Crypto Casino Stake.com sued for $400 million - page 4.

serjent05

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Quote from: Jemzx00 on September 11, 2022, 03:12:28 AM

Anyways, I don't think the former partner has a high chance on winning his case but still wanted to proceed with it to gain money against Stake.

Same here. Other than the claim of the complainant, there is no written document that will prove that what the complainant saying is true. Aside from that, it is all like his words against the stake owner's word. And if the complainant claim that he is the one who set up the strategy and system of stake, he should have proof, like a patented document on any strategy or technology the stake is using but I believe the complainant doesn't have any document like that.

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Quote from: Jemzx00 on September 11, 2022, 03:12:28 AM

400 million dollars is never a small amount even with a billion dollar company such as Stake. However, the number of 400 million dollars is what the plaintiff or the former partner of stake demanded and it will never the final amount whether he won his case on the court. A lot of things are needed to be considered during trial for a fair amount to be decided.

Anyways, I don't think the former partner has a high chance on winning his case but still wanted to proceed with it to gain money against Stake.

If the company's worth is only a billion then yes 400 million can be considered to be large because that amount is almost 1/2 of their entire wealth but if we are talking about hundred billion dollars like close to becoming a trillionaire then 400 million can still be paid without worrying a lot. So, 400 million dollars is only just a minimum amount but the amount can still grow? Dang but what if the guy is defeated by the opposing party?

I think stake wouldn't paid him anything but stake will only pay the lawyers and other people that helped them sort this issue. They can save a lot of money because I think the overall cost will not reach 400 million dollars.

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Quote from: _act_ on September 10, 2022, 02:10:44 PM

Quote from: mirakal on September 10, 2022, 01:43:38 PM

Both of you are right, $400 Million can be a small amount to Stake.com and that same amount can also be seen as a big amount but that depends on which angle you are trying to see, and currently Stake.com has a net worth of more or less $1 Billion dollar. So, we can somehow say that in any case, Stake.com won't pay that ridiculous amount as a settlement for the said lawsuit and it is already expected that they will try to make that settlement go to a much lower amount where it can be described as a reasonable amount for the both sides.

400 million dollars is not a small amount of money, not at all. But has there been anything like the court saying that Stake should pay the amount? No. I am not expecting that as well. Even if Stake is truly at fault, the court can not make it oay such huge amount unless certain things are considered first.

400 million dollars is never a small amount even with a billion dollar company such as Stake. However, the number of 400 million dollars is what the plaintiff or the former partner of stake demanded and it will never the final amount whether he won his case on the court. A lot of things are needed to be considered during trial for a fair amount to be decided.

Anyways, I don't think the former partner has a high chance on winning his case but still wanted to proceed with it to gain money against Stake.

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Quote from: _act_ on September 10, 2022, 02:10:44 PM

Quote from: South Park on September 09, 2022, 04:49:04 PM

The demand is not about 400k dollars but about 400 million dollars, that is what is making people nervous about what it may happen to stake, if the amount that was in the demand was as high as the number that you are giving then I'm sure that many people will probably not care, but when the amount is so high this is making people nervous, because even if stake is probably one of the richest cryptocurrency casino that we have around I doubt they can afford to pay such high amount if they lose.

Stake customers should not be nervous, even if the case become very serious, customer's money is protected. They are not dealing with scammers, but with a legal battle in the court. It is a court case, people do not have to be worried. Be it anyway it ends, Stake customers are still going to increase as the gambling site progresses.

Quote from: mirakal on September 10, 2022, 01:43:38 PM

Both of you are right, $400 Million can be a small amount to Stake.com and that same amount can also be seen as a big amount but that depends on which angle you are trying to see, and currently Stake.com has a net worth of more or less $1 Billion dollar. So, we can somehow say that in any case, Stake.com won't pay that ridiculous amount as a settlement for the said lawsuit and it is already expected that they will try to make that settlement go to a much lower amount where it can be described as a reasonable amount for the both sides.

400 million dollars is not a small amount of money, not at all. But has there been anything like the court saying that Stake should pay the amount? No. I am not expecting that as well. Even if Stake is truly at fault, the court can not make it oay such huge amount unless certain things are considered first.

