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Ethereum and BNB Theft at Stake.com Crypto Casino Sends More Shockwaves Through the Industry

Posted on September 5, 2023 by Laura P.

Stake.com, a popular crypto casino, was hit by a massive heist involving Ethereum (ETH) and Binance Coin (BNB), which amounted to tens of millions of dollars, in a shocking turn of events.

Stake’s Ethereum and Binance Smart Chain (BSC) hot wallets were compromised, but the business assures customers their money is safe. Bitcoin, Litecoin, XRP, EOS, and Tron wallets, among others, are safe for the time being.

An Analysis

On-chain transaction analysis reveals a startling $16 million in stolen Ethereum (ETH), USDC, USDT, and DAI from an Ethereum wallet. Apparently, to avoid any blocking by Tether or Circle, these stablecoin holdings were changed to ETH. In this fraud, almost 6,000 ETH were stolen.

In addition, tokens worth $17.8 million were illegally gained from the BSC chain, and another $7.8 million came from the Polygon wallet. Both of these amounts are referred to as the total amount stolen. Collectively, attackers got off with somewhere about $40 million.

Speculation that Stake.com’s platform has been systematically infiltrated has been fueled by comments from MetaMask’s Product Manager, Taylor Monahan, who noted that the transactions were precisely organized.

This lends credence to the hypothesis that the theft was carried out straight from the internal systems of the platform, most likely via the unauthorized acquisition of private keys. Important to remember is that they were “hot wallets,” meaning they lacked the extra protection of offline keys. Still, it has not been possible to determine who was responsible for this daring heist yet.

What This Means for Stake.com

Stake.com, established in Curacao, promotes itself as the premier crypto casino by offering an online gaming platform for cryptocurrency betting. Since its 2017 debut, Stake.com has enabled users to gamble on sports and online games using cryptocurrencies such as BTC, ETH, and DOGE. Bets in fiat currencies, like as the US dollar, are also accepted on the site. The company has had legal problems before, but nothing like what happened yesterday.

It is part of the growing industry of cryptocurrency casinos, which has seen success in part because of its customers’ need for privacy. Because they do not need users to reveal their identities via the Know Your Customer (KYC) process and accept cryptocurrencies for deposits and withdrawals, these sites have opened anonymous worldwide betting.

Despite the serious breach in security, Stake.com has continued to operate normally. The corporation has assured customers that their money is safe and is once again processing withdrawal requests. It seems likely at this point that the stolen goods belonged to the business, rather than specific consumers.

On the other hand, withdrawals have been enabled again, suggesting that Stake.com is confident in its capacity to make up the lost funds. Without these guarantees, customers are hesitant to make withdrawals for fear of going bankrupt. Thankfully, it does not seem that this is an issue with Stake.com.

Twitch’s Gambling Ban Sparks Competitions As Kick Rises to the Challenge

Posted on August 2, 2023 by Laura P.

In September 2022, Twitch, Amazon’s live-streaming platform, made headlines with its decision to ban gambling content.

This action was taken in response to calls from prominent streamers to address the problem of potentially dangerous gambling streaming, which might have a negative impact on viewers under the age of 18. On October 18, 2022, Twitch officially began blocking broadcasts involving illegal gambling games, which would have affected sites like Stake.com, Rollbit.com, Duelbit.com, and Roobet.com.

Although the decision was supported by some, the ban was met with strong opposition from others who saw the platform’s attractiveness in large part due to its gambling content. However, as a result of the prohibition, Kick had the chance to enter the market and become a formidable competitor.

To differentiate itself from rivals, the service made the calculated decision to allow material linked to gambling and was backed by a cryptocurrency casino. The addition of cryptocurrency and these gambling components to the Kick platform has the potential to completely change the streaming experience, turning it from a passive to an interactive one

A Show of Might or An Industry Norm?

