Crypto Casino Stake.com sued for $400 million

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Quote from: Sithara007 on September 30, 2022, 08:27:15 PM

Quote from: stadus on September 30, 2022, 01:07:38 PM

And most probably, Freeman will be disadvantageous and be tired if the case will go for a couple of years from now. There are two things I have in mind, first is he purposedly asked a humungous compensation because he knew that the court and Stake will get the amount lowered or the second which is not the amount, he is just aiming to damage the Stake's reputation to lose clients.

LOL.. I don't think that the last sentence is true. Stake's reputation can't be damaged or the client base won't be impacted as a result of these frivolous lawsuits. Freeman is sore because his former business partners managed to build a successful venture without his involvement and now he wants a cut from their pie. According to Freeman, the other two used a mix of "a mix of bullying and unlawful tactics" to kick him out of the new venture. These are very serious allegations. But doesn't make any sense when presented with zero proof to support the claims.

I might be wrong too but when it comes to business, it's almost undeniable that issues aren't good for the company's image because that can totally affect your customer too especially when they know that there's a lawsuit that was filed by a former partner. So, of course most clients will always prefer other business that doesn't have any issues, it's not like that they need to know or interested what's going on.

Probably, you'll think and say that none of these statements are true because you didn't experience to have your own business that's why you can't relate. Again, I might be wrong too Wink

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Quote from: davis196 on September 23, 2022, 01:16:29 AM

Such lawsuits take years before the final verdict and in most cases both sides would agree on a settlement for a way lower price.
Stake.com will be fine in the next year or two. There's nothing to worry about in the short term. Stake won't turn into an exit scam.

It is true that the justice system is very slow compared with the rate at which we receive the news, but this is only true on the difficult cases in which both sides present evidence against each other and reaching a conclusion may seem to be very hard.

In this case I do not see that difficulty, to me it is clear that according to what we have read that stake is on the right here and I would not be surprised if such lawsuit was dismissed relatively soon.

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Quote from: stadus on September 30, 2022, 01:07:38 PM

And most probably, Freeman will be disadvantageous and be tired if the case will go for a couple of years from now. There are two things I have in mind, first is he purposedly asked a humungous compensation because he knew that the court and Stake will get the amount lowered or the second which is not the amount, he is just aiming to damage the Stake's reputation to lose clients.

LOL.. I don't think that the last sentence is true. Stake's reputation can't be damaged or the client base won't be impacted as a result of these frivolous lawsuits. Freeman is sore because his former business partners managed to build a successful venture without his involvement and now he wants a cut from their pie. According to Freeman, the other two used a mix of "a mix of bullying and unlawful tactics" to kick him out of the new venture. These are very serious allegations. But doesn't make any sense when presented with zero proof to support the claims.

stadus

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Quote from: Sithara007 on September 30, 2022, 05:38:17 AM

Quote from: stadus on September 28, 2022, 12:21:30 PM

It will take years if both camps can be reasonable enough with solid proofs but I don't really think that this case would take that long as the plaintiff doesn't have any solid evidence that can prove his claims against the Stake. Furthermore, his asking value is the one which is exaggerated and not the Stake's net worth that is estimated to be more than $1 Billion. As you know, Stake is currently the world's biggest crypto casino which explains the company's estimated value.

Compensation lawsuits are always inflated. At the most, Freeman may get a compensation of a few hundred thousand USD. His claim is that he was misled to "not to take part" in the creation of Stake.com. What was the market value of Stake.com at the time of it's creation? Maybe a few million USD at the most. He may get a fraction of that amount if he wins. But looking at the charges, I don't think that he has more than 0.001% chance of winning. The lawsuit is illogical and frivolous. If no deal is being reached, the legal action can go on for several years, or even decades.

And most probably, Freeman will be disadvantageous and be tired if the case will go for a couple of years from now. There are two things I have in mind, first is he purposedly asked a humungous compensation because he knew that the court and Stake will get the amount lowered or the second which is not the amount, he is just aiming to damage the Stake's reputation to lose clients.

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Quote from: stadus on September 28, 2022, 12:21:30 PM

It will take years if both camps can be reasonable enough with solid proofs but I don't really think that this case would take that long as the plaintiff doesn't have any solid evidence that can prove his claims against the Stake. Furthermore, his asking value is the one which is exaggerated and not the Stake's net worth that is estimated to be more than $1 Billion. As you know, Stake is currently the world's biggest crypto casino which explains the company's estimated value.