Of course, Mr. freeman must prove in court that Stake.com owe him this amount of money and Stake.com will refute that claim, its pieces of evidence against pieces of evidence and both parties will try an out-of-court settlement, it depends on who has the advantages in the presentation of the pieces of evidence, it's better for both parties to have an out of court settlement because its costly for both parties, and to protect the reputation of Stake as well

_act_

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Quote from: South Park on September 09, 2022, 04:49:04 PM

The demand is not about 400k dollars but about 400 million dollars, that is what is making people nervous about what it may happen to stake, if the amount that was in the demand was as high as the number that you are giving then I'm sure that many people will probably not care, but when the amount is so high this is making people nervous, because even if stake is probably one of the richest cryptocurrency casino that we have around I doubt they can afford to pay such high amount if they lose.

Stake customers should not be nervous, even if the case become very serious, customer's money is protected. They are not dealing with scammers, but with a legal battle in the court. It is a court case, people do not have to be worried. Be it anyway it ends, Stake customers are still going to increase as the gambling site progresses.

Quote from: mirakal on September 10, 2022, 01:43:38 PM

Both of you are right, $400 Million can be a small amount to Stake.com and that same amount can also be seen as a big amount but that depends on which angle you are trying to see, and currently Stake.com has a net worth of more or less $1 Billion dollar. So, we can somehow say that in any case, Stake.com won't pay that ridiculous amount as a settlement for the said lawsuit and it is already expected that they will try to make that settlement go to a much lower amount where it can be described as a reasonable amount for the both sides.

400 million dollars is not a small amount of money, not at all. But has there been anything like the court saying that Stake should pay the amount? No. I am not expecting that as well. Even if Stake is truly at fault, the court can not make it oay such huge amount unless certain things are considered first.

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Quote from: fullhdpixel on September 08, 2022, 03:58:33 PM

Quote from: blue_hurricanger on September 08, 2022, 04:40:38 AM

$400 million is big even for Stake.com, dude. If you want something to scale, look at bitcointalk Stake.com signature campaign. They pay at least a few thousand dollars per week for the participants. If they got like 10% of that $400 million, they would take over all other signature campaigns in bitcointalk, at the Gambling section.
Think about 10,000 participants with each getting paid around $50. 1,000 x $50 x 48 weeks per year = $2.4 million dollars. Just 10% of that $400 million is enough for them to run that kind of signature campaign for years. Advertise took a lot of money and $400 million isn't a small number, you see?

I think he was right. The said amount is not big enough for a giant casino like stake. Maybe you are not really familiar of this casino, that is why you can't agree with him. Other than their regular races and sponsorship to famous personalities and streamers, they are also giving a bonus which amounts are close to 10m every single week. Much more their monthly? Their budget on signature campaigns can be small, maybe because they don't really prioritize this forum.

Both of you are right, $400 Million can be a small amount to Stake.com and that same amount can also be seen as a big amount but that depends on which angle you are trying to see, and currently Stake.com has a net worth of more or less $1 Billion dollar. So, we can somehow say that in any case, Stake.com won't pay that ridiculous amount as a settlement for the said lawsuit and it is already expected that they will try to make that settlement go to a much lower amount where it can be described as a reasonable amount for the both sides.

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Quote from: gunhell16 on September 08, 2022, 11:06:52 PM

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!

I think that Mr. Freeman raised a large sum of money that he felt was defrauded by his former partner. But from what I see, it's not, it's like I see envy of Mr. Freeman.

As far as I know, the court dismissed Mr. Freeman claimed, Besides that, I don't see STAKES being affected by those allegation.

Why did I say? because if the stakescom is affected by Mr. Freeman, I hope the participants are also affected by the stakes here in the signature campaign that they pay a large budget, to be honest.

Then it's your choice dude if you want to spend your money on stakes. Because I see that many gamblers continue to play on stakes.com.