Several popular broadcasters have moved from Twitch to Kick, among them Felix ‘xQc’ Lengyel and Drake. And, together with Stake.com, the site provided a way for users to gamble on cryptocurrencies while watching popular broadcasts.

This rapid ascent of Kick exemplified the ever-changing nature of the streaming market and posed a threat to the dominance of Twitch. But this analysis runs even deeper.

Long-term, the effects of Twitch’s gambling restriction and the rise of competitors like Kick might cause significant shifts in the streaming market. The restriction intended to make Twitch a more welcoming place for all users, but it might have the unintended consequence of driving users looking for gambling content to competitors like Kick, which would hurt Twitch’s income and user base. Kick’s success showed there was a market for gambling-related material, but the site could only attract a niche audience.

Where Do We Go From Here?

The emergence of services supported by cryptocurrencies like cryptocurrencies and live-streamed casino games brings a new element to streaming. Although there are benefits and drawbacks to this novel method, it has the potential to completely change the way we see streaming media. As the environment changes, platforms, streamers, and viewers alike will need to adjust to make their way through new and interesting seas.

Blockbuster Crypto Betting Action As ‘Barbie’ Goes Against ‘Oppenheimer’

Posted on July 2, 2023July 1, 2023 by Laura P.

The world of cryptocurrency betting is constantly on the hunt for interesting opportunities, and at the moment, the focus is on two films that have a significant amount of anticipation around them: “Barbie” and “Oppenheimer.” As these films prepare to release in cinemas, crypto aficionados are getting ready to cast their bets and possibly earn large amounts of money.

Margot Robbie stars as the title character in the upcoming live-action comedy picture “Barbie,” which is based on the well-known doll brand of the same name. The combination of Margot Robbie’s star power, the film’s upbeat vibe, and the nostalgia component have led to considerable interest among crypto gamblers.

In contrast, ‘Oppenheimer’ is a biographical drama on the life of scientist J. Robert Oppenheimer, who was instrumental in the creation of the atomic bomb during World War II. This picture, directed by Christopher Nolan, has a few benefits of its own. Oppenheimer is attracting the interest of crypto gamblers because of Christopher Nolan’s status as a renowned director, the story’s historical relevance, and the potential for ethical debates.

Where Is All This Action?

Bets on these movies may be placed using Bitcoin, Ethereum, Litecoin, and even Dogecoin on crypto gambling sites like Stake.com, BitStarz, Cloudbet, and Polymarket. Crypto gamblers have a wide variety of possibilities to explore, including betting on things like a film’s opening weekend box office take, critical reception, and issues surrounding the film.

Despite ‘Oppenheimer’s’ rising popularity and popularity among bettors, ‘Barbie’ is now favored. It has been getting good reviews and has some funny and nostalgic qualities, so it’s no surprise that “Barbie” is popular. It’s possible that the underdog ‘Oppenheimer’ may end up shocking audiences, thanks to the movie’s historical relevance, a star-studded ensemble, and Christopher Nolan’s stellar track record as a director.

The success of the films throughout their opening July 21–23 weekend will determine the ultimate conclusion of this cryptocurrency betting market. If ‘Barbie’ does better than ‘Oppenheimer’ at the domestic box office during this time, the market will likely choose ‘Barbie.’ If, on the other hand, “Oppenheimer” has a higher weekend gross than “Barbie,” then the market will likely favor “Oppenheimer.”

If both movies earn the same amount at the box office, the audience will be divided in half. The key factor, in this case, will be the domestic weekend numbers reported by Box Office Mojo for the given three-day weekend. To guarantee a fair and accurate market resolution if definitive data is not available by July 31, a reliable alternative source will be the preferred option.

The Rise of Cryptocurrency Gambling in Manchester

Posted on June 3, 2023 by Laura P.

Every nook and corner of Manchester is now aware of the astounding benefits that come with doing financial transactions with digital currencies. Many of the city’s casinos have started accepting Bitcoin as currency and are using Blockchain Technology to process transactions.

