Disruption In The Gambling Industry Your Opinion

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Quote from: mu_enrico on September 05, 2023, 11:33:48 AM

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

As long as users' funds aren't affected, users will continue to play there. I also didn't notice the event, it seems like business as usual. IIRC I played almost every day in the last week but everything seems fine. Not sure whether or not it's because I used non-ETH coins... So yeah, one hot wallet hacked means the owner gets less money to spend, but it won't affect the business.

Was this not the same drake that was reportedly been broke due to his addiction to gambling or it's just a media thing for click bait. If stake has such amount to pay such influencer annually, with this I don't there is a concern for the $41m that was stolen but, this money is huge to let's go. That's a whooping amount that some companies make in 5 years only to be stolen by some people thieves, that's too much to me, even if they have enough, they wouldn't let this slide because you don't know which will be next. The hackers may come back if they don't investigate about the hack.

No way users will not be affected, the money stolen was from a hot wallet which means is the part of the money which players deposit and withdraw but it is possible that they have more of that in cold wallet some where hidden from the public, it will be a shame for them to let people have access to all their funds when they understood the risk involved in leaving funds on the internet.

Eternad

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Quote from: coin-investor on September 06, 2023, 09:06:56 AM

I'm still waiting for news about the funds Hopefully they can recover Hopefully we'll have some big news in the coming days, I have this feeling that Stake players will grow more because they are now confident that their funds and accounts are safe and Stake is one Casino that they can rely on.

I will not be surprised if there will be a new mixer that will exist for USDT currency since this is the only way for hacker to get away completely with the hack. Stake doesn’t have any announcement which means they are still tracking the funds. The funds is visible on the Blockchain that means Stake doesn’t have a choice than wait for the hacker make a wrong move to reveal their identity.

Stake operation is not interrupted at all and that is the most important thing to be considered above all what happened.

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Quote from: Casdinyard on September 05, 2023, 04:51:01 PM

This comes with using centralized stuff on the cryptocurrency world, be it exchanges or casinos in this case, which drives the "not your keys, not your coins" statement even further. In any case, I don't think this is going to cause massive waves in the crypto world as big as Stake is. Casinos are just a percentage of the whole industry and since it's a niche hobby the ones who are truly affected by this are just those that gamble. This will definitely cause some massive changes in the gambling industry paradigms though, the fact that such hackings prove that no hot wallet is safe if it's centralized, may inspire/encourage people to use their own wallets and only transact in exact amounts which is actually good.

Though, there is an clear advantage on hot wallets when comes to massive services which need to carter high volumes of Bitcoin. It is easier to make all automatically for small withdrawvals with relatively low risks; only big movements are managed by human beings and using cold wallets. You know, when whales decide to get their money off their favorite casino.

Also, concerning the centralized services, there is no a problem with them as they are careful enough to invest in their own security; I am also pro decentralization, but I doubt we will see a decentralized casino at the same level of Stake in the short term.

coin-investor

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Quote from: AmoreJaz on September 05, 2023, 06:52:03 PM

as we have seen, not being biased here. stake continues their operations as usual. but if that hacking happened in a small casino, for sure, the site will be down or gone already. now that stake experienced such hacking, i believe, other gambling sites are already taking security precautions because they know, such huge amount of losses is absolutely not good for their business.

I'm thankful that the operation continues as usual they have to retain their player's trust but this is a big warning to the community that they need to beef up their security now that, hackers are now targetting casinos and they are merciless and will target even small casinos.

I'm still waiting for news about the funds Hopefully they can recover Hopefully we'll have some big news in the coming days, I have this feeling that Stake players will grow more because they are now confident that their funds and accounts are safe and Stake is one Casino that they can rely on.

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Quote from: Westinhome on September 06, 2023, 08:37:49 AM

Quote from: coin-investor on September 05, 2023, 10:26:34 AM

Even if it's not Stake the top casino in the industry can survive the hacking, they are not the top casino if they do not know that storing all their funds in one wallet is a big risk, if you're a big name in the industry you have diversified businesses portfolio so in case of failure from one venture they can still keep up because of the other ventures I'm sure they have something like emergency funds not really they expect hacking but on unforeseeable scenario.

