’s really hurting the country’s economy.

Bitcoin is booming right now so people are open to the idea of investing. There are credible businesses where you can invest, but there are also many scammers using the current hype around cryptocurrencies to steal money from your pockets.

It remains to be seen if Canterbury PD’s warning will ring loud or it’s only a matter of months before we see yet another cryptocurrency investment scam.

 

September 26, 2018: • No Comments

Bitcoin Roulette Player Hits 52 BTC Jackpot; €50,000 New Tournament Opens

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

No matter how little you believe in luck, this fickle mistress can sometimes produce some incredible stories. The most recent one came straight out of Cloudbet Casino, where one lucky punter recently hit the mother lode and banked a jackpot of over 52 Bitcoins. And it wasn’t even hit on a slot machine but on a live casino table! If you want to know more about the win, just keep reading.

Live Roulette for the Big Win!

One incredibly fortunate player at Cloudbet doesn’t have to wait for December to start feeling cheerful as Christmas already came for him last week. In an once-in-a-lifetime win, this unidentified individual scored a prize of 52.87 Bitcoins, or more than €300,000 in cash! And he did it by playing a game of live Roulette at the Bitcoin-friendly casino.

According to official details from Cloudbet, the win was made possible by the high betting limits available at the live casino. For most part, the smallest buy-in at live casino games at Cloudbet is only 0.001 BTC. However, for those who want to spend more and win more, the casino also allows them to increase their stake up to 10 Bitcoins per single hand, or even 100 BTC if they are betting at the Cloudbet sportsbook. As proven by this last example, betting more can be profitable.

Cloudbet’s customer acquisition head, Mirio Mella, commented on the win by saying that it can “only happen at Cloudbet” thanks to their “unrivalled” high wagering limits.  However, that’s not to say that you can’t enjoy some great live action at the Cloudbet live casino if you’re not a high-roller.

Roulette players, for instance, can find over a dozen tables, including variants like Speed and Immersive Roulette, with betting limits that start at 0.001 BTC. There is also a big collection of Baccarat live tables from four different providers at the casino, as well as Blackjack, Poker, and Sic Bo games, all of which can be played with smaller wagers. For more information about the offer, just visit Cloudbet Casino.

Win a €10K Golden Bar at Fortune Jack

If you’re not really up for Roulette games, you can instead take a look at Fortune Jack Casino where a new slot tournament is currently active. The tournament began yesterday and it will last until September 30th, after which a total of €50,000 in prizes will be distributed in the following manner:

  • 1st place – Gold bar worth €10,000;
  • 2nd place – €3,000 in BTC;
  • 3rd place – €1,000 in BTC;
  • Places 4-10 – €500 in BTC;
  • Places 11-50 – €250 in BTC;
  • Places 51-100 – €100 in BTC;
  • Places 101-200 – €50 in BTC;
  • Places 201-500 – €25 in BTC;
  • Places 501-1,000 – €10 in BTC.

To participate, you’ll just need to play one of the selected Pragmatic Play slots: John Hunter and the Secret of Da Vinci’s Treasure™, Chilli Heat ™, Great Rhino ™, Wolf Gold ™, or Asgard ™. The minimum qualifying bet is €0.50 in BTC equivalent while the leader-board rankings depend on who gets the highest win per single spin. If you want to check out the other rules or see the slots selected for the competition, feel free to head down to Fortune Jack Casino.

September 21, 2018: • No Comments

Two Cryptocurrency Casinos Just Got Hacked

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Gambling with cryptocurrencies is an emerging trend in the casino industry that could very possibly dominate a large percentage of the online sector. Thanks to the efforts of great cryptocurrency casino operators, Bitcoin, Litecoin, Ethereum, and other virtual coins are taking online gambling and betting by storm.

But no matter how many operators work hard to maintain a good reputation for the cryptocurrency gambling sector, there will always be those who make slip ups that send shockwaves across the entire cryptocurrency community. One of the most recent examples are two EOS-based casinos which revealed they were hacked by malicious players for significant sums of cash.

$24,000 Stolen In a Fake “Winning Streak”

During the last week, reports came in of two different EOS gambling sites being hacked for over a quarter of a million in US dollars. The first of these was DEOSGames – a decentralized EOS gambling site with games like Blackjack, Roulette, and Lotto.

As revealed on the official Twitter profile of the website, DEOSGames was down last weekend due to a “malicious contract” that exploited the site’s own smart contract. The hack was initiated by a user called “runningsnail” who disguised the theft as a winning streak that made 24 payments of $1,000 each to his/her balance. Apparently, every time the user’s player account deposited 10 EOS coins, it would instantly win a $1,000 jackpot in only half a minute later.

The suspicious success of the player caught the casino’s attention and subsequently it was confirmed that $24,000 in EOS tokens was stolen this way. In the official update on Twitter, the operator called the robbery a “good stress test”.

$236,000 Taken Days after a Suspicious $600,000 Lucky Roll

Shortly after DEOSGames’ hack, another EOS-based gambling site called EOSBet reached out to the online community to notify them of a hack. In a public statement on Reddit, EOSBet revealed that on September 14th its platform and bankroll was breached. During the breach, a total of 44,427 EOS coins were stolen before the site was taken online.

To steal the funds, the unidentified hacker exploited a flaw in EOSBet’s code that allowed him/her to make a deposit without actually sending any coins to the casino. When the player lost, their tokens didn’t have to be transferred to the platform. But when they won, they would get coins to cash out from EOSBet. With this flaw, the hacker was able to siphon $236,000 out of the casino without investing anything at all.

However, what’s really interesting to note is that the hack came days after another user on the same website took home $600,000 in cash after a number of suspicious consecutive wins. As reported by the Next Web, this time a user was able to win the money in only 36 hours after registering by consistently doubling wagers on the casino’s dice games for dozens of times in a row, without losing any rolls whatsoever. Each time the money was wagered, it returned doubled within seconds.

EOSBet is not admitting a hack and saying that the $600K winner was just lucky, raising even more suspicions with cryptocurrency punters. It just goes to show how much more effort EOS casinos have to invest before they reach the level of trust, security, and quality of today’s Bitcoin casino operators.

September 19, 2018: • No Comments