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

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.

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.

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.

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.

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.

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.


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.


 
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.

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.

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.

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.

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.

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

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.

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.

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.

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".

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.

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.

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. 

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.

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.

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.

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.

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.

Big casinos can handle it, especially if they have big funds in other wallets. The casino will also assure its customers that they can still run their casino well and ask their customers not to worry or panic because of this incident. I don't think Stake will be bothered by this problem, especially since we know that Stake has proven to the public how big its casino is so that it can get a good position among other casinos.

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.

You've just read my post but do not understand what I mean What I mean is operation I am a webmaster and would never think of the idea that you only need funds for security, After the hacking the only thing that will be in question is the aftermath will they operate at the same level.

Can you please read all the other members' posts so you will get the general idea, you are the only one who thinks that


 

Hacking is not new for centralized exchanges. The moment you entrusted your funds to them, expect that it’s not 100% safe anymore no matter how they assure you it’s high security. However, the only good thing about top casinos when hacked is that they can easily recover and still pursue with their operation. I guess some have also seen it coming that’s why they prepared for it somehow. Unlike small and beginner casinos, the moment they’re hacked, it’s hard for them to recover again.

A casino's security isn't based on the amount of fund they've got in stock.... How did you even conceive that idea?? Lol.... If extra precautions are not put in place on the domains, then every hack attempt would be a success.
Secondly, peeps are actually  discouraged on Thier vulnerability - so I believe they're gonna think twice this time around - or maybe try out some other casinos too before the hack gets resolved.
I Don't believe top casinos can suffer losses from major hacks and still stand tall - even if they've got some funds left, they'll decide to tag for bankruptcy.

Sandra 🧑‍🦰

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.

I just used banks and wallets as figures of speech. I was referring to keeping large funds in the casino. Some individuals deposit large sums and use it to gamble gradually. Some persons might fail to withdraw their wins and the money will be kept in the casino. I intended to convey that it is risky to keep large funds in a casino.Each day hackers are coming up with new techniques to hack casinos. These hack attempts will not end but casinos should also ensure that they are ahead of them in terms of security. The best and trusted hands should handle the security of the casino and they should be up-to-date in cybersecurity.

It depends on the amount that gets hacked, but in case stake, it was fraction of fraction of yearly income. So no harm done there.

I am happy to keep my money on reputable exchanges and  i've seen reputable exchanges getting hacked in the past, but i trust most reputable exchanges more than banks are next level and they are more than enough funded to cover the lossses

Of course. When there's money involved there will be hacking attempts. Some of them will succeed. They have in the past, so i can't see why wouldn't they succeed in the future.

Its definitely a peanut size amount for Stake but their reputation is basically getting 'robbed' not really the amount of money. Some people probably wonder of what will actually happen in the future if a larger size is seized and obviously this is going to affect them for a while. Some people probably withdraw from the site or probably keep a sizable amount in there which actually hurt the company in a way

Stake is doing what they can to cover it up and Im pretty surprised that this isnt really the headlines for crypto right now. Few years ago, this would have made a huge headlines everywhere

Is there actually people out there who use casino as wallets of bank accounts? Because, even though I know there must be at least one who have tried it, from my personal point of view it does not make sense someone would try to do so having better options, to at least earn a small interest or even have more privacy.

i have written about it before but is not using a casino as bank account some sort of meme or urban legend started by the Simpson in that episode Homer decided to keep Lisa's college fund in a Poker website?

Anyways, regardless of it; you are right.

It depends on the funds that were stolen and how much they have to repay customers. In most cases, if the hacked funds exceed what they can afford to pay customers, they will go out of business. It is not also all casinos that have extra funds kept in other businesses or banks.
 Read the terms of services of casinos and you will understand how they operate. No casino guarantees that your money is safe and they don't also attest that you will get back your funds in cases of hack or other factors that will lead to bankruptcy. Don't believe any casino that assures you that your funds are safe. They will do only their best but they cannot guarantee that you will never lose your funds.
 You are just repeating questions. It is possible to happen but it depends on the level of damage the hack caused and the cost of keeping the business afloat.
 That's true because bigger casinos have more financial base to withstand the losses. But this is not always the case like the issue of Stake. Some casinos have built their reputation and have remained strong for many years.
 I don't wish that more hacks should occur because it puts money in the hands of criminals and makes genuine people lose money and jobs. It will also affect the economy of countries negatively due to it will reduce tax revenue.
Stake is not the only casino, other reputable casinos offer better service. I don't think there is any problem. The rules are simple, don't use a casino as a bank account or noncustodian wallet, and gamble only the amount you can afford to lose.