Compensation lawsuits are always inflated. At the most, Freeman may get a compensation of a few hundred thousand USD. His claim is that he was misled to "not to take part" in the creation of Stake.com. What was the market value of Stake.com at the time of it's creation? Maybe a few million USD at the most. He may get a fraction of that amount if he wins. But looking at the charges, I don't think that he has more than 0.001% chance of winning. The lawsuit is illogical and frivolous. If no deal is being reached, the legal action can go on for several years, or even decades.

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Quote from: davis196 on September 23, 2022, 01:16:29 AM

Such lawsuits take years before the final verdict and in most cases both sides would agree on a settlement for a way lower price.
Stake.com will be fine in the next year or two. There's nothing to worry about in the short term. Stake won't turn into an exit scam.

Quote

Anyway, I've looked and search the Stake.com, it says here that the company has an estimated value amounting to $1 Billion.

This is pretty exaggerated. I don't know how to calculate the value of a big online crypto casino, but 1 billion USD seems way over the top.
Bear in mind that such lawsuit would lower the value of Stake significantly, because many gamblers would just panic and run away from the casino.

It will take years if both camps can be reasonable enough with solid proofs but I don't really think that this case would take that long as the plaintiff doesn't have any solid evidence that can prove his claims against the Stake. Furthermore, his asking value is the one which is exaggerated and not the Stake's net worth that is estimated to be more than $1 Billion. As you know, Stake is currently the world's biggest crypto casino which explains the company's estimated value.

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Quote from: South Park on September 23, 2022, 03:09:08 PM

Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com". I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

And I believe the same as well, if you take the time to read his allegations you can see that he is just hurt that he is not part of the success of stake and he is envious about the lifestyle that his friends are enjoying, so he is trying to hurt them while at the same time he is trying to obtain the same benefits for himself, and when the arguments that he supposedly has in his favor are so weak then it will be a massive surprise if he happened to actually win the trial and get the amount of money that he is asking for.

I have seen such frivolous lawsuits previously as well. Christopher Freeman is very well aware that he has virtually zero chance of getting a victory in court. His real intention is to prolong the lawsuit as much as possible, so that Craven and Tehrani will finally agree to pay him something just to save their time and effort. And both the sides need to agree on the amount, and it will not happen until one of the two scenarios get realized - either Freeman runs out of his money to pay his lawyer, or Craven/Tehrani will get so much irritated, that they will agree to settle the claim on mutually agreeable terms.

All that said, I just have to say that Christopher Freeman is such a sore loser. Grin

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Quote from: South Park on September 23, 2022, 03:09:08 PM

Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com". I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

And I believe the same as well, if you take the time to read his allegations you can see that he is just hurt that he is not part of the success of stake and he is envious about the lifestyle that his friends are enjoying, so he is trying to hurt them while at the same time he is trying to obtain the same benefits for himself, and when the arguments that he supposedly has in his favor are so weak then it will be a massive surprise if he happened to actually win the trial and get the amount of money that he is asking for.

You know Sir, that's what I noticed too. How many years have passed since they were separated and not together in the business industry they live in, why is he talking like that now? sometimes I think that he is just jealous of the success that his former companions are enjoying in the life situation that they have now.

So in this matter, in my view and opinion, the court will dismiss the complaint against stakes.com, because this gambling platform is one of the successful casinos in the cryptocurrency business industry.

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Quote from: South Park on September 23, 2022, 03:09:08 PM

Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com". I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

And I believe the same as well, if you take the time to read his allegations you can see that he is just hurt that he is not part of the success of stake and he is envious about the lifestyle that his friends are enjoying, so he is trying to hurt them while at the same time he is trying to obtain the same benefits for himself, and when the arguments that he supposedly has in his favor are so weak then it will be a massive surprise if he happened to actually win the trial and get the amount of money that he is asking for.

No one would be on their right minds on not to make themselves to be part of the success of a company that we've been seeing now which is Stake.We know on how this casino started out and how it becomes so huge.

Its understandable that its been connected on Primedice wayback and then creating other platform for giving those casino games been offered and ending up successfully.As one of the creators or owner or something like that and ending up on not to get the right share or benefit then it would really be just right that you would really be taking such initiation on suing them out.
You cant just let yourself do see that they are living on a lavish life while you are doing on the opposite.

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Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com". I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

And I believe the same as well, if you take the time to read his allegations you can see that he is just hurt that he is not part of the success of stake and he is envious about the lifestyle that his friends are enjoying, so he is trying to hurt them while at the same time he is trying to obtain the same benefits for himself, and when the arguments that he supposedly has in his favor are so weak then it will be a massive surprise if he happened to actually win the trial and get the amount of money that he is asking for.

