Bitcoin Forum

I have been disbursing more time on FortuneJack this days since it's been suggested to me on this forum but a question pop up in my head today and I think its better to ask, (1) Binance exchange has collateral fund in case any hack takes place or users lose funds, is there any gambling website that has the same just in case? (2) is there any gambling website that got hacked and reimbursed their users in the past and they still functioning till date?.

I do not know this about game sites, but exchanges are far more risky as they use hot wallet for customers fund to make fast transactions possible.

What I know about gambling site is that the more they are established, the more they will have something like that.

But know that it does not mean, there are many new gambling sites on this forum that are very good and perfect and no issue of hack. But we should not leave our money on centralized platforms, only leave the amount you want to use to bet on gambling sites.

But I am not worried about gambling sites like the way I am worried about those centralized exchanges that are prone to attack.

Surprisingly, I have never heard of a casino hack before. Exchanges are getting hacked left and right but I don't remember any major casino going bankrupt for getting hacked.

Which makes me think... those exchange hacks are probably done by the insiders because the exchanges hire lots of people and when there are lots of people in a payroll, some fuck ups will inevitably happen.

Casinos usually operate with much less people so it is easier to keep them in check. To answer your question, I haven't heard of any casino doing what you asked.

Maybe it will be a thing when some of them get hacked in the future. (hopefully not)

Same here. It's rare to see a few months go by without a breach happening on some centralized exchange somewhere.

If you look closely at the Terms & Conditions of crypto casinos, you will notice they mention in one way or the other that players can't hold the sites accountable if an unforeseen incident happens. Major hacks and security breaches are examples of such incidents. I doubt many would or could (if they wanted to) compensate their users if something like that happened. It's their goodwill to do it unless the terms state otherwise. 

So far as I know there are not many cases of hacking gambling sites let alone casinos, on the contrary there are always many hacking cases on exchange sites, I don't know much about the development of fortunejack sites now because my account there is locked and can't be accessed so I forget it but as long as I play there, their site is very safe so you don't have to worry about that

Around the forum i have not seen or witnessed any hack on the gambling website, this is only common to exchangers and in most cases doesn't has collateral fund unlike the tie 1 and 2 exchangers does. Sometimes in early April 6th 2022 a well known local betting site was hacked (https://twitter.com/Kotetv_ng/status/1512878856457400335) some local currencies were made away and i don't think people's fund refunded or something similar, since i m not user of that site. ^source (https://www.vanguardngr.com/2022/04/fg-condemns-hacking-of-bet9ja/)
So from my experience here such have never happened before, rather the only complaint i have seen so far is gambling site banning them due to inaccurate and appropriate information submitted during KYC's.

I don't understand, you're in a section that talks about gambling but you're asking if binance has the money to pay people in case of a hack? As far as I know, yes, they have the money to make this commitment, I don't remember the source where they talked about it, but back to the casino issue, there are few cases of hacking in casinos, don't worry about it. just worry about using reliable casinos that at the time of withdrawal they don't take long and they don't fail be careful with new casinos especially when they ask for KYC, doing KYC in a new casino is very risky mainly because they still don't have a reputation and there is no guarantee that they won't can steal your money and sell your documents to criminals on the black market

He is only using it as an example about the question he wanted to ask which is if gambling platforms are also having a means to pay customers back their money if the money is stolen by hackers from the the gambling site. This can be very possible with crypto gambling sites, but I do not think it is possible with fiat gambling sites.

That does not also mean that old casinos can not sell your data too, as far as you give out your data, it can be used for inappropriate purposes for their own gain. But new sites should not be trustworthy, there are ways you can be able to know if a new site is a scam or not, but new sites pose more risks.

IMHO, gambling sites doesn't have feature like SAFU but they don't keep all the funds in their hot wallets, most of the investors funds will be moved to the cold storage so its like 70 to 80% of their funds will be safe even in the total hack. But the question you asked is really urging so in future casinos will have feature like this to make their customers feel safe and lure more people with such satisfied customers?

Let's think that in case of something like that happened, they are ready and anticipated that it could happen to them some time but not fully expecting it because they're more invested in their security.
But, if that ever happens, you should think that they might just say that all funds are affected and they could do a refund, full, 50%, 10% or any percentage that they might tell because we don't know how they'll deal with it.

Crypto exchange earns huge profit from the huge trading volume fixed while casino only rely on the house edge and if players lose to earn profit which means they don't have that much funds compared to crypto exchange like Binance thatncan afford to have an insurance feature to all there customers. Most of the casino that got hacked usually closed and declared bankruptcy especially if the damage is huge. There is no casino offers this kind of insurance thing if you read  all of there terms.

