GSA Tests Blockchain Risk Assesment Tool; Thai Crypto Casino Scammers Plead Not Guilty

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GSA – the international Gaming Standards Association – has reportedly signed an agreement with crypto-asset risk mitigation service BlockRe to perform a trial on a risk assessment framework for blockchain-based technology. In an official statement from GSA, the Association revealed that the framework will help them conduct an in-depth review of how the global casino gaming industry might adopt distributed ledger technology for the purpose of gambling.

Gearing Up For Blockchain Tech in Traditional Casino Industry?

As GGR Asia reports, in a Tuesday announcement GSA, whose partners include high-profile game developers like Aristocrat, Novomatic, Playtech, Microgaming, and many more, revealed that it is teaming up with BlockRe to estimate the use of the company’s risk assessment framework. Reportedly, the objective is to determine how helpful will the framework – which was previously deployed in the financial sector – be to game development companies who want to use blockchain technology in their future products.

Peter DeRaedt, president of GSA, revealed that the framework includes risk mitigation strategies and technical guidance on blockchain technology but also that it conforms with “relevant regulatory regimes”. The partnership comes nine months after GSA’s announcement in February that it has formed a blockchain technical committee with a sole task of evaluating the development of a new gaming industry standard. According to the Association, blockchain-based technology could help the casino industry revolutionize security, data sharing, and increase transparency.

Mark Pace, the Managing Director for GSA Europe, commented on the partnership by saying that given their offices in Malta, which is leading the front on blockchain innovation, “the potential access to such a framework” for members of the European chapter of the Association, will be “very timely and exciting”. How useful will this new framework prove for the adoption of blockchain into the traditional gaming industry remains to be seen, but one thing’s for sure – if such an esteemed Association is taking matters into its own hands, it seems that there’s more than enough interest from gaming companies to enter the world of crypto gambling.

Main Suspects in $35 Million Cryptocurrency Casino Scam Plead “Not Guilty”

In other notable news from the crypto gambling community, the main suspects in the $35 million scam we reported on back in August plead “not guilty” in Bangkok’s Criminal Court. During the hearing, Supitcha, Jiratpisit and Prinya Jaravijit – three siblings who reportedly were at the core of the scam – were accused by prosecutors of duping Finnish entrepreneur Aamai Otava Saarimaa out of millions in BTC. After the opening statements, they have pleaded their innocence to the court.

As official reports outlined, Saarimaa was lead to invest in 500 million shares in the DNA Company, in Expay Software Co., but also in the infamous Dragon Coin Tokens so he can grow his cryptocurrency portfolio. But instead of holding their side of the bargain, the siblings reportedly took the money and put it in a private family account only to later invest it into plots of land around Thailand which have since been confiscated.  The estimated damage to Saarimaa is $5,564 Bitcoins, which at current value estimates to over USD $35 million, although at the time the funds were worth much less.

November 14, 2018: • No Comments

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