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Quote from: NAPK1NS_RA3 on September 02, 2022, 12:17:22 AM

https://watcher.guru/news/bitcoin-casino-founders-slapped-with-a-400m-lawsuit?c=566
As a long time Stake user this makes me feel concerned, I'll be withdrawing all of my funds and going elsewhere!

As far as i know Stake is one of the oldest, biggest and also most well established online casinos out there. So i think that even if this lawsuit is legit and will end up in court i don't think that this will have a drastic impact on Stake.com, because even if they would have to pay 400 M $ to that guy i highly doubt that they would have big problems to pay that amount of money.
We all know that crypto casinos make a lot of money, that is also the reason why they can offer twitch streams 1 M$ or more if they use their casino on stream. So i would guess they have enough money on the side to pay a fine. 400 M$ is a huge sum though and i can definitely understand if users get nervous.

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Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com".

I thought Eddie Miroslav is the creator of stake casino and stunna is his partner in crime? Or maybe it was only his nickname but his real name is ed craven? But anyway it's great that they cleared it out. Now stake players don't have to worry anymore and they can now continue playing as usual and for those guys who made an attempt to damage the reputation of stake, they are the ones that must pay big for this.

Quote from: Sithara007 on September 21, 2022, 10:03:19 PM

I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

Not even if he hire a good lawyer? But I think a good lawyer isn't also cheap but they can also come with a good price and let say if he hire one, stake can also hire much better than that because they have a bigger budget.

davis196

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Such lawsuits take years before the final verdict and in most cases both sides would agree on a settlement for a way lower price.
Stake.com will be fine in the next year or two. There's nothing to worry about in the short term. Stake won't turn into an exit scam.

Quote

Anyway, I've looked and search the Stake.com, it says here that the company has an estimated value amounting to $1 Billion.

This is pretty exaggerated. I don't know how to calculate the value of a big online crypto casino, but 1 billion USD seems way over the top.
Bear in mind that such lawsuit would lower the value of Stake significantly, because many gamblers would just panic and run away from the casino.

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Quote from: wxa7115 on September 22, 2022, 09:14:41 PM

Some people are surprised about what's happening with Twitch but I do not think it is surprising at all, streamers that were promoting casinos were getting incredibly popular to the point they were attracting more views than most video games, and since a lot of people that watch those streamers are underage then it is natural that something had to be done about it.

Now the interesting part is that they decided to go for a ban instead of a system that allowed those streamers to keep promoting that kind of content, so I wonder if Twitch was somehow forced to adopt that policy.

It's possible that Twitch provides such a policy so that streamers don't promote anything on their streamer platform and maybe they only allow those who play video games instead of gambling, Basically all new policies will definitely cause pros and cons because there must be those who agree and disagree but over time they will comply with the policy and run as usual.

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Quote from: Fortify on September 22, 2022, 02:17:54 PM

Quote from: NAPK1NS_RA3 on September 02, 2022, 12:17:22 AM

As a long time Stake user this makes me feel concerned, I'll be withdrawing all of my funds and going elsewhere!

Interesting to see that Twitch are going to be actively banning mention of these crypto casinos in future, so it looks like streaming services are starting to see danger in associating or allow advertisement of these highly risky gambling sites. It's actually surprising that there has not been more aggressive prosecution of them advertising on sites that are heavily visited by younger children. As always, it seems like the regulators are quite far behind in dealing with the problem effectively but this does not bode well for a positive outcome for Stake.com. It is shocking to see such a high number thrown around but they could probably pay for it with a long term profit share instead of having to sell up, we see the massive amounts they can spare on advertising already.

Some people are surprised about what's happening with Twitch but I do not think it is surprising at all, streamers that were promoting casinos were getting incredibly popular to the point they were attracting more views than most video games, and since a lot of people that watch those streamers are underage then it is natural that something had to be done about it.

Now the interesting part is that they decided to go for a ban instead of a system that allowed those streamers to keep promoting that kind of content, so I wonder if Twitch was somehow forced to adopt that policy.

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Quote from: Fortify on September 22, 2022, 02:17:54 PM

Quote from: NAPK1NS_RA3 on September 02, 2022, 12:17:22 AM

As a long time Stake user this makes me feel concerned, I'll be withdrawing all of my funds and going elsewhere!

Interesting to see that Twitch are going to be actively banning mention of these crypto casinos in future, so it looks like streaming services are starting to see danger in associating or allow advertisement of these highly risky gambling sites. It's actually surprising that there has not been more aggressive prosecution of them advertising on sites that are heavily visited by younger children. As always, it seems like the regulators are quite far behind in dealing with the problem effectively but this does not bode well for a positive outcome for Stake.com. It is shocking to see such a high number thrown around but they could probably pay for it with a long term profit share instead of having to sell up, we see the massive amounts they can spare on advertising already.