Big casinos have done more work in anticipating hackers or scammers ploy. That's why even when such happens, they rebound and correct errors that may have led to the hack. Smaller casinos on the other hand may rebound, but it might take a while, that's if the owners didn't act smartly to set up a decentralized wallet for their other funds.
Also any hack directed at a top casino that isn't fruitful or is, may be a caution signal to smaller casinos to do the needfull and protect against such happenings. Failure to do so might result in a successful hack of their accounts if care isn't taken and mostly when the smaller casino is in same proximity with the top casino.

We have pretty much the same sentiments on OP's questions here.
Big casinos like stake can survive a multi-million dollar attack but small ones would have hard time getting up again.
Because big casinos have their cold storage in place, where their bulk of funds are stored. So they won't go bankrupt easy.
Hacking will always be a part of online fraud, so these casinos should always be on the lookout to secure their site from potential attack.
It won't be the last hack among crypto casinos, as these hackers will always try their best to extract money from big money making businesses.
Gamblers will always be gamblers, so they will just continue to play as usual after the attack. They may pause for a bit but then, they will continue again.

I guess it depends on the level of disaster risk management that they have? They might have funds say split up in a few wallets, hence avoiding the absolute worst, thereby making it a lot easier to recover from said hack.
I'd say this can only ever be answered by them, whatever we users say can only really be an assumption. I'd say yes, since lying here would show pretty obvious results in about a few months, but I can't really blame them, Users pulling out might actually damage their casino more than the hack itself.

Why not? A temporary maintenance is usually all it takes to fix the problem, though I guess it depends on how the breach was done in the first place. I'm not familiar with how it happened with stake, but most breaches in big companies happen due to human engineering, and in that end it's usually really easy to fix. If it as a major security breach through a loophole though, then that might be a whole nother thing.

Not really no? I mean I've never really been biased about big and small casinos. My only ever bias was reputation (but if you consider that as big, small, then I guess I actuall am).
Again, this depends on the context of how Stake was hacked. If it was due to human engineering, then unlikely. If it was a major breach, then maybe, but if stake publicizes how it was breached, then it may be avoided.
I don't think so? If you mean on Stake, then maybe. But in general there's still other casinos to play with anyway.

Yes casinos can survive and this is Stake.com talking a big platform they must have reserve funds elsewhere.

They will maintain the good name of the industry, of course they will tell users it is safe.

They can still run their operations, so this won't affect users as they don't lose funds after being hacked.

Small casinos have little funds stored when a hack happens they can't recover and are out of the industry, but top casinos can survive because they have a lot of funds.

If their security system has been then hackers can find loopholes again.

No, they still do gambling activities as usual.

As long as its digital, it is hackable. There is no way around it. This is also mainly the reason why I prefer not to give any entity my KYC, if I can avoid it. Once that data gets stolen, you will be sweating bullets, wondering if somebody in the world is using your ID for neferious purposes- like taking a loan out in your name or commiting crimes in your name...

I doubt that this will make anyone stop playing on their platform. Especially because Stake has such a large following.

But that being said, at the very least, people should not store their money in centralized places. Like casinos or exchanges.

And most probably tight rules on KYC after this.  There has to be done to prevent this from happening again and while they are at it, it will be a hunt. If this thread didn't show up in bitcointalk, I wouldn't know. I'm sure gamblers might also missed this news if they were too busy betting on the platform.

In the other thread, it was mentioned that CZ could freeze the BSC funds. I'm not sure if it will add to the reputation of BSC or CZ but if he can do it, its all up to him.

Surely they won't let this incident happen again with tighter security they will implement so that it doesn't happen again, I think they have a better level of security after this incident.