I also believe the reason why there's nothing like SAFU in gambling sites is because they really do move their funds to their cold storage.
There may be abuses in terms of bonuses or rewards, but hacking is not very often you can hear from gambling sites.
If in case of hacking incident, I think they are fast enough to detect the anomaly.
Though there was one gaming site, Axie Infinity, where hackers got away $620M in crypto.

https://www.bleepingcomputer.com/news/security/hackers-stole-620-million-from-axie-infinity-via-fake-job-interviews/

not sure if betking.io was a major casino back then, but I remember seeing a thread where they claimed that they were hacked and closed their gambling site. not sure how true their claim was since there are members there who were sceptical about the hack that had happened to betking.

Casinos looks more secure from the hackers, I don't know if they just didn't disclose this but I didn't hear any news about this kind of incident, so I think gambling site are safe as long as you are dealing with the good project. I'm also not familiar with the site that offers collateral if something bad happen with the site, just to be more safe better not to store money on any gambling site because we can't really know if it's possible or not until it happens.

So far we have not read about any casino hacking because they are taking care of their Whitelabel partners and in case there are I don't think you can ask them to reimburse you because there is nowhere in their TOS that they will do a refund in case their casino got hacked, it still depends on the casino if they are going to refund their players but I doubt they will, casinos are very much different from exchanges when it comes to the security.

Even if gambling websites are hacked, I don't think they will make it public because it is something bad that could happen to them and even result in their casino being abandoned by users. They will refund all their users and say there was a system update or something to remove the user's worries. This will also allow the casino site to maintain its reputation. I've never heard a story about a hacked casino, but it may happen before.

(1) Crypto exchanges and crypto-gambling sites do have different forms of regulations. Here in crypto, don't expect a sort of insured money protection in case them messing up with their customers.

(2) In most cases, those sites are not hacked but rather turned into scams. If a reputable gambling site got hacked, it's not that users' wallets will be depleted but rather the site's hot wallet. Those accounts that experienced deductions or unauthorized withdrawals on their balance were likely got hacked because of the users' fault.

Both platforms are completely different in almost every aspects. Also, Exchange platform are prone to hacking as it holds not only bitcoin but rather almost all cryptocurrency out there which is also why they have reserves in case something were to happen. Regulation on both platforms also differ on each other as there is much more required documents and regulations on exchanges compared to online casinos.

There have been almost no hacking incident reported on gambling platforms other than the casino itself scamming it's users so that's why it's a must to choose a gambling platform that has a good reputation.

I have yet to hear about a online gambling casino being hacked. I have heard many times about crypto exchanges getting hacked, but never a casino. Maybe gambling casinos just have way better security and/or easier code? I am sure that the casinos are working together with the partnered exchanges to hedge their risks and have some backup plans in case of a hack. They definitely have the money to reimburse any players after a hack, since gambling casinos make such nice profits.

A good reputation is a completely different issue. Any platform can be hack-free and have a bad reputation. But in the case of Fortunejack, their reputation is pretty much spotless.

@Crypt0Gore, The title of this thread doesn't match with the questions which you have made in your main post. You should change the title of your thread.

Gambling website doesn't work like an exchange site. Most of the gambling site have hot wallet and cold wallet. They process the withdrawal of the users from hot wallet, but they never keep big funds in that wallet. Gambling site keeps a bigger part of their bankroll in the cold wallet. Therefore you won't be able to bankrupt a casino by hacking the casino website only. In the past, some gambling site was showing the proof of their bankroll by providing a signature message with their cold wallet address. But this trend isn't available anymore.

Probably not. A scam casino Betking was hacked in 2019. However, everyone has doubt about the hack story (that's a long story). A different casino (Bitsler) had refunded some players of Betking casino who lost their funds for the hack. Read this post (https://bitcointalk.org/index.php?topic=1268718.msg54234856#msg54234856) and check this thread to know more about the refund story: BetKing.io Refunds - Partnership with Bitsler -Promo ended (https://bitcointalk.org/index.php?topic=5241045.0)

^It depend on the gambling casino in the end, I saw a few casinos send a refund to their users right after they are closing in their business.
But it is different from what you have said the same on Binance, and I don't know if Binance either if there is truly a reimbursement fund that will get hacked or if that is only their marketing strategy to lure people to use their site. For me, there is no such website that has a truly reimbursement fund even Binance cannot provide evidence that they are holding that fund. So I think just gamble only at reputable gambling casinos.