In the case of Stake, I was worried but after seeing that they could manage I had a sigh of relief my only prayer is for them to recover the lost funds.
Stake, has proven why they are the leader in the industry.

Hacking is the common one in the crypto based industry,Since the Stake is the top casino in this world.So the hackers had try to hack the Stake casino.Luckily Stake had recovered the remaining wallet.Only ETH/BSC hot wallet was hacked and Stake made an official statement worth f 40 million dollars.The good point is the hacker not hacked the btc wallet of Stake.Because most of the casino including the Stake will had their most of the holding in the Stake.Even though hack happened in the Stake,the Stake had recovered the other wallet will be the good news.

Being a gambler,I will pray for Stake to recover their all funds.Even though they can manage the loss,I wish them to recover the remaining loss.The short recovery proved their leadership in the industries.It was the speedy recovery with my knowledge in the crypto field.

Stake surely is a large casino with large volume deposited and withdrawn everyday. But 40 million USD in hot wallet still seems to be a large amount to put on hot wallets. As hot wallet are made with intention of quick access, it naturally is less secured than cold wallets, yet it doesn't mean every hot wallets are susceptible to hacks.
The good thing is it's stake.com and the loss are comparatively small. They could spare it from their profit and still be able to run. It would make them realize of their mistake and they'd work better to keep the funds safe in the future and the specific way of attack would be exposed for the rest of the industry to learn from.

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Quote from: robelneo on September 05, 2023, 05:29:32 AM

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

Definitely yes, because as a big casino, they are always prepared for any ugly situation and can quickly seek solutions in order not to affect their business. I know that with every passing minute or hour, all those big casinos are making millions of dollars, so they will not want anything that can just stop their business for a minute.

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- When top casinos are hacked and they still operate and still into their business without interruption do you believe that

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Although we cannot be sure of something until it has happened, I believe that a big casino has every possibility of continuing its business even after it has been hacked, compared to small casinos.

Quote

- Do you believe that there will be more hacking after the top casinos?

- Do you think gamblers will stop playing for the time being after this is all settled?

Hackers are working tirelessly to make sure they access some platforms like exchanges, payment gateways, and casinos, and no one can be very sure what will be hacked next. For example, no one knew that stake would be hacked this day, so no one can answer that question.

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Quote from: coin-investor on September 05, 2023, 10:26:34 AM

Even if it's not Stake the top casino in the industry can survive the hacking, they are not the top casino if they do not know that storing all their funds in one wallet is a big risk, if you're a big name in the industry you have diversified businesses portfolio so in case of failure from one venture they can still keep up because of the other ventures I'm sure they have something like emergency funds not really they expect hacking but on unforeseeable scenario.

In the case of Stake, I was worried but after seeing that they could manage I had a sigh of relief my only prayer is for them to recover the lost funds.
Stake, has proven why they are the leader in the industry.

Hacking is the common one in the crypto based industry,Since the Stake is the top casino in this world.So the hackers had try to hack the Stake casino.Luckily Stake had recovered the remaining wallet.Only ETH/BSC hot wallet was hacked and Stake made an official statement worth f 40 million dollars.The good point is the hacker not hacked the btc wallet of Stake.Because most of the casino including the Stake will had their most of the holding in the Stake.Even though hack happened in the Stake,the Stake had recovered the other wallet will be the good news.

Being a gambler,I will pray for Stake to recover their all funds.Even though they can manage the loss,I wish them to recover the remaining loss.The short recovery proved their leadership in the industries.It was the speedy recovery with my knowledge in the crypto field.

maydna

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Quote from: AmoreJaz on September 05, 2023, 06:52:03 PM

Quote from: maydna on September 05, 2023, 06:47:44 PM

~snip~

as we have seen, not being biased here. stake continues their operations as usual. but if that hacking happened in a small casino, for sure, the site will be down or gone already. now that stake experienced such hacking, i believe, other gambling sites are already taking security precautions because they know, such huge amount of losses is absolutely not good for their business.