I feel this is just a loss to the platform will not be affected to its customers they remain normal to run gambling activities including deposits and withdrawals, sometimes some players are sensitive after hearing this incident, but I will not go and keep using it because I have anticipated never putting money on the platform after winning.

If the casino has a long positive story within the community and it has been proven to be big enough for them to have liquidity to pay big jackpots, then I dont see any reason for us to doubt their word when they claim users funds are safe or about the integrity of their webpage on the long term, because isn't in the end gambling about trust? (In the case of centralized casinos).

If a website which have managed to earn the trust of millions around the world and  be a leader of the industry, it is because it has been priority for them not to lose trust of us, so they keep as much transparency as possible after hacks take place

Unfortunately, as long as we have internet and thieves on this planet, casinos will continue to be potential targets, the same with individuals and exchanges. 

When I read disruption, I think of the "innovation" and the technological development of an industry that makes waves towards how the world works currently and how it will differ due to the "Disruption" that something has.

This is a different kind of disruption. It seems that it's a disruption towards the single online casino and how it would affect the gaming business etc.

I think they are going to be okay with the online casino since it has reserves and possibly insurance when things like this happen. Since the example that you gave is a Hot Wallet, it's not going to be the reserves or something.

The important thing here if that happens is that the casino handles it gracefully and makes sure that the members are not affected and they make it known. That's what is going to make the casino be more trusted than ever.

As for the gamblers, they are probably going to continue to gamble.

Actually, they can. They always keep a reserved fund for scenarios like this. As long as the business is running, they are going to make money. So some hacking will affect the platform for sure but they have ways to deal with it.

Could be both. It's an internal matter and they will not disclose the information. I personally don't believe that the user data is safe. If the hacker can access one thing, they can access other things too. But still, it depends on their individual security measurements.

I guess it is believable. They have their backup plan ready all the time for situations like this. As long as the business is running, they are going to make money. So there are some possible ways they might handle this kinda of stuff.

Totally agree.

Different platforms have different kinds of security systems. But hackers will try to do it again on other platforms. So we may see more of this hacking.

It is safe to stay away from gambling for some time after incidents like this. Once everything is sorted, we can come back to gambling again.

Stake won't allow such incident to become worse for sure. As we all know they have the fund to increase its security and for sure they are taking this seriously.
But if this questions whether players would be aboidant of the platform not only with the aforementioned, then I think it depends on the player; some would and some won't. As for me, I'd still go as long as my funds aren't affected. Also, it was never in my habit to store that much of an amount in a gambling platform for such tendencies which would cause me trouble. We saw numerous sites which experienced such incidents but only a few managed to cope up with it.

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

$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.

It depends on how big the hacking is and what is hacked - user details? casino funds? etc. If it the information of their customers that are hacked, I think they would survive it but if it is a large amount of funds that is hacked, then that is a problem.

I do not believe them. It is all PR. Not organization is immune from hacking.

If a casino is hacked, they will lose the confidence and trust of their customers and it will require some time before they are able to get it back. Whatever they do after being hacked is just trying to put out a strong face so that they don't go out of business through low patronage.

Both big and small casinos should effectively bolster their cybersecurity to the latest.

Yes. I will. I will move on to the next available casino.

Big casinos can survive hacks and have enough funds to continue their operations.

Its loyal users will trust it, especially if they have been operating for a long time and it rarely happens or has problems like this time. Hacking is a common thing that happens in casinos and on websites.

As long as the casino can confirm that they are fine and unaffected by the hack and there are no problems with withdrawals made by users, that shouldn't be a problem either. They can still run their business well.

At least they are still operational after the hack and everything is okay.

Yes, hacks will happen again and there will probably be more. For this reason, the security team from the casino must work as well as possible to protect the casino from hacking. And this incident will increase the vigilance of each casino to be even more careful.

Gamblers will not stop gambling because they still have other casinos on their favorite list. This will not affect gamblers.

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.

This is the problem with centralized platforms, they are vulnerable to attack because they love using hot wallets for their operations. This is also a lesson for us to learn from,those people that are still keeping their funds in exchanges because we keep on hearing of hacking news on centralized platforms.