Come to think that Twitch isnt only the platform on which these companies would able to make advertisements which it would really be that normal that if they are prohibited or been banned or removed then they would really be allocating some budget for marketing in other platforms which they could really make still that exposure and appearance in overall market.Being banned or prohibited doesnt mean that it would be over for the business or would really make a huge toll for their revenue to be affected.This doesnt only talk about Stake but also other known sites as well on this market including in my signature.

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Quote from: NAPK1NS_RA3 on September 02, 2022, 12:17:22 AM

As a long time Stake user this makes me feel concerned, I'll be withdrawing all of my funds and going elsewhere!

Interesting to see that Twitch are going to be actively banning mention of these crypto casinos in future, so it looks like streaming services are starting to see danger in associating or allow advertisement of these highly risky gambling sites. It's actually surprising that there has not been more aggressive prosecution of them advertising on sites that are heavily visited by younger children. As always, it seems like the regulators are quite far behind in dealing with the problem effectively but this does not bode well for a positive outcome for Stake.com. It is shocking to see such a high number thrown around but they could probably pay for it with a long term profit share instead of having to sell up, we see the massive amounts they can spare on advertising already.

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Quote from: Mahanton on September 20, 2022, 04:51:36 PM

Quote from: freedomgo on September 20, 2022, 04:17:30 PM

Quote from: dothebeats on September 19, 2022, 04:23:13 PM

Quote from: DoublerHunter on September 17, 2022, 04:23:34 PM

It could be a big amount but I don't think it will affect the entire operation, Stake has been here for how many years and I think that is long enough for them to save a million dollars for their revenue. If there is no other way to settle the case I think to continue their business they need to pay that amount. However, I did not see any sign that because this Stake will fall, that is still a very small amount for them, they are a big company right and that has a very popular name kin the online gambling industry and I think they need to come up with this problem.

The question is, would the jury agree that $400 million is a just settlement for the demands of the plaintiff? Before the money is awarded, of course there'd be a trial, and the court will review all the details and see whether or not the complaint can push through or they will drop it. From the looks of things, Stake has the upper hand on this legal battle however that is not up to me or the articles online to decide. Pretty sure Stake would not back down from this as their statement sounds somewhat confident that they have this case on their hands.

There's no way that the court will even think of granting that kind of amount, $400 Million for a settlement? That's absurd! I cannot even imagine that the plaintiff who is a former partner of Stake seriously thinks that the company will just give what he wants. But even before they get to that point, the court will likely dismiss the case because the plaintiff didn't provide serious and solid evidence.

The case is still in progress and we dont know on what are the evidences that Freeman might show off which might result into the success of asking such huge amount.He had just asked out
on what share he should have.We dont know on what are the real numbers in terms of revenues been made but he wont really be making out those huge chunks
if he do sees that the company isnt really making that big revenue.Dismissing directly? I dont think so.

Directly? No, that won't happen because there's nothing like that in the real world but eventually I think it will be dismissed. Also, you got some point that Christopher Freeman may have some trump card in his sleeve that will likely make the case move to the opposite direction but as of this point, I think he doesn't have any of that. He should throw some proof first because that amount he's trying to ask is not a simple amount and it really looks like it was all allegations because he failed to provide some substantial evidence.

Sithara007

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Stake is currently the largest bitcoin casino in the world and the creators (Ed Craven and Bijan Tehrani) have already made it clear that the lawsuit is false as well as frivolous. The market value of the company is estimated at at least $1 billion, and they have been in operation since 2017. And the lawsuit by Christopher Freeman is laughable at the best. He claims that he was "misled into not taking part in the creation of Stake.com". I don't think that there is even a minute chance of Freeman winning this lawsuit with such wild claims.

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Quote from: Peanutswar on September 21, 2022, 05:16:27 AM

If this becomes crucialright now it is good to make a withdrawal with your funds because there's a chance that they might lock their platform for the meantime because of this and to make sure it is good to take it now but if you are not in the KYC and for sure if that is a large amount you want to withdraw there's a chance they might request you a KYC so you can withdraw a portion of your funds, I don't know yet if the stake has a limit for the withdrawal per day.

And this is not the worst scenario... they could decide to close the site and declare bankruptcy. Personally i haven't seen this in the past, and when a casino decide to close they give some time to their customers for them to withdraw their money.

This is just the lawsuit, and stake can win against the guy, so, let's keep an eye open and follow the news to see where this go.

Topic: Crypto Casino Stake.com sued for $400 million (Read 4171 times)