Just in July 2023, there were multi-million dollar heists targeting Web2 crypto sportsbooks:
Not surprisingly, but progressively, the number of hacks towards online crypto sportsbooks is surging. The vulnerability of crypto payment platforms serving online sportsbooks has been exposed. The integration of cryptocurrencies has brought convenience and speed to the sports betting industry, but the lack of robust security measures has made these platforms prime targets for hackers. Two major hacks involving crypto payment processors have sent shockwaves through the online gambling community, prompting questions about the safety of sportsbooks that use cryptocurrencies without smart contracts.
CoinsPaid, a prominent crypto payment platform catering to various online casinos, found itself grappling with significant disruption. Withdrawals were suddenly suspended, leaving users puzzled and concerned about their funds.
In a separate but related incident, Alphapo, another crypto payment processor utilized by online casinos, suffered a severe hot wallet hack. The hackers made away with at least $60 million worth of cryptocurrencies, including Ethereum, Tron, and Bitcoin. Among the affected platforms was HypeDrop, a customer of Alphapo, which had to disable withdrawals due to issues arising from the hack.
Alphapo and CoinsPaid shared commonalities in their operations, serving various online casinos and experiencing substantial financial losses. Speculation arose about possible connections between the two incidents, with experts suggesting that a single group of hackers might be behind both attacks.
Crypto researcher Zachxbt speculates that the Lazarus group may be behind this, "The issue is you got hacked by North Korea that's what lol". Is there any concrete evidence to support Crypto researcher Zachxbt's speculation? While there hasn’t been a concrete proof, it is important that the vulnerability exist in web2 crypto betting.
A glaring factor in these hacks is the absence of smart contracts in the payment processes. Smart contracts are automated, self-executing agreements with predefined conditions that trigger actions when those conditions are met. Incorporating smart contracts into crypto payment platforms can significantly enhance security and minimize the risk of large-scale hacks.
This isn’t the end of the world for the punters out there. There are decentralized smart contracts that leverage immutable code, automated securities, and trustless transactions. UBET Sports democratizes traditional crypto sportsbooks, where the entire betting transaction happens on the blockchain. This makes it nearly impossible to alter, ensuring tamper-proof betting payment protocols, reducing the need for manual intervention, and being non-custodial (the UBET platform does not hold user funds).
Ensuring the safety and security of our bettors' wagers is paramount, that's why UBET has taken a significant step by having Resonance Security conduct a thorough audit of our smart contracts. Charles Dray from Resonance Security complimented our security practices saying,
"Resonance is happy to have worked with UBET Sports on an end-to-end security review. Not only have we completed a smart contract audit of their code, but we have also collaborated with UBET to implement our proprietary Resonance Security Dashboard to ensure that they can continue to stay on top of security long after the audit has been completed."
Additionally, in the world of web3 sports betting, users should dedicate increased time, effort, and resources to fortify their cybersecurity. With the shift towards digitalization, cybersecurity takes on even greater importance as a top priority and legitimate concern for users. It's essential for users to consider employing hardware wallets to ensure the protection of their valuable blockchain wallets.
The convergence of sports betting and cryptocurrencies is clear and it is rapidly reshaping the industry. The sports betting industry must prioritize robust security measures, conduct regular
audits, and stay informed about the latest developments in cybersecurity. By learning from these unfortunate incidents and leveraging innovative technologies, sportsbooks can continue to embrace cryptocurrencies while safeguarding their platforms and protecting their customers' funds. The urgency to strengthen security practices is clear, and the industry must act decisively to safeguard its future.
Get in on the Action with the UBET Mainnet Kickoff Contest - Sign Up Today! 🎉
Overall, UBET's official launch will bring a range of benefits to its users, including greater control over their funds, transparency and fairness in the betting process, and innovative features that enhance the overall betting experience. If you're a sports bettor who likes to time the odds, values security and transparency and wants greater control over your funds, then UBET Sports is the perfect platform for you.
The registration for the UBET Mainnet Kickoff Contest is finally open! 🚀 It's an amazing opportunity to experience the platform and win prizes. Sign up and get ready for an awesome betting experience! Let's do it together! 💪😄
Reference: https://www.ubetsports.io/press-media/is-north-korea-targeting-crypto-sportsbooks-ubet-sports-comments-on-the-urgency-to-shift-towards-decentralization
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