Quite simply, the effect has been phenomenal.

This shift to online gambling has been revolutionary since it has made financial transactions between gamblers and crypto casinos simpler and safer, ending the age of fraud and ushering in a new one of increased security and transparency in casino operations.

Manchester’s online casinos are seeing an influx of tech-savvy gamers and crypto aficionados from all over the world due to Bitcoin and other cryptocurrencies. The result? Foreign investment has flooded into the city, completely altering its economic landscape.

Banks and the fees they charge to process financial transactions of any kind are becoming a thing of the past. Not only does this streamline the banking systems of online casinos, but it also solidifies Manchester as a thriving center of tech innovation in the gaming industry. Jobs have been created, and ancillary industries like bitcoin exchanges and blockchain development firms have grown as a direct result of the booming gaming business.

Same Old Goodies

Blockchain’s distributed nature ensures the safety of all transactions, keeps customer information private, and makes fraud almost impossible. Crypto offers instant and trouble-free trade by removing middlemen and drastically cutting down on processing times.

Reduced Transaction Fees Eliminate costly financial middlemen. More of a player’s profits may be kept thanks to the cheaper transaction fees associated with cryptocurrency transactions compared to more conventional payment options.

Navigating The Challenges

There are several upsides to utilizing cryptocurrency at online casinos, but players should also be mindful of the risks they face. Due to the unpredictability of cryptocurrency pricing, it might be risky for both casinos and their customers to use cryptocurrencies.

Not to mention, navigating the regulatory environment around cryptocurrencies may be a bit of a roller coaster ride with all the unknowns and differences across countries. This may cause problems meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) standards. Despite these obstacles, several crypto gamblers have made significant gains, demonstrating the immense potential of this intriguing business.

The digital transformation of Manchester’s casino industry shows no signs of slowing down. Brace yourself for what lies ahead! The integration of advanced technologies such as Virtual Reality (VR) and Artificial Intelligence (AI) will take the casino experience to unimaginable heights. VR will transport players to immersive and realistic gaming environments, bidding farewell to the need for physical casinos. AI, combined with gameplay, will pave the way for more personalized experiences, tailored to each player’s preferences.

ezBtc Under Investigation for Massive Crypto Fraud Scheme

Posted on May 2, 2023May 2, 2023 by Laura P.

According to the British Columbia Securities Commission (BCSC), the Canadian crypto trading platform, ezBtc, has been engaging in fraudulent activities for the past three years. It has come to light that ezBtc has lied to its consumers about the protection of their personal assets and has instead been funneling the customers’ money to online gambling websites. That is right, instead of keeping their customers’ assets safe and secure, ezBtc transferred incoming Bitcoin and Ether to two crypto gambling websites, and the assets were worth a staggering $13 million as of mid-2019.

However, things only get worse. According to the BCSC’s findings, ezBtc did not maintain custody of its client’s money, and most of the holdings reported by the platform did not exist. To put it another way, to trick its customers, ezBtc has been pretending on its website to have real holding thus acting just like a bank would.

But wait, there’s more bad news! EzBtc has been running under the auspices of a numbered corporation known as 1081627 B.C. Ltd. since 2016, when David Smillie, the only director of the firm, registered it. Furthermore, Mr. Smillie’s whereabouts are unknown as of at least the year 2021.

Early Red Flags

In November 2019, customers noticed something was wrong when the ezBtc.ca website stopped working and they were unable to make any transactions or withdraw any funds. They were led to think that their funds were being stored offline, in “cold storage,” safely under ezBtc’s watchful eye.

The BCSC has issued a summons to ezBtc, instructing the business to attend at its offices on June 27 ahead of any planned hearing. That is if the company wants its side of the story to be heard. The authority claims that ezBtc has committed securities fraud since the contracts it offers to clients are technically futures contracts, which are classified as securities. These accusations, however, have not been proved in a court of law.

