Topic: [FLAGGED] [scam] BetKing.io broke ICO promise and dropped token value 99% - page 5. (Read 4048 times)

I agree with you, it seems shady that with all that many millions in the bankroll, betking cannot justify just having a dice game and yes he might well be almost broke/insolvent now but he claims he spent 600 BTC for illegal buy-backs of BKB tokens.

If he had any funds from the ICO remaining he would have easily paid the 2 BTC licence fee to use the Crash software instead of scamming the software owner and furthermore probably would have paid the buy-back token rate to LoyceV to the tune of around $650 just in order to save the negative publicity that this thread has brought upon scammer Dean Nolan and betking.

Just because scammer Dean Nolan might not have much of the 2017 ICO funds left does not mean he did not have it to start with. And yes I agree, at the point just 3 months after the ICO ended in September 2017 the value of ICO investors funds jumped from $6.5 million to around $26 million in December 2017 (if you use the 1411 BTC figure with approximately $19,000 per Bitcoin). Exactly the number of tokens spent, cashed in and where the funding went is a mystery because scammer Dean Nolan does not allow audits.

Regarding your comment about the affiliates, I have no idea why he scammed affiliates if he had those millions just like I do not know where and how the funds were mismanaged. I do not think he was broke at the time of the 2017 ICO simply because the amount raised was too big to ignore, I do believe though betking is in serious financial trouble now and has been for some time and that is simply because of fraud and mismanagement.

One thing for sure is that scammer Dean Nolan himself stated he spent 600 BTC of near the total 1411 BTC (equivalent) raised in the 2017 ICO for buying-back BKB tokens from funds which were supposed to be used exclusively and specifically for the bankroll. It was one of selling points used to entice investors in the 2017 ICO. This is just one of the issues that I hope the UK Police (Scotland Sheriff) will look in to because if one person says that move was:

"illegal, it was fraud and it was a front in order for scammer Dean Nolan to sell his own tokens and/or it was a mechanism for scammer Dean Nolan to illegally sell a portion of the 30 million BKB tokens and pocket the funds for himself. It was also negligence and mismanagement on an industrial scale"

but the dictator running the betking website says it was:

"unfortunate, it was mismanagement, there were some bad business decisions but not fraud"

.. then we shall leave it to the police to decide what action (if any) they will take.

Where is proof that these amounts were collected and where is proof that the bankroll was $3.25 million?

Also, in the meantime the price of crypto currencies increased for some hundred percent and therefore the bankroll would have been $3.25 million x 3 $9.75 million.

But if a clown has a bankroll of $9.75 million, why does he offer only a joking dice service?

And why scam affiliates if he has $ millions?

It more looks like that he was close to broke and tried to scam wherever he could!

I am sorry about the manner in which you were scammed, no affiliates should have been scammed in any project. He also scammed several other people from the early days of his Pocket Rocket Casino too and some of those victims left appropriate red feedback for him and his scam websites.

Regarding the actual amounts of the ICO, they have been mentioned several times: https://bitcointalksearch.org/topic/m.21483982

From scammer Dean Nolan - start quote:

"Final exchange rate on bitfinex.com at ICO end



Total funds raised:

1,046.60623397 BTC
4,614.61055431 ETH
833.38469263 LTC

Total: $6,497,165.94 " - end quote

How are you coming to figures of $300,000 when the following information is correct because 50% of the 2017 betking ICO funds were to be used specifically for the bankroll?:

BTC 1046/2 = 523 BTC
ETH 4614/2 = 2307 ETH
LTC   833/2 = 416 LTC

$6.5 million /2 = $3.25 million

I agree with your assertion that for months betking operated just as a dice site and scammer Dean Nolan did not introduce the flurry of games he mentioned in the 2017 ICO whitepaper so he was in complete violation of a commitment that was used to target investors. It was a clear breach of the commitments he made in the 2017 betking ICO whitepaper because all he did was to add Sportsbook then remove it, then add Livetable affiliate plugins before removing them too. They were one of many lies, poor choices and very bad decisions made by scammer Dean Nolan but your calculations of $300,000 seem wholly incorrect.

All the available evidence suggests the doomed 2017 betking ICO did raise $6.5 million and 50% of it (which equates to $3.25 million) was supposed to be used exclusively for the bankroll.

Whether he did indeed use the funds in the way he claimed he would when he was enticing investment via the 2017 betking ICO whitepaper will only be known after a criminal investigation IF the UK Police decide to conduct one after they receive my case file and that is because scammer Dean Nolan has shrouded all activities related to betking and the usage of the 2017 betking ICO funds in secrecy.