Gamblers remains gamblers,if a casino cannot continue with its service after a hack,that doesn't prevent gamblers from gambling. There are other online casinos that is providing the same service and are still in business.

That's right, usually big casinos have backup funds somewhere that they can use in times of emergency, for example hacking or other problems. And usually they also have insurance that will back up their operations. But in other conditions, if their financial condition has been chaotic since before, maybe they will immediately collapse.


Maybe when they say that users will be safe, it really is safe, or it's just an alibi to cover up that their internal state is messed up. No one knows what the casino platform says is true or not, so it all depends on the user whether they believe the statement from the casino platform or not.


No single online platform is completely immune to hacking, even Google has been hacked several times. So the possibility that they will be hacked is there. But the concern here is the frequency of the hacks and how they deal with them, that's the main thing.

 If we take on Stake's case based on Cointelegraph news I don't think Stake uses only one wallet to store their funds I believe big casinos can still sustain but they have to go after those hackers.

 They have to calm their players to keep the money flowing and stop the mass exodus of their players until they can't prove it.

They cannot stop the industry is looking into their action so even if something will hurt the operation they have to do something.

This has to be proven

 The gambling industry should now become proactive to prevent what happens to Stake

I don't think so, as long as the casino can assure that they are responsible for the safety of their players' funds

This will cause destruction or at least major reputational damage to stake, but it is not necessarily ending their high market share. They would be making a lot of money consistently, so while it will hurt the owner to lose these vast sums, potentially if they are able to weather any storm and pay out every cent by skittish customers in the short term, they may be able to survive longer term. There probably won't be any bonuses to the staff this year though. However this attack could have been very targeted, even by state funded actors like North Korea, who are very patient and will work their way in - knowing there are no criminal consequences to their behaviour but bit reward from their government for the cash.

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.

They would be able to survive if they have enough funds to continue their operations and also work on their security to assure their users that any similar vulnerabilities would be rectified and they won’t experience anything like that again, but if they don’t have any funds stored somewhere else I’m afraid they would have to fold up and might even face some law suits from their customers.

 
It will definitely affect their operations and also their numbers of customers will surely drop, because when hacks occurs the first thing that happens is the spread of FUD, and some little casinos might try to key into this opportunity to steal some users from the big casino, so all those are going to affect it.


They surely will be another hack but it’s not something that we will get to see everytime but hacks are not something that you can predict if we were able to predict it the company affected would have prevented it.


Lmao, ain’t no hacks stopping gamblers from betting. All they have to do is to look for another reputable casino to continue their gambling activities there the only ones that might halt for a while are those that their accounts were affected as for those that experienced no effect they are still going to continue gambling.

We'll know when that time comes but there are constant attacks on all online platforms including exchanges and even banks so it may or may not happen.

Some may but most would probably keep on gambling. If this incident keeps happening then that maybe the time to leave since the casino reputation on securing funds is already damaged.

Each team on duty has expertise in their respective fields.
Big casinos definitely have a well-structured planning strategy for security that is arranged in such a way because they are very aware of hacking.

A casino hack as big as a popular level like Stake will definitely be able to survive because of the reserves that are not stored in one place, but according to my guess as I said they have other plans that have been arranged from the start to anticipate any unwanted events.
Due to this incident, the Stake casino will definitely be better prepared for hacking security.

Will never apply to gamblers. They will continue gambling.

I am of the opinion that anyone can survive a hack, and that includes an online casino in case they are not so incompetent as to keep all funds in hot wallets or in one account. When it comes to this hack that you mention, the term "pocket money" is mentioned, because the company obviously has billions when it can afford something like this to happen to it.



Hacking is an integral part of the online world, whether it is a casino, exchanges or banks, everything that is connected to the internet is subject to hacking.



Gamblers will never stop playing, it's not something you just turn off and pretend it doesn't exist for a while. The hack happened, users funds are safe, business is going as usual.

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


So I think the amount stolen isn't huge enough to disrupt their operation.

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.