Well, it did not affect Stake as the casino was still running as usual, as if the hack had never happened. But, this can be a lesson for everyone to pay more attention to security issues, whatever the site, because hackers will come back by looking for loopholes they can enter. We as users, also have to activate all the security protocols that the site has provided so that our gambling account is also safe.

Quote from: alastantiger on September 05, 2023, 06:56:30 PM

Quote from: maydna on September 05, 2023, 06:47:44 PM

~snip~

There will always be hacks and it will not be the fault of the hackers but the casinos when they get hacked. Some casinos are very complacent and think that because it hasn't happen, therefore, it will not happen to them. Gamblers will still gamble it their funds in their casino wallet are not stolen and if their personal information submitted to the casino are not posted all over the internet.
If not they may even go as far as suing the casino for not being able to secure their personal details and now it is in the public space which someone can either use to cause them harm or discriminate against them.

Yes, those hacks will always be there and target every casino that hasn't improved its security. Casinos must always strive to protect what is in their casino, so that requires cooperation from all teams and not just from the security team alone. Gamblers will continue gambling and will not stop, and it will not influence them to gamble. If everything is still safe, gamblers will not sue the casino because the casino can guarantee that all user funds are properly protected.

stadus

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Quote from: n00ber on September 05, 2023, 09:58:46 AM

Quote from: stadus on September 05, 2023, 09:15:24 AM

Quote from: Jawhead999 on September 05, 2023, 09:04:43 AM

Most of centralized sites that still operate after get hacked are big and popular sites, that's why it's possible for Stake to maintain their reputation and recover their losses. Funds aren't always been safe, depends on how much the money they have that still not compromised by the hacker.

Every centralized sites are prone to be hacked.

The site is still active, so it's not that nothing happened. This publicity is even good for them because even if they lose money, they can still continue to operate. Just like when Binance was hacked, they have something called SAFU funds, and traders aren't affected. Perhaps their funds are insured elsewhere because it's necessary for businesses that handle large amounts of money to have insurance.

I tried to search how much this site is making, and I found some discussions from way back, like this one.

https://www.reddit.com/r/Stake/comments/pqkx1d/how_much_do_you_think_is_stakes_on_average_daily/?rdt=38393

Yes, centralized websites always have holes for hackers to find. So we can get updates and patches of web pages.
Big sites will be willing to compensate players. They will instill more trust in players by releasing regular updates. I see Binance has a super secure advanced update panel. They did very well.
I need big sites that will reward hackers who find their vulnerabilities. This is a safe solution with the added benefit of ads, Like Apple did.

I think big sites have that kind of program. It's a good way, though, to test their website to see if it's easy to exploit or not. As I mentioned, insurance is really necessary because they never know what could happen. Maybe they lose an amount that they can manage to replace, but what if next time it's a very significant amount that gets stolen? This site is huge and making a lot of money, so it's common sense to think that they will do everything to protect their investment and continue growing the business in the long run.

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Stake's revenue is 2.6 billion; the 40 million lost to hacking is 2%. This is a slap on the wrist, not a death blow

Big casinos like Stake are likely protected from such breaches by their diverse assets and large reserves. What about their user safety claims? Most of it is theater to maintain customer trust. These huge companies have the resources and infrastructure to improve security after a compromise

The mistake of trusting top casinos' post-hack operations? Possible but doubtful. However, focusing on smaller casinos, which can collapse following hacking, is similarly naive

Hackers will always try to break the system, regardless of casino size. What about gamblers? Real fans won't be deterred by this minor setback. The game is too exciting. Though flawed, Stake.com will recover if they play their cards well

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Quote from: robelneo on September 05, 2023, 05:29:32 AM

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

With the hack of stakes and how they manage to control the situation that would have if it were in some minor casinos would have caused pandemonium amongst their customers exposes a whole lot why gamblers should make use of highly reputed funds with large amount of back up funds to their name.
If this hack was to befall a small casino they wouldn't have been able to survive it within the time stakes were able to. But it also set a caveat to all gamblers that they shouldn't leave their funds in their gambling account irrespective of whatever casino they are making use of it is not formidable to hack.