So far I have never seen any online crypto casino that has been hacked. There were few that said that they were attacked (DDoS), but never been hacked.
On refund thing, since I do not have any resources of any hacked crypto casino, I can't tell if there are companies that refunded their customer due to their site being hacked. Regardless, I think if they are concerned with their users, I'm sure they will.

1, I don't think casinos have a reimbursement kind of thing unless stated on their TOS, heck afaik being hacked is included in "unforeseen" circumstances which don't let them take responsibility when you play on their site afaik. 2, Casinos are notoriously hard to hack since the system they have itself is pretty much tried and tested for years, and most hacks anyway are insider jobs instead of from the outside. I've seen reports of bugs that can take advantage of the system, but being hacked/compromised? Nope. As a scam though? A lot.

So far in my tenure here in Bitcointalk, I have not read any news of casinos that has been hacked or I missed that news if there are any, it's very rare compared to exchanges that utilize hot wallet and on your question will casino refund their players, it depends on the discretion of the casinos because nowhere you can find in their TOS that your fund is secured and you will get refunded if their casino got hacked, they are very confident on the security of their casino, you should ask in the casino you're playing if they will do refund so you will have a peace of mind.

As I mentioned earlier casinos recognise this idea and become first to implement, casinos are also growing big like exchanges so stay in the competition they have to give better user experience and ensuring the safety of funds.

As a matter of fact the casinos are less likely hacked means they are having better security system compared to the cryptocurrency exchanges?

This is the best thing to do. OP can ask their customer support about it. If they say that they will pay their users incase of hacking then it should be stated on their ToS to serve as assurance to its users.

I do think that gambling websites have more layers of security than crypto exchanges. So far since I learned about crypto, I haven't heard of them being hacked particularly those who we know that have a good reputation.

Exchange is an asset storage platform (indirect function) that will only attract the attention of wallet specialist hackers and casino is a gaming platform that will attract the attention of game system vulnerability hackers.
From here you can see the difference, of course they will be more concerned with the security of their respective platform functions. And as far as I know, the average casino platform prohibits users from only depositing funds in the account for more than a certain period of time without activity.

So far both questions are still doubtful in me too if it has but likely number 1 question is there's any of that. For casino online hacks that happen in the past, as I research, it was more like data leaks and that hackers are just demanding some money, installing ransomwares and many more tricks up on these hackers sleeves.

Are you storing a large number of funds in casinos, traders are doing this for obvious reasons, but gamblers seldom do this, many players use all their bankroll to bet or if they won an amount they will withdraw the amount so they can use it or enjoy the money or not tempted to play all of it, on reimbursement I don't think the casino can do that because no casinos have this on their term or they even stated it, as hacking is out of the questions on casinos, whereas on exchanges it is very prevalent.

Actually there is no need to ask that on customer since its already stated on the ToS of every casino under the liability. Most of the casino has a special provision they don’t give any warranty on any loss of the player including when the business is close. There is a clesr note in the ToS that you are accepting all written aggrement for there services including the liability part since the user has a freedom to use or not the casino.

There is no such thing as insurance in casino because this business is on hih risk. You are definitely already started gambling the moment you deposit your balance in there.

I've never seen too most likely they have just an attack due to some reason in the server being down but they immediately fix these issues as possible because of the players continuously playing, and also incase of the current game players they can create a ticket or report those to the members which is right here as a representative, that's why it is good to check if the reputation of the gambling casino is good even though they have license still there's a chance that they can make an exit scams to the players who made a deposit to the platform.

Honestly, I don't focus that much on details like this on a casino because It's rare and as far as I remember I don't hear any hacks that made a casino fall into bankruptcy. We all know that exchanges are the one that hackers are always targeting but there are casino experiencing some exploits to their own system just like what happened to primedice before that someone figured out how to win their own game. I also don't know if a casino offering this kind of reimbursement system but I've never saw this kind of statement on TOS of every casino I played.

I am not sure about the online casino reserve funds and in case of hacking, if it concerns casino wallets, then it is unlikely that users can hope for compensation, only if it is a reliable casino, then you can claim it through the court. For example, after the hacking in 2018, as a result of a series of DDoS attacks by Americas Cardroom, several scheduled tournaments were canceled, including the insanely popular Million Dollar Sunday, and they simply refunded the players their entry fees, but the one who was in a big plus at that time just saw a zero balance.

https://twitter.com/ACR_POKER/status/990415112245792768

(1) I believe any big and trustworthy casinos are willing to refund for the gamblers as long as the hack doesn't make them become bankrupt, similar like Binance who have SAFU if they're got hacked and the hacker can get the whole Binance money, there's no way for CZ to refund.