With the current situation of crypto market, it seems centralized exchanges are not liquid enough for attacks and so does Defi also, the new oil money for targeted hacks are now gambling platforms and this call for a concern. Not your keys, not your coin, however I'm not sure if we centralized exchanges are not any difference from gambling platform but the challenges is that you can't bet without your fund on theor hot wallets which makes it prone to attacks.

-Depends on how the Casino had itself plan, if there is an insurance that will cover the loss, they can come back but will take time before they become active or where they left before the hack. But, $41M is really a lot, I wonder if there is ab insurance company that can cover that loss without involving there loss.

-When casino says users fund are safe, I believe they are doing that to best of the ability but then, you can never tell, there are somethings that are beyond measures or unforseen circumstances where insiders member sell out the team for cheap share of the theft.

-It depends on the solid background and backers. Stake for example has a lot of people behind them, drake is there Ambassador and many other sport companies, if they are making millions from the company, they will support it throughout the trying times till they come back fully.

-skipped

-If hackers could break into a company like stake and they were able to milk them $41M, I expected more hackers to try other gambling platforms.

-Gamblers might change playing ground, they will avoid stake even the players that weren't affect, they will go to another platforms. Especially now that stake is having problems, other platforms will used it as advantage to get more customers.

Yes, because they can recover easily as long as customers will not abandon them. But also it’s case to case basis based on the amount involved.


You have no choice than to believe if you want to still control playing in the casino. Casino will not admit that user fund is not safe unless they already file bankruptcy. It’s the risk you are willing to take for still playing in that casino


Yes, it’s possible but again it depends on the amount involved and the bankroll of the casino. Only casino can answer this question


Yes on both question.

As expected they have shown resiliency they are really an industry leader but I'm sure they will not take this thing sitting down and they will go for the culprit, they have the money and the resources, and it really is a good choice to play in casinos that have proven their stability in the industry, it will indeed become a big disruption if Stake ceases their operation but they need a continuous flow of money so that is why they never cease their operations.

That's also what I'm thinking right now, gamblers will be more lenient on stable casinos, or the small or medium-level casinos should assure the gambling community that they are employing top-level security and assure their players that their funds are secure.

Yeah, they can, As you said, they have enough funds stored elsewhere but it would still depend on the casino whether they want to continue operation or not. Also, I am not entirely sure but hacking can be covered by cyber security insurance if the casino has it.

It could be both, but it is probably mostly to maintain their image and also not to make their gamblers/clients panic.

Just like my answer before, it is most likely to maintain their image and not to make their gamblers/clients panic.

When you say "priority" do you mean as a choice where to gamble? if so, yes. but it is not that bad trying out smaller casinos.

yeah, they would most likely try again, let's just hope the casino upgraded their cyber security.

entirely depends on the individual, some would probably stop and others would continue like nothing happened.

First let me say big up to Stake for its ability to continue operations even with the huge loss in the last 24 hours and being able to restore withdrawal for the affected hot wallets,  and back to your questions about the risk associated with big casino hacks

The news of the stake hack came unexpectedly since exchanges have been the main target for hackers for quite some time now,  making it look as if casinos have higher securities in terms of hot wallet protection and securities,  but with the stake incident, the reverse of the case and gamblers need to be wary of where they leave the money.

I believe that stake hacking won't be the last since hacking attacks won't seize to exist as bad actors in the industry,  but more also I will rather gamble on a casino that I know can survive even if the wallets are hacked rather than play on a small casino that will park up operation if there are hit by hackers and losing my entire fund.

I will say yes but it also depends on the casino. Most of the coins deposited by users should be moved to cold wallets. They known how their customers are depositing and withdraw which can be used to make this work accurately.

I can never believe that. Only when I know that my coins are safe is when I protect it myself.

I will still not believe it.

Yes but top casinos are mostly the main target.

They are using hot wallets, what are you expecting. Yes.

Gamblers will continue to gamble. Only what they can later do is to move to another casino. About Stake, this is what they do not want and make withdrawal continue even after the hack.

This topic is not about the recent hacking of Stake there is a dedicated topic about this

Stake.com Hot wallet robbed for 40Million + usd  (Confirmed by stake)

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?