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- Do you believe that there will be more hacking after the top casinos?

- Do you think gamblers will stop playing for the time being after this is all settled?

I am preempting another hack may not be on stakes again but it should be expected as these hackers ain't relenting at all.

I am yet to see or witness anything that can make gamblers stop from gambling.

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Quote from: davis196 on September 06, 2023, 02:17:37 AM

Do you really believe that Stake was hacked?
How the hell can you hack an online casino? I don't hear news about online casinos getting hacked very often.
Somebody, who has access to the casino wallets stole the coins. I guess that this must be someone from Stake employees, or this is just an exit scam disguised as "hack".
I think that no business can survive without enough funds and liquidity. The fact that Stake had concentrated lots of coins in one wallet shows incompetence.
I also think that the gamblers should stay away from casinos, that were "hacked". It doesn't matter if they were hacked for real, or this is just an exit scam disguised as "being hacked".

If crypto is easily hacked then why do people still want to play crypto until now, after all, from long ago MTGOX was hacked, I was the one who could not believe the news about it, except they Having access to operate his wallet, so why do people believe in stakes in the retas while not all money at that time was drained everything, things like that just people did not understand it.

The founder of the stake not only has stakes, there are some other businesses that are run, moreover the benefits obtained every year are not comparable to the money hacked, why worry about the site being hacked while they are still operating, after all there is no confirmation that they are really in retas And everything goes like nothing, all crypto media raises this news just to make FUD so that the crypto crash market, but there is no whatever impact, so for me it is just a joke, there is no hacker that can penetrate someone's wallet if you don't have access there.

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Quote

But it's more on the general opinion when top casinos are hacked

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

- When top casinos are hacked and they still operate and still into their business without interruption do you believe that

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

- Do you believe that there will be more hacking after the top casinos?

- Do you think gamblers will stop playing for the time being after this is all settled?

Do you really believe that Stake was hacked?
How the hell can you hack an online casino? I don't hear news about online casinos getting hacked very often.
Somebody, who has access to the casino wallets stole the coins. I guess that this must be someone from Stake employees, or this is just an exit scam disguised as "hack".
I think that no business can survive without enough funds and liquidity. The fact that Stake had concentrated lots of coins in one wallet shows incompetence.
I also think that the gamblers should stay away from casinos, that were "hacked". It doesn't matter if they were hacked for real, or this is just an exit scam disguised as "being hacked".

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Quote from: uneng on September 05, 2023, 07:33:55 PM

Quote from: AmoreJaz on September 05, 2023, 06:52:03 PM

as we have seen, not being biased here. stake continues their operations as usual. but if that hacking happened in a small casino, for sure, the site will be down or gone already. now that stake experienced such hacking, i believe, other gambling sites are already taking security precautions because they know, such huge amount of losses is absolutely not good for their business.

I think it all depends how the casino manage its funds. Despite the casino being a big or small one, they have to allocate only a minor portion of the total bankroll inside the hot wallet. Proportionally, hot wallets from big casinos will have more money, while small casinos will have less. For that reason, it's more interesting for hackers to focus on the big fishes, as rewards are potentially higher, with a single action.

Anyway, what I mean is that I don't believe a small casino would be doomed if they were hacked. By managing wallets correctly the loss can be recovered and the casino can continue operational.

All casinos are the same whether big casinos or small casinos they definitely have ways to manage funds to be safer and avoid detrimental things like that but usually most people who carry out hacking prefer big casinos which of course have quite a lot of money stored inside bankroll but it is not easy to hack big casinos because there are always layers of security or more difficult to infiltrate.
Hackers certainly have abilities and intelligence beyond normal human limits so it would be a shame if such intelligence were used to carry out illegal or prohibited actions even though they can earn large amounts of money by working for several sites to help provide security for those sites.

Each casino only has one bankroll to store all the money and then having to separate the money in the bankroll into several parts is going to be draining and teamwork.

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Quote from: robelneo on September 05, 2023, 05:29:32 AM

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

- Do you believe that there will be more hacking after the top casinos?