That was just a false charge. It is clear that stake.com is clean. Mr, Freeman is invited to join but due to the requirement, he declined it. Now that the Stake.com is doing well, he tries his luck by twisting stories and claiming that he was "discouraged" (intentionally giving a situation that is not favorable to him) in joining stake.com. I think it isn't envy but greed that motivates him to do this kind of action. But well sorry for Mr. Freeman because he does not have enough evidence to back up his claim.

Mahanton

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Quote from: South Park on September 09, 2022, 04:49:04 PM

Quote from: noorman0 on September 09, 2022, 11:31:52 AM

Quote from: gunhell16 on September 08, 2022, 11:06:52 PM

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

During this time customers didn't really understand whether $400k was enough to bankrupt Stake or just a small number of annual earnings. Even if $400k were to be drained, it would only involve Tehrani and Craven's private pockets if the Freeman name had not been implicated since Stake was founded. This only involves their previous company.

After all, it's your business entirely with your own money. This is not strictly an internal case of disrupting the casino's customer service mechanism, you will still be able to bet and withdraw as usual.

The demand is not about 400k dollars but about 400 million dollars, that is what is making people nervous about what it may happen to stake, if the amount that was in the demand was as high as the number that you are giving then I'm sure that many people will probably not care, but when the amount is so high this is making people nervous, because even if stake is probably one of the richest cryptocurrency casino that we have around I doubt they can afford to pay such high amount if they lose.

Considering on how many years Stake had been operating plus the numbers of players or overall wagered and its revenue then you could really say that it wouldnt really be that much of a problem.
Yes, its a big amount but they could really able to pay that and cant be denied that it would really give out huge damage but they would really able to patch it up if they do still able to retain or maintain
up their reputation and able to generate big income on day to day basis.Freeman would really be considering on having those demands if we do tend to look up on the whole story
then you could really say that he has the rights on having the fair share.

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Quote from: noorman0 on September 09, 2022, 11:31:52 AM

Quote from: gunhell16 on September 08, 2022, 11:06:52 PM

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

During this time customers didn't really understand whether $400k was enough to bankrupt Stake or just a small number of annual earnings. Even if $400k were to be drained, it would only involve Tehrani and Craven's private pockets if the Freeman name had not been implicated since Stake was founded. This only involves their previous company.

After all, it's your business entirely with your own money. This is not strictly an internal case of disrupting the casino's customer service mechanism, you will still be able to bet and withdraw as usual.

The demand is not about 400k dollars but about 400 million dollars, that is what is making people nervous about what it may happen to stake, if the amount that was in the demand was as high as the number that you are giving then I'm sure that many people will probably not care, but when the amount is so high this is making people nervous, because even if stake is probably one of the richest cryptocurrency casino that we have around I doubt they can afford to pay such high amount if they lose.

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Quote from: gunhell16 on September 08, 2022, 11:06:52 PM

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

During this time customers didn't really understand whether $400k was enough to bankrupt Stake or just a small number of annual earnings. Even if $400k were to be drained, it would only involve Tehrani and Craven's private pockets if the Freeman name had not been implicated since Stake was founded. This only involves their previous company.

After all, it's your business entirely with your own money. This is not strictly an internal case of disrupting the casino's customer service mechanism, you will still be able to bet and withdraw as usual.

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Quote from: Fundamentals Of on September 08, 2022, 08:04:03 AM

Quote from: Baofeng on September 07, 2022, 06:06:53 PM

Quote from: Fundamentals Of on September 06, 2022, 10:41:51 PM

But again, I think this will end up in a friendly negotiation. Freeman might not get his $400m demand but at least he will still receive a good amount rather than nothing at all.

If he is wise (I'm assuming he is), he will have to settle it with his ex-friends and live with it. There is no way that the court will give him to his demand. So it's going to be bitter sweet divorce for them and they can go and continue their war outside with their competition in crypto platform.

It will all depend on what they would present to the court and whether they are enough to convince the court's judge of their claims. Both parties are apparently saying two different things. So it will all boil down to hard evidences that would hold water after strict scrutiny by the opposing lawyers as well as by the judge.

To my mind, this $400m is already ballooned. It is probably a bloated amount, the maximum, so that in case of a negotiation or in case it would be lowered down, it would still be a significant amount.