Had he been open and transparent allowing for audits and financial scrutiny then the vast majority of issues would either have never arose or would have been addressed before they became even bigger issue.

 

All his behavior clearly confirms that he collected at best crypto currencies worth $300,000 September 2017 and nowhere near $ millions as he false and misleading claims!

Stating false investment numbers to attract other potential victims is investment fraud!

I was affiliate for this scam project and checked his scam website regularly and can confirm that he behaved like having not more than $300,000 on hand. I can not speak for the bankroll, but for building his scam casino website and marketing he behaved like a small child having $50,000 on hand!

For months only Dice was running, but if you have millions you will have introduced everything within a few months. You also will not start offering poker with leaderboard prices and thereafter remove it. With millions on hand you will built up a successful online casino, with only $300,000 on hand and incompetent of course not!

There was no agenda for a smear campaign against betking or against scammer Dean Nolan.

What did (and does) set betking apart from the others in my Scam Alert signature is that I was frantically active in the 2017 betking ICO thread warning potential investors that it was no doubt a scam. This was very soon after I registered my account in the forum. The way many of those bounty participants ganged up around myself, RichGang, iluvebitcoins, chazley and a couple of others to relentlessly attack us and to push our posts further down and out of view was something that was probably choreographed and encouraged by scammer Dean Nolan. The moment the ICO was over, the moment the bounty program ended (early and made many bounty participants upset) all those bounty hungry users that were attacking us effectively left scammer Dean Nolan to defend himself, alone - and he could not defend himself against the allegations.

It has been 18 months since the re-launch of the betking post-ICO website and it has been a $6.5 million disaster. The blame squarely and firmly lay with scammer Dean Nolan and nobody else. Had there been real leadership on his part, had he been open and transparent about the nature of his expenses then much of the hassles and issues could have been avoided.

Just four months ago he was closing betking down because it was a loss making disaster with no chance of ever catching up with Primedice, Stake, Bustabit, Bustadice, Bitsler and many others. He made a choice he was going to open a crypto exchange called "bifsafe" after another ICO and transfer existing BKB tokens to that platform but after diluting their value further because at least 100 million "bitsafe" tokens were to be created. Then he changed his mind weeks later and tried to cash-in on the "name and brand" betking once had a LONG time ago and decided to go down the EOS tokens route in the hope to bring in 200,000 new users by using airdrops and freebie give-aways - thus further diluting BKB token holders investment. He abandoned his plans for the "bitsafe" ICO which he started in November 2018 because of lack of investment so decided to give betking another try at success which has failed miserable thus far and shows no sign of ever being a profitable entity again.

Think about it, after he ran betking in to the ground he wanted to raise another $10 million for a crypto exchange he already had completed but was looking for investment for "development".

50% of the 2017 betking ICO funds were supposed to be held in a cold storage for "marketing, promotions, seo, design, development, server costs and legal" yet this scammer Dean Nolan re-launched the identical betking website post-ICO to the one he had when it closed in December 2016 with no development or apps or custom created games or anything else. From what I can see ALL of the 2017 ICO promises were broken (and breaking some of them such as the alleged 600 BTC buy-back of tokens when the funds used were specifically for bankroll and was a selling point to investors in the 2017 ICO whitepaper) could even be classed as criminal and I have been told it could be of interest to the police.

After highlighting and pointing everything out scammer Dean Nolan did not so much as even apologise to the people he ripped off. Had he apologised and tried to make amends and had he been more transparent allowing audits of expenditure then things would have been different for him, his investors and his base of game players but scammer Dean Nolan is a dictator who thinks the money he received in the ICO was his personal money to do with as he pleased without scrutiny and with impunity.

There is no smear campaign against scammer Dean Nolan or betking but there is a desire to have this scammer investigated by the Police and hopefully they will decide there is enough evidence against him to charge him with multiple criminal offences. He thinks by registering the company that owns betking in Costa Rica it is going to protect him because he himself resides in the UK but that will not help him.

Time will tell what will happen to this scammer but the fact is in September 2017 the betking ICO brought in $6.5 million but he mismanaged it to the point of closure and then in November 2018 (around 14 months later) he was trying to raise $10 million for "bitsafe".

He is a serial scammer who deserves to be held to account here (and hopefully in a court of law too) so gullible people and newbies do fall for his scams.

You are absolutely correct. The burden of proof when alleging a crime or a tort is always on the accuser, and the accused should be presumed innocent until the evidence shows guilt beyond a reasonable doubt when it comes to crimes, and based on the preponderance of evidence in terms of torts.

