Bitcoin Forum

So, I once heard from a friend a quote.

"All banks have either been hacked and they about l admit it, or they've been hacked, but they haven't admitted it."

So I'm wondering if this is the same case with gambling sites, and would you trust one that has admitted they've been hacked, or one that keeps it quiet?

If you have money in the right casinos(assuming you are talking about investment based ones) , then most of them offer an address where most of the coins are stored to prove solvency. If they get hacked it would become evident.

As for the trust, its a personal choice, I don't trust either as a casinos can simply claim to be hacked and leave out users with nothing, on the other hand they could be running insolvent(maybe after a hack) which again would mean users will not receive their money that they invested.

There is two scenarios gambling sites admitted hacked.

1. They gonna turn scam by claiming hacked and can't refund users money there.
2. They are really get hacked, usually they keep quiet to make customers feel safe and they solve it as soon as possible, once a customer curious ask is everything ok they admitted hacked. But act professionally by calming down users etc.

As long as they can explain everything very clear and we don't have any problem to gamble, it's ok they admit it or not .

I would rather trust one that admits it because it would show that they are honest. (As long as they don't turn into a scam)
If you can't trust a site with being hacked, maybe you can't trust it with other stuff.

It depends on which one, and how they handle it. But I tends to trust the one who claims the hacks and manages to calm down the users and investors. They takes necessary measures to fix their bugs and pays out the withdrawal request, and are transparent.

Bitcoin casinos might keep small hacks quiet; but they usually have to tell the public about major hacks as it may affect their users.
Their users are bound to notice the hacks after a while, and that might make them lose trust in the casino. The best thing to do is to tell the public and to handle the situation professionally; don't leave them in the dark.

Primedice has actually been taken advantage of in the past, you can read about it here: https://bitcointalk.org/index.php?topic=843892.0

This is the truth. The same deal with exchanges. Poloniex was hacked but the admin slowly paid back every single user that lost funds because of it. Funds were insured.

Yes but most people want to withdraw their money right away after this incident. So although they explain it clearly I think player will still say that this site is scam or anything bad. I dont think that you can directly telling them that your site is being hacked like that. I think they should cover everything without anyone noticed then find a way to give some payout to them before they know something happened to the site

Some site hides about them being hacked because most people will be afraid of losing their funds in the casino and that could damage the site's reputation . Most sites fix their exploit even without telling their players that they are hacked beforehand so both this options has pros and cons

I would rather trust the site that admitted it has been hacked. It would also require for them to compensate the lost fund to the users (if users funds were lost). And ensuring future steps to avoid getting hacked again.
Lying about something like this can only do the company harm.

Why would they won't admit that they were hacked?
IMO, no one would trust a casino that cannot admit that they were hacked. But still we cannot blatantly accept the fact that they were hacked without any proofs, because it can be faked too.

Most large casinos or large bitcoin sites do actually get hacked. Sometimes so badly that they have to go bankrupt.

I am pretty sure most of the time they admit their mistake.

I will trust the one that admit they've been hacked if they really got hacked. But some of the past scam hyip and lots of other ponzi have used hacked as fake made up statement to get away from investigation so the one which provide link to cold wallet address (bitcoin related casino) to show their solvency and admint when they get hacked will be the trusted one.

I would sure have more trust on a gambling site that informs it's users when a problem occurs, and shows the mesures they are taking to solve the problem and avoid further issues. If they keep it quiet and I eventually find out, they will sure lose my trust. If it does not get out, then of course everything will stay the same, because we don't know, but I think it's a risk not worth taking by the sites.

Casinos with proper cold storage shouldn't get hacked in the first place. Isn't that the whole point behind having a cold storage so the funds can remain completely secured?

I can understand if a site claims that their hot wallet got compromised (which usually has a small amount of coins), which is acceptable but I don't believe when they say their funds got stolen from cold storage. If funds move from a cold storage, its almost certain that the real owners moved it themselves and claimed they were stolen.

If a casino don't have a visible cold storage then you can not know if they were hacked or not unless they explicitly declare that themselves.

