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[maydna]

I had FUN tokens before and yes, I also did sell it because I couldn't keep up with the developments of this token. However, I was thinking that this token can evolve into something useful for the gambling community. But it seems that they are not in progress here. So if the team won't really have the time to develop this into something useful, it can really die down fast and be delisted in some of the exchanges.

I also sold it before and not have much expectation about this token. They don't continue the project and just leave without notification so that makes Binance delisted this token. Hopefully no one from here are late selling their FUN token and still get some nice amount from that. At least, they can reduce their losses after nothing happens from the refund news before.

[Slow death]

Maybe they know that this day will come that's the reason they didn't bother to develop that token. Also yeah that is good indication that its final and there's no more development will happen on Fun token.

I really don't think that was the intention when they first created this token. At that time, Freebitco was running well and was one of the trusted sites. The developers would never have thought at that time that they would scam exit, otherwise, they wouldn't have come so far. I think it was later that somehow they were not able to run the site properly, it could be less revenue or competition (many new gambling sites are coming up with better services), we just don't know  

In this cryptocurrency market, scammers are very cunning. They are capable of creating a casino and operating it for many years, until the casino has millions of clients and they manage to make millions of dollars. I wouldn't be surprised if the token was also part of the scheme from the beginning. Since we don't know the identities of the casino owners, it's difficult to say this with 100% certainty. But I don't believe in these scammers. To me, they planned the scam for many years. It's possible that the site in 2017 was honest and the owners too, but this site probably went bankrupt many years ago and the owner may have taken on the mission of recovering as much money as possible and fleeing the site.

And in this scheme, they may have created the token to obtain more money quickly, and when they fled, they would have managed to profit a lot of money. I've seen many tokens created by scammers, and they're all similar. You see a lot of volume being transferred to exchanges, then suddenly the price skyrockets, and then they sell everything, and that's it, the token is delisted from the exchanges and dies. The scammers' operating model is always the same. I wonder: Binance uses KYC, yet these guys aren't afraid and create accounts on Binance. It's unbelievable the audacity these scammers have shown.

[uneng]

Maybe they know that this day will come that's the reason they didn't bother to develop that token. Also yeah that is good indication that its final and there's no more development will happen on Fun token.

I really don't think that was the intention when they first created this token. At that time, Freebitco was running well and was one of the trusted sites. The developers would never have thought at that time that they would scam exit, otherwise, they wouldn't have come so far. I think it was later that somehow they were not able to run the site properly, it could be less revenue or competition (many new gambling sites are coming up with better services), we just don't know  

There was too much supply of FUN for poor demand. That kind of scenario always creates an unsustainable situation where prices inevitably crash on long run. Before the scam, we have been talking about it and it was said there should be more efficient burning mechanisms to get rid of the tokens and to decrease available supply.

Anyway, I guess what happened is that freebitco.in's operators made huge money along the years, especially once the bull run of 2024 took place. As early adopters, they were already millionaire or billionaire at that point. Then, they just lost interest to continue managing the platform.

It's like someone who run a candy store on a desert neighborhood for decades until finally getting wealthy and having access to a luxurious life. Once that happens, they are most likely to close the doors of the store and use their time somewhere else.

The way freebitco.in ended, though, that is shameful and demonstrates ingratitude of the managers for the users who raised them to financial success.

[Free Market Capitalist]

There was too much supply of FUN for poor demand.

As is often the case with all tokens, they're just a way to line the pockets of those who create them. They create them, they create hype around them and once enough people have bought them, the creators have become wealthy enough that if the value drops to zero, the losses will be borne by the unsuspecting investors who jumped in too late.

That kind of scenario always creates an unsustainable situation where prices inevitably crash on long run. Before the scam, we have been talking about it and it was said there should be more efficient burning mechanisms to get rid of the tokens and to decrease available supply.

But it