I have to say the evidence as is currently presented makes it appear that you scammed the token holders of your ICO by failing to buy back 10% of tokens every quarter. This is based on posts from your ICO OP and from your own statements.

I have to agree that JollyGood looks like he is pursuing a smear campaign against you and your business. It was in part because of this that when I started writing my first post in this thread, it was defending you, however once I worked through the details my opinion changed against you.

I believe there is still counterparty risk, although smaller when using 2-of-3 multisig escrow arrangement as you describe. If the escrow agent engages in collusion (no pun intended regarding current events in the States) with your trading partner, the money being held could be stolen. The escrow agent does not even need to make an affirmative statement agreeing to collude with your trading partner (risking his reputation), if your trading partner presented a signed transaction to the escrow agent sending the coin being held in part to your trading partner, and in part to the escrow agent, all the escrow agent would need to do is sign/broadcast the transaction.

A setup that involves less counterparty risk would be a 3-of-4 multisig setup similar to what you describe with an additional escrow agent acting as the 4th keyholder. If either escrow agent presents a signed transaction sending coin in a way it shouldn't be, his reputation is at risk and he may not end up with any illegitimate coin.

Well if he converted the 50% of the 2017 ICO funds that were supposed to be used for the bankroll from ETH/LTC to BTC, then he allegedly used those bankroll funds approximately 600 BTC (in direct contravention of the 2017 ICO promises) for buy-backs there would be next to nothing of the 2017 ICO bankroll remaining.


edit:

Scammer Dean Nolan is looking for more bankroll investors just 18 months after getting $3.25 million specifically for the bankroll in the ICO and then illegally using the bankroll to fund buy-backs which no doubt included his own BKB tokens which he offloaded  

These numbers come from "Investor Stats". I can't tell if any of the ICO funds are used for bankroll now, it looks like the entire bankroll now comes from third parties.

betking bankroll status immediately after the ICO compared with today:


September 2017: 500 BTC, 2250 ETH & 425 LTC (over $3.25 million)

March 2019: 19 BTC, 278 ETH & 445 LTC (less than $150,000)


Complete mismanagement and disastrous decision making by scammer Dean Nolan has led betking to the verge being shut down.

Actually the fun thing is, they might even be convinced themselves they did nothing wrong. And this is even worse.

This shows how perception can easily shift between different people.

Open your eyes! BetKing scam


The exchange rate in $ for the currencies increased enormously while the price for the BKB fantasy token in $ remained the same and later decreased close to zero!

Please show us the calculation for the BKB fantasy token price in $ during the time when the exchange rate for currencies increased enormously?

In fact, you invested in this ICO and suffered losses of about $700. I am surprised that the BKB token price has fallen so drastically. Yes, its ROI is approximately -99%.

I found this ERC20 token on Etherscan:
https://etherscan.io/token/0xb2bfeb70b903f1baac7f2ba2c62934c7e5b974c4


I think that good reputation is important if you want to run a successful business. LoyceV is a honest token holder who trusted and helped you, expecting the BKB token price to be pegged to the US dollar.

Serial scammer Dean Nolan has already covered that aspect of the argument by previously playing the following "I am totally innocent and did nothing wrong" card yesterday:


He effectively is saying he is a dictator, he can unilaterally change direction to the extent of wanting to close betking down as recent as a few months ago as it was failing and was a waste of time then open bitsafe scam exchange and then again change his mind putting the bitsafe scam on hold while using EOS BKT tokens to give betking one more chance at success hoping to bring in 200,000 new users. It failed again, betking is dying fast. https://bitcointalksearch.org/topic/m.50285774

Serial scammer Dean Nolan is the one pulling all the strings without scrutiny. He claims he does it with general consensus of investors but there is no evidence of this. At the worst he is out-and-out lying but at the very least he is the one planting ideas in to the minds of investors then getting them to agree to his nonsense.

Think about it for a minute.... if there were 100 million BKB tokens created in the 2017 betking ICO and serial scammer Dean Nolan retained 30 million on behalf of betking for "ICO bounties, testing bounties, advisors, hiring, future marketing and development" where are those tokens now?

If there were 70 million BKB tokens sold in the crowdsale and serial scammer claims betking bought back 70 million tokens illegally using 600 BTC from the bankroll then that raises two very important questions. First, how many tokens are out there that were not purchased back because 30m + 70m = 100 million BKB tokens that were created....

... and second, if next to nobody owns any of betking anymore since almost all of them sold up - betking "owns" the remaining bankroll funds and betking owns whatever is left of the 50% of the 2017 ICO funds that were supposed to be used for "marketing, promotions, seo, design, development, server costs and legal".