(2) Based on my experience, I never read any news if there's a casino in this forum got hacked so far. I think fiat casino who have a gambling license have such story, because licensed fiat casino is really hard to create due to strict rules and there's a responsibility from the regulation.

You can read all the TOS of the casinos here but you cannot find that in any of their terms, I guess you're asking this because you're storing a lot of money in casinos which is not recommended when you deposit money it becomes a part of your bankroll and you are expected to play with it and you can win or lose, we are not in a trading platform, where you are not going to lose all your money, this is gambling and your chances to lose money is very high compared to trading, so I doubt if casinos will refund you in case of a hack, but that casino will lose their reputation because gamblers expect casinos to be hacker proof.

But sadly, not many customers are willing to take the time to read the ToS of each casino because they are tempted to play right away and see their luck. If the casino does not provide any guarantees to its users, users do not need to keep a balance that is too large because it will be too risky later. It's better just to deposit as much money as we can afford so that if one day the casino closes its business for some reason, they won't be too sad and sorry.

We must realize this because no business can run forever. And even though the business will not be as popular as it is now, we will be okay because the risk we accept is not too big.

If the customer or gambler wasn't able to read the ToS of the platform, then the casino is at no fault or responsible if their account gets hacked and would like to request some compensation. It's our responsibility to know the ToS of any platform we will be engaging on whether it's a gambling platform or not. If in any case, you don't want to read their ToS then I agree that one thing that you can do is ask their customer support either on live chat or email and ask for all the necessary information that you would like to know to avoid violating any rules on the ToS.

We all know the risk of using any platform as a wallet whether it's an exchange platform or a gambling platform, which is why if we our funds to be secure then we can always deposit it in our paper wallets.

So far i havent seen one for a gambling site that had been hacked but only into that Primedice exploit which causes on withdrawing lots of bitcoin but after than i havent seen major hacks involving gambling platforms

When it comes to reimbursement or something talks about compensation or giving back into those who are affected, then it would really be that varying on a certain platform.We cant point off some fingers on which

one does have the plans on giving some money into those people who had been affected or just simply tells that there's nothing that they could do since all of the funds were hacked.
It is very situational and does vary on teams decisions on what they would gonna take.

And that is what happens to most gamblers who are immediately attracted by the many bonuses that the casino will give. They forget this important part and immediately deposit their money and play with the hope that they can win a lot of money from gambling games. And when they get into problems like, for example, not being able to withdraw their winnings, they will immediately complain and scold the casino because they have withheld the money even though it was their own fault.

And yes, when it comes to our funds, it will be safer if we hold them ourselves and not use other places to store them. They can do something with the funds we have and we can't do anything about it.

Asset storage for the exchange owners maybe but not for the users as its risky to store funds there but even with gambling, storing funds is also not recommended and like you said there are even gambling sites which restricts deposits from users who just made their gambling accounts as a kind of wallet but isn't it strange?

Are those people not aware that there are separate crypto wallets which they can use or maybe they are criminals whose goal is to launder the money later on and slowly withdraw the money to their desired wallets. Not just a gambling site can restrict a deposit but they will also restrict withdrawals without doing extra actions such as KYC and doing some wagers.

This will be a bit similar to the thread you first created about Lack of bug bounties from gambling platforms (https://bitcointalk.org/index.php?topic=5416131.msg61070781#msg61070781)
you cannot compared casino to exchange, both have different ways in terms of finance which is always a target from hackers.
Exchanges put more assets in hot wallets for faster withdrawals their users and the number of coins that are in trade can be a hacking loopholes not on the exchange but the network on the coin that is on their exchange while the casino only provides a few coins and usually the choice of coins is only those that have been proven safe on the network.
That is why you will rarely find a casino that has been hacked, I've never even heard of a casino being hacked and user funds lost.

We can say that casinos does still need to have funds on their hot wallet considering on how many people would really be making withdrawals on said day.It is really just that they do really differ in terms of volume or the

money inside of their storages or wallets.Yes, its true that i havent seen any gambling website that had been hacked but there are some exploits which bonuses had been abused and able to withdraw some funds.

There's no such thing about perfect security and it would be always have the chance or odds of those hacking situation if both platforms are really that not putting focus
when it comes to security.