Tough Times for Crypto

Even as the cryptocurrency industry reels from the collapses of FTX Trading Ltd. and Celsius Network LLC, it seems that crypto fraud is on the rise. Doug Muir, director of enforcement at the British Columbia Securities Commission, has seen many instances like ezBtc as Canadian regulators crack down on cryptocurrency services.

For crypto users on such platforms, this calls for even more diligence. If you are thinking about getting involved in cryptocurrency, it is imperative that you do your research and comprehend how the industry functions before you do so. In case something seems to be too good to be true, then there is a strong chance that it is not what it claims to be.

Could Rollbit Have Been Operating with a Valid License?

Posted on April 2, 2023April 2, 2023 by Laura P.

Recent events surrounding Rollbit, a popular business in the online gambling market, have left the crypto community baffled. The accusations made against the crypto-focused gaming operator are quite weighty and might have far-reaching effects on the company’s credibility.

Inaccurate or Vague Licensing Info

The allegations that Rollbit is running its business without a legitimate license are at the forefront of the discussion. Rollbit, on the other hand, claims that the yearly renewal of their license is a typical procedure for Curaçao-licensed platforms and is now underway. It also claims that since its launch, it has undergone an annual renewal procedure designed to ensure it meets the requirements of a legitimate casino.

Critics, however, have cast doubt about Rollbit despite these assurances. There were discrepancies between what Rollbit claimed and what could be verified about Curaçao gambling licenses. For instance, the online casino software provider and aggregator Slotegrator claims that as long as the master license is still active after five years, Curaçao’s sub-licenses are good forever. Rollbit’s assertion that they must renew their license every year is therefore inaccurate.

An exchange between crypto and finance researcher FatMan and Rollbit’s support staff just adds gasoline to the fire of mistrust about Rollbit’s license status. At first, Rollbit blamed the lack of licensing information on a “UI issue.” FatMan speculated that the regulator’s displeasure was due to one of Rollbit’s new games, which raises even more concerns about the company’s methods.

Even More Problems

In addition to the licensing controversy, new reports have surfaced about the operator. Several people have complained that Rollbit is unethical since it gives influencers fake balances. In this claimed strategy, influencers utilize free money to demonstrate large wins, perhaps attracting their followers into gambling through affiliate links. Many people believe that this approach is unethical since it takes advantage of unwary players while at the same time providing the casino with risk-free revenue.

In a statement released in response to the situation, Rollbit said it was in constant contact with the licensee and had made some small adjustments to the app’s user interface per the licensor’s suggestions. Despite the company’s best efforts, they have not been able to allay the crypto community’s fears.

The crypto community has demanded Rollbit provide additional information to shed light on the matter, and some have even called for the firm to be shut down. The issue highlights the significance of openness and compliance with regulations in the online gaming industry. While the final resolution of this debate is still up in the air, Rollbit has more ground to cover before it can win back the confidence of the crypto community.

Snoop Dogg Partners with Roobet and Becomes Chief Ganjaroo

Posted on March 2, 2023 by Laura P.

Snoop Dogg, music artist and entrepreneur, has been named Chief Ganjaroo at Roobet and is working with the startup and its parent company, Raw Entertainment, to change the face of online entertainment forever. Together, Snoop’s unprecedented worldwide reach and deep industry knowledge, and Roobet’s cutting-edge technology and enthusiasm for the crypto frontier will provide a gaming experience unlike any other.

The online entertainment business is set for a major shakeup as a result of this revolutionary partnership. The partnership is Snoop’s newest foray into the web3 area, although he is already a well-known metaverse enthusiast and avid collector of digital real estate.

“These guys are doing something different. This partnership just feels natural, and we’re going to blaze a trail for the future of online entertainment. I been sayin’ Roooooo for a long time now – they bring the ultimate player experience, we share the love of doing new things, and we care about our fans – so together we’re gonna change the game and do it better than it’s ever been done,” Snoop Dogg expressed his excitement about the partnership.