- Do you think gamblers will stop playing for the time being after this is all settled?

There is definitely always a security risk involved in online gambling, it doesn't matter if it's a small or large casino. A small casino company will have less money to spend on IT security, but there will also be less money to be stolen by the hackers. That is why I would expect that all the big hacker groups would rather focus on a large casino, because there is much more money to be made. It would make sense for the casinos to store their money in different wallets and try to keep them separately as much as possible. Unfortunately, hacking attacks and scams have always been part of online business and I don't see any real chance of getting rid of it completely. As long as there is the chance for hackers to steal money, there will be enough individuals trying each month. This is not going to change much to the online gambling industry, we the gamblers know of the threat and will still keep betting our money. As long as we learn from such attacks and don't leave large sums of money at the casino for a longtime, I think that the risk is manageable.

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Quote from: robelneo on September 05, 2023, 05:29:32 AM

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

- When top casinos are hacked and they still operate and still into their business without interruption do you believe that

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

- Do you believe that there will be more hacking after the top casinos?

- Do you think gamblers will stop playing for the time being after this is all settled?

It depends on the casino. If the casino is great in handling and managing assets, then we can say that they might survive hacking. I believe that in this industry, trust is a big factor, and once the casino failed to protect its assets, it's over for them because gamblers wouldn't trust them again no matter how big their name in the industry is.

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Quote from: AmoreJaz on September 05, 2023, 06:52:03 PM

as we have seen, not being biased here. stake continues their operations as usual. but if that hacking happened in a small casino, for sure, the site will be down or gone already. now that stake experienced such hacking, i believe, other gambling sites are already taking security precautions because they know, such huge amount of losses is absolutely not good for their business.

I think it all depends how the casino manage its funds. Despite the casino being a big or small one, they have to allocate only a minor portion of the total bankroll inside the hot wallet. Proportionally, hot wallets from big casinos will have more money, while small casinos will have less. For that reason, it's more interesting for hackers to focus on the big fishes, as rewards are potentially higher, with a single action.

Anyway, what I mean is that I don't believe a small casino would be doomed if they were hacked. By managing wallets correctly the loss can be recovered and the casino can continue operational.

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I believe casinos have both hot and cold wallets, and whatever amounts they have in their hot wallets are simply for what they need for a quick and smooth day-to-day operation. The rest of their funds are probably stored cold somewhere else. So, in case their hot wallet is breached, it doesn't mean their day is over. They could continue to operate.

But, of course, we should also be responsible not to fully trust them and their assurances. No casino would announce to their users that they are in the brink of collapse. Assurances are always what we expect from them. So, we should also try to read between the lines.

If I were a Stake user, for example, I would be withdrawing most of my funds there and maintain only small amounts for betting. It's better to be safe than sorry. Observe the developments and wait for things to somehow stabilize.

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One simple and general answer: huge casinos are often targeted because they have a lot of funds that are relatively unprotected because it is stored in hot wallets. It becomes an attractive prize to the eyes of the hacker as they can try and get those funds with relative ease. These huge platforms can survive the hack compared to small casinos, and due to the hack they'll just upgrade their defenses against such attacks and recoup their losses by operating normally. No matter the weather, the threat of hacks on casinos, big or small, is always there, because they have huge funds in hot wallets that are easy to pick off.

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Quote from: maydna on September 05, 2023, 06:47:44 PM

Casino hacks will continue, and hackers will look for casinos that have not updated security or have leaks for them to use. And if the casinos don't improve their security systems, they will be the next targets. But gamblers are still gamblers who will continue to gamble at any casino they want and return to Stake to gamble there.

There will always be hacks and it will not be the fault of the hackers but the casinos when they get hacked. Some casinos are very complacent and think that because it hasn't happen, therefore, it will not happen to them. Gamblers will still gamble it their funds in their casino wallet are not stolen and if their personal information submitted to the casino are not posted all over the internet.
If not they may even go as far as suing the casino for not being able to secure their personal details and now it is in the public space which someone can either use to cause them harm or discriminate against them.

Topic: Disruption In The Gambling Industry Your Opinion (Read 307 times)