Such a high number will probably never be reached, this is basically one of the oldest tactics in the book, if you are selling something you ask for way more than what you are willing to accept in order to give yourself some room for negotiation.

So it is likely that if both parties were willing to come to an agreement the amount given to Freeman is going to be many times smaller than what he's asking, and that is supposing there is room for negotiation, something that is going to be very unlikely if the owners of stake really believe they are on the right.

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Quote from: gunhell16 on September 08, 2022, 11:06:52 PM

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!

I think that Mr. Freeman raised a large sum of money that he felt was defrauded by his former partner. But from what I see, it's not, it's like I see envy of Mr. Freeman.

As far as I know, the court dismissed Mr. Freeman claimed, Besides that, I don't see STAKES being affected by those allegation.

Why did I say? because if the stakescom is affected by Mr. Freeman, I hope the participants are also affected by the stakes here in the signature campaign that they pay a large budget, to be honest.

Then it's your choice dude if you want to spend your money on stakes. Because I see that many gamblers continue to play on stakes.com.

It's still definitely in the process, stake was only accused but not proven they committed the crime, so the business will continue and their reputation is intact. I think it does not affect them at all as until now, we see how popular they are and how they continue their aggressive marketing.

gunhell16

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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!

I think that Mr. Freeman raised a large sum of money that he felt was defrauded by his former partner. But from what I see, it's not, it's like I see envy of Mr. Freeman.

As far as I know, the court dismissed Mr. Freeman claimed, Besides that, I don't see STAKES being affected by those allegation.

Why did I say? because if the stakescom is affected by Mr. Freeman, I hope the participants are also affected by the stakes here in the signature campaign that they pay a large budget, to be honest.

Then it's your choice dude if you want to spend your money on stakes. Because I see that many gamblers continue to play on stakes.com.

fullhdpixel

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Quote from: blue_hurricanger on September 08, 2022, 04:40:38 AM

$400 million is big even for Stake.com, dude. If you want something to scale, look at bitcointalk Stake.com signature campaign. They pay at least a few thousand dollars per week for the participants. If they got like 10% of that $400 million, they would take over all other signature campaigns in bitcointalk, at the Gambling section.
Think about 10,000 participants with each getting paid around $50. 1,000 x $50 x 48 weeks per year = $2.4 million dollars. Just 10% of that $400 million is enough for them to run that kind of signature campaign for years. Advertise took a lot of money and $400 million isn't a small number, you see?

I think he was right. The said amount is not big enough for a giant casino like stake. Maybe you are not really familiar of this casino, that is why you can't agree with him. Other than their regular races and sponsorship to famous personalities and streamers, they are also giving a bonus which amounts are close to 10m every single week. Much more their monthly? Their budget on signature campaigns can be small, maybe because they don't really prioritize this forum.

@Kakmakr I don't think they will approach their ex partner and offer him money because the issue had already came out but they can do this if their ex partner secretly warn them first about this.

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Quote from: Baofeng on September 07, 2022, 06:06:53 PM

Quote from: Fundamentals Of on September 06, 2022, 10:41:51 PM

But again, I think this will end up in a friendly negotiation. Freeman might not get his $400m demand but at least he will still receive a good amount rather than nothing at all.

If he is wise (I'm assuming he is), he will have to settle it with his ex-friends and live with it. There is no way that the court will give him to his demand. So it's going to be bitter sweet divorce for them and they can go and continue their war outside with their competition in crypto platform.

It will all depend on what they would present to the court and whether they are enough to convince the court's judge of their claims. Both parties are apparently saying two different things. So it will all boil down to hard evidences that would hold water after strict scrutiny by the opposing lawyers as well as by the judge.

To my mind, this $400m is already ballooned. It is probably a bloated amount, the maximum, so that in case of a negotiation or in case it would be lowered down, it would still be a significant amount.

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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!

Do you mean that is the best choice?
No, i think all will be fine and i believe is lack of understanding and bridging of contracts cause most problems.
well you can choose to go away with your funds maybe if Tehrani finally settle with Christopher Freeman.

although this would be a very tough case reading from here

Quote

The firm affirmed that it would stand its ground and not give in to Freeman’s demands. The founders of the Bitcoin casino were quite confident about the court dismissing Freeman’s claims shortly.