Co-founder of Roobet Matt Duea agreed with Snoop, adding that the company’s goal from the start was to expand the possibilities of what a gaming brand might be and that Snoop is a true visionary. Together, they are ready to bring about a genuine change in the way that entertainment is experienced online.

Everything that matters to them is making sure their community has access to the best online casino experience possible. The company’s prospects for the future of digital entertainment are looking better than ever now that Snoop is on board.

Lots of Goodies

Roobet and Snoop are preparing several exciting community-wide events to mark the beginning of their collaboration. They’re holding a raffle for $100,000 in cash and prizes including meet-and-greets with Snoop Dogg, backstage access to one of his concerts, special deals for new users, and more. Those who meet the requirements may sign up by going to roobet.com or the soon-to-be-launched roobet.fun website.

With over 3,300+ games from world-class iGaming studios and a fully-featured Sportsbook, Roobet provides a next-generation entertainment experience on an innovative and secure platform accessible to eligible gamers worldwide. What started as a niche casino for crypto enthusiasts has hit the mainstream, with over 3 billion wagers abroad. With over 300M views on TikTok, Roobet is a casino “for the internet, by the internet.” More details on the platform will be made available in the coming weeks.

Stake.com Takes the Wheel as Title Partner for Alfa Romeo Racing

Posted on February 2, 2023February 1, 2023 by Laura P.

We are ushering in yet another exciting new chapter in the realm of crypto-related online gaming and betting! The Alfa Romeo F1 Racing Team has officially announced that the industry-leading service provider Stake.com would take over as the team’s title sponsor. That said, the name of the team will change to “Alfa Romeo F1 Team Stake” effective immediately.

Stake has been putting in a lot of effort to enhance its visibility on a worldwide scale, and its relationship with Alfa Romeo F1 Team Stake is the most recent step on that road. The crypto gaming company has previously sponsored campaigns for teams competing in the Premier League football competition, fighters competing in the UFC, and even celebrities.

The Terms

Stake will provide a variety of exciting events and experiences for F1 fans from across the globe as part of this historic relationship. According to Alessandro Alunni Bravi, a team spokesperson, the addition of Stake as a co-title partner represents a new beginning for both businesses.

Because of the current growth in popularity of Formula One, it should come as no surprise that firms like Stake are ready to get on board and take advantage of the tremendous exposure that the sport produces.

A Potential Way Forward for Cryptocurrency Funding?

It is worth noting that the word “crypto” was left out of Alfa’s press announcement, which is an intriguing topic to consider. Stake may be different from other platforms in that it functions as a cryptocurrency casino. This is even more intriguing considering Stake.com’s headquarters are in Australia, a country that has strict regulations on online casinos and gambling. The company has also been under quite a bit of scrutiny.

Even though Alfa Romeo was not the very first team to accept crypto investment, the fact that they have done so puts them well ahead of the competition. Though it does come at a time when some F1 teams are cutting ties with their crypto sponsors.

Other teams including Mercedes and Ferrari, have parted ways with their corporate sponsors in the face of financial difficulties and plummeting stock prices. Despite these obstacles, Alfa Romeo is moving on with Stake as its sponsor.

All in all, there is plenty that the bitcoin industry has to gain from this partnership. Although it may be sometime before the full potential is realized, we are making progress, and this is a major first step in the right direction. If the bitcoin industry follows the right regulatory procedures, it will continue to thrive and grow in the next years.

Predictions for Crypto Gambling in 2023

Posted on January 2, 2023 by Laura P.

Making accurate forecasts is still a complex and sometimes futile exercise. A change in rhythm from the booming years of 2020 and 2021 for the gaming industry was unexpected in 2022. As far as gaming happenings go, it was perhaps one of the most shocking.

Our experiences throughout the pandemic have left us with a perspective on the future that is equal parts pessimistic and optimistic. Nevertheless, because of the interconnected nature of factors like governmental restrictions, technological advancements, and market trends, it remains hard to make accurate predictions about the future of online gambling.