There are alot of cases where cold wallet could be hacked as well , if you remember that few months ago bitstamp cold wallet was also hacked so saving funds in cold wallet is not the problem here but wether you trust a site that honestly claimed they were hacled pr trust a site that keep silent about it

There is always the option of getting hacked, no matter what site it is. It doesn't even matter if it has a cold wallet or not. Who says the hacker cant get into the system and change the deposit address into his own so anyone entering the site sends him the money ? or anything along those lines. The question in the OP is simple tho, would you trust the company who is honest about it or the one who is not.

I would not trust a company which doesn't insures user's funds. Its the company's responsibility to insure their clients funds. This is why it is getting hard for people to trust BTC companies, because it is getting much convenient for them to scam and call it a hack.

I would trust a company which despite of being hacked returns the funds of the users but it also raises a concern if their cold storage funds are getting hacked, then maybe they're not secure enough to keep funds with.


The question is dumb actually, if the company doesn't declares that they were hacked, then no one will know about it and then the question to trust or not-trust based on that doesn't exist.

A business will never accept their security has been compromised if they think they can get away with it. Why would they admit it? Even if they do it for ethical reasons, it would be against them, because people don't value honesty, people value good performance and security, and admitting that your stuff got compromised diminishes this sense of trust towards a brand.

So as long as I don't know about it and im having a good time in their casino im ok with it, of course if it becomes public that they lied, I would stop trusting them, but again, if they admit it in the first place, I would also don't trust them anymore, so it's the same.

In my opinion nobody is perfect and everyone has a right to make a mistake. That being said, it's not a sin getting hacked. It's important how will this casino handle a situation.

It always comes to my mind a Poloniex hack few years ago. They got screwed but they have handled it honorably and perfectly and I still trust them.

I agree with you nothing created perfect, there always something to exploit.
No matter they admit hacked or hiding it, if they could handle it professionally I think they are still trusted.
It's depending on the site principle, if they want to share and announce it no prob , and if want to hiding it then they have to act wisely don't make people suspectious / unhappy.

First let me ask you,Do you really think if some casino got hacked they won't admit this to the people and pay out of there own pockets conituously? I don't think so.
Still if they really hide they are hacked to just keep up there reputation then i won't trust such casino because they are hiding the facts and can be hacked again too and won't tell.I would trust those casino's who keep all the cards on table and tell people if they really are hacked with proof.

It is always better if a site acknowledge it's mistakes and attempt to improve on it... Nobody is perfect. If a site is hacked, they should immediately offer a bounty to catch

these people and reward people who expose their holes without exploiting it. {White hat hackers} ... You only need one person or hacker to announce that they have hacked a

site and that it was hidden from the public and your sites reputation would be ruined in any way. Step up to the mistakes and you would get more sympathy and support from

the community.  

I believe you are talking about the cold wallet address. The cold wallet is supposed to be kept offline and should not be in danger even in case of a hack. If the bitcoin in cold wallet is all gone, it is most likely an inside job or an exit scam rather than a hack.

Hackers could still hack into a cold wallet, like what supposedly happened with Bter. There have been a few studies relating to bitcoin and cold wallets, and theoretically it might be possible to find someone's private key through a transaction.

Some lucky-ass person could also generate the private of a currently used bitcoin address, and take all the coins stored in that address. But this guy must be super lucky.

Oh god. Do you trust in your casinos that much? Are you that much of an arse-kisser? Of course casinos won't admit it unless they absolutely have to. If they release the information that they have been hacked, these things could happen:

1. Mass panic and withdrawal
     - This could lead to people withdrawing and draining the hot wallet, so casinos won't be able to function, and without funds for customers to gamble and lose, how will the casino pay out the remaining people who can't withdraw due to the empty hot wallet?

2. Huge distrust
     - Customers could easily never come back to the casino ever again, now more than ever, with the abundance of online bitcoin casinos and gambling sites.



Heh. If they don't tell you, and no one finds out, how the bloody hell do you know not to trust them, as you dont have a clue if they're hacked? When you want to gamble, do you make a beeline to casinos that admit to being hacked? Dont make me laugh.