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Quote from: cryptomaniac_xxx on September 04, 2022, 04:30:54 AM

Quote from: mindrust on September 04, 2022, 12:08:44 AM

Even if he don’t win the lawsuit these news will be devastating for the casino’s public image. Now lots if people will panic and withdraw funds because of that. It may even send the casino to bankruptcy. Stake/Primedice is (or was) one of the biggest casinos in this space and not many people had any serious problems with them. They (probably) still have a good reputation but these news might change everything.

I don't think that this could be a significant news for Primedice/Stake, they are the prime movers of crypto casinos and with that it's hard to see them losing that position because they are fighting against one another in the court. For sure there will be competitions already that will try to take a piece of the pie, but it will not be easy as this 2 are still on the top of this very niche. Unless there have been issues like not paying their whales, but in this case? as othes mentioned it's just about the money and not their reputation is on the line.

The fiercest battles usually happen between brothers.

It may not look like a significant event to you but like I said if they can't come to an agreement, this might be the end for primedice/stake.com for good. That's also why I don't like to do business with partners. Partners mean trouble. Fuck em. The best way to do business is doing it alone. It may pay lower but you will have the peace of mind which is more valuable than almost anything imo.

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Quote from: Kakmakr on September 06, 2022, 08:22:14 AM

Guys..... $400 million is peanuts for Stake.com.... they probably have a gross income of over $1Billion Dollars on a monthly basis. (Gross income... not Net income) Wink

They also have enough money to pay for the best lawyers to defend them in court, so I will not be too worried about that. I think Stake might approach the ex-partner and offer him a lot less (out of court settlement) and then let him sign a non-disclosure... and that will be the end of that. Wink

They can even temporarily stop paying some of these over paid streamers or get out of the Watford / Everton / Drake / Adesanya sponsorships... to settle with him. (I think they are over marketing Stake in any way) Roll Eyes

$400 million is big even for Stake.com, dude. If you want something to scale, look at bitcointalk Stake.com signature campaign. They pay at least a few thousand dollars per week for the participants. If they got like 10% of that $400 million, they would take over all other signature campaigns in bitcointalk, at the Gambling section.
Think about 10,000 participants with each getting paid around $50. 1,000 x $50 x 48 weeks per year = $2.4 million dollars. Just 10% of that $400 million is enough for them to run that kind of signature campaign for years. Advertise took a lot of money and $400 million isn't a small number, you see?

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Quote from: Pierre 2 on September 06, 2022, 02:15:15 AM

It is sad to see these kind of things happen with crypto involving casino projects. As others said I think it's hard to trust people when it comes to money and business. If stake com partners had somekind of legal arrangement when it was just new business they wouldn't deal with such issues. Maybe they already did (we don't know yet) and gonna use that on law case. Yet its still sad to see such kind of news.

Before crypto are existing as been suit cases in court, this is not new. We do not know who is right or wrong too. We can not call this a bad news, things like this are happening in life.

Also not that Stake fold up, it is still a reputable gambling site. I am even surprised that OP is afraid and have the conclusion that people should move their money out of Stake, but it is just a legal case in a way that Stake users will not be affect.

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Quote from: Pierre 2 on September 06, 2022, 02:15:15 AM

It is sad to see these kind of things happen with crypto involving casino projects. As others said I think it's hard to trust people when it comes to money and business. If stake com partners had somekind of legal arrangement when it was just new business they wouldn't deal with such issues. Maybe they already did (we don't know yet) and gonna use that on law case. Yet its still sad to see such kind of news.

You should not be very surprised because this kind of thing had been happening before now ams I don't think stake.com would be the first company to be sued based of this kind of category which looks somehow obvious. A legal sue that be taking in anyone or company so this can only end in compensation or wrong move.
If stake stand to be not guilty of any of the legal attack then no compensation will be made. This is not a good reason to leave or staking cashing out funds because of legal attack.

Topic: Crypto Casino Stake.com sued for $400 million - page 4. (Read 4171 times)