It means betking is sitting on a lot of money even now and there are next to nothing in investors that partially own betking.

Serial scammer Dean Nolan is the only one who made a massive profit on the betking scam. Literally for doing little work he probably pocketed millions. How on earth does somebody who took an almost thriving business and drove it in to the ground because of mismanagement and greed manage to still stay in-charge a la dictator?

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Oh well here we go.... this screenshot taken a few minutes ago shows what is left of the bankroll when the following information shows what was raised in the 2017 betking ICO:

https://bitcointalksearch.org/topic/m.21483982

1,046.60623397 BTC
4,614.61055431 ETH
833.38469263 LTC
Total: $6,497,165.94

And 50% of it was supposed to go to the bankroll meaning: 500 BTC, 2250 ETH & 425 LTC were supposed to go the bankroll but this serial scammer Dean Nolan claims he used 600 BTC from the bankroll illegally to buy-back tokens when that was NEVER part of the 2017 betking ICO commitments.

Serial scammer Dean Nolan is an absolute disgrace by mismanaging $6.5 million of other peoples money gained from the 2017 betking ICO. Some of it no doubt ended up in his pockets and the rest spent unnecessarily.

The betking bankroll was worth $3.25 million immediately after the 2017 ICO ended but it was rising to around $9 million in its peak December 2017 ATH BTC prices but now the whole bankroll is worth lower than $150,000

Just less than 3 months after the 2017 ICO ended which brought in $6.5 million for betking, the whole ICO funds were worth around $19 million thanks to the ATH BTC prices in December 2017 but this scammer never allowed audits so nobody can be sure how he mismanaged funds and why BUT the state of the bankroll is clear which has shrunk since the 2017 ICO ended.

the damage was already done and I'm sure token holders have no chance , but since Dean is planning to launch another ICO then such accusation may save future investors

what's really annoying me is that the site didn't make any progress , none of the promises that were made during ICO happened
there was no progress at all and there was  terrible management going on , that was obvious after poker and sportsbetting launch

Should I be surprised once some foolproof information against Dean was provided he isn't here to respond? Good job there LoyceV, that's clearly something he can't even deny imo.

I think the issue at hand is clear.

When someone acts as a dictator and feels he can do whatever he wants without scrutiny because investors are swallowing up the rubbish excuses he gives them, then he will no doubt continue to scam because he would feel he could get away with it.

If there were monthly audits and financial scrutiny then none of this would have happened.

Look at his attempted $10 million scam for his "bitsafe" project. He was inviting investors in the ICO but mainly BKB investors he had them duped while betking failed. He made a unilateral decision (by fooling investors in to accepting betking was dead and bitsafe was the future) to close betking and switch BKB tokens over to his new BTSC tokens. He made it clear the website and exchange software was complete but he still wanted $10 million from the ICO for "website development". Then he changed his mind and went for betking EOS tokens to try and give betking one last shot at some sort of success before closing it down.

Since there is no audit or scrutiny of funds/expenditure this scammer Dean Nolan had diverted funds to all sorts of places including:

- Profiting directly by siphoning funds or by selling his personal tokens using 600 BTC bankroll in buy-backs
- Hiring developers to make his bitsafe project using betking funds to pay them
- Reselling of BKB tokens directly on the betking website that were never supposed to be re-sold
- He refused to pay 20 BTC +EV to winners of the 2018 betking Christmas Wager and refused any audit to see what really happened
- Lots more

The man is a serial scammer, he will hopefully get jail time or at the very least the UK Police (Scotland Sheriff) will arrest him and interview him about his illegal activities surrounding the betking scam.

This alone is enough to confirm that Dean is a liar/scammer and cannot be trusted in any capacity. Literally just this one quote.

At the ICO, Dean said the BKB tokens wouldn't be sold again.
My question:
BetKing.io's answer (archived):
That promise was broken a year later:

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As the accuser, I don't have to convince the accused. That didn't work before making this thread. This thread was meant to convince others, not you. You're clearly denying everything.

Did not have to wait long for that question to be answered. Let me try another few...

Of the 600 BTC you allegedly used from the 2017 ICO bankroll funds in complete violation of the 2017 ICO promises when you unnecessarily funded the buy-back of BKB tokens, how many of those tokens were your personal tokens that you decided to cash in on?

And how much in BTC did you personally pocket from that?

How much in BTC of the bankroll remains?

How much of the 50% of the 2017 ICO funds that were supposed to be used for "marketing, promotions, seo, design, development, server costs and legal" remains?

will be launching the new project along with ico soon enough