Once you add the murky world of cryptocurrency gambling to the mix, things get even more complicated. But with this information at hand, we can at least attempt to draw a rough outline of our expectations for the sector.

Potential developments in 2023 could include:

More expansion. – Over the last few years, crypto gaming has seen explosive development, and this upward trend is expected to continue in 2023 as more people get aware of cryptocurrency and as technology continues to advance.

Regulatory developments. – There has been a rise in the number of nations enacting stricter laws regarding online gambling, including that which involves the use of cryptocurrency. Possible steps include tightening up on licensing standards, strengthening player safeguards, and increasing security.

New and exciting platforms. – There will certainly be additional crypto-gambling platforms developed to suit the rising demand for these kinds of games as the crypto-gambling business expands. Possible differentiating factors among these platforms include the availability of new features and developments.

Another Difficult Year for Crypto?

While the popularity of crypto gaming has increased dramatically over the last few years, it is no secret that cryptocurrency is very unpredictable. The development of the industry as a whole will unquestionably be affected by this.

Even as this turbulent year for cryptocurrencies comes to a close, industry insiders anticipate more trouble for crypto investors in 2023 due to the arrival of new problems and the persistence of residual worries. The aftermath of the “crypto winter” of 2022 is projected to reverberate strongly into 2023 and even 2024, and most crypto specialists do not see a bright future for the industry in the next year.

The outlook for 2023 is equally bleak, and the hope that cryptocurrency investment might be a “get rich quick” scheme evaporated in 2022. After a difficult year, few industry insiders are optimistic about a significant cryptocurrency rally happening anytime soon.

Betting on the 2022 World Cup with Cryptocurrencies

Posted on December 2, 2022December 1, 2022 by Laura P.

With the world’s biggest sports betting event taking place in Qatar over the next several weeks, the sector might see even more disruption.

The World Cup, like the Super Bowl or the Wimbledon final, is one of those exceptional athletic events that manages to pique the curiosity of people across the globe. It is hardly shocking that this is also a major development in the world of sports betting. For example, the astronomical sum of $133.7 billion was wagered on the 2018 World Cup, which was hosted in Russia.

In comparison to the about $6 billion bet on the most recent Super Bowl, the World Cup finals took in around $8.2 billion. According to analysts in the industry, the amount of money wagered on the Qatar 2022 games will most likely far exceed the amount wagered on Russia 2018.

Significant Four-Year Shift

Only a small fraction of the betting market in 2018 cared about the World Cup in terms of cryptocurrency use for the same. Additionally, most of the participants were early adopters and industry veterans in the cryptocurrency sector.

Much has changed in that segment of the gambling industry in the space of only four short years. Sports bettors and casino gamers alike are increasingly turning to digital currencies like Bitcoin and Ethereum for their wagering and gaming needs.

Additionally, the development of crypto-friendly online gaming platforms is being spurred by this need. Along with more conventional payment options like credit cards and e-wallets, more and more well-known firms are beginning to accept Bitcoin as payment.

Lots More to Look Forward To

However, the World Cup is not drawing attention to cryptocurrencies because of sports betting alone. Many prominent bitcoin companies are now sponsors, and this has drawn criticism. Because of the volatility of the bitcoin market in the last several years, this is to be anticipated.

Case in point, one large cryptocurrency exchange recently announced that it would no longer be continuing its nearly $500 million sponsorship of FIFA over five years. Furthermore, Everton fans have asked the club to sever connections with a prominent crypto-gambling firm that has sponsored the team.

While there are undoubtedly still some bumps on the road ahead, it’s heartening to see how far we’ve come. As general awareness of cryptocurrencies increases, even casual sports fans will learn to appreciate their many benefits. Fans may make wagers with ease thanks to our streamlined, safe, and user-friendly system among other benefits.

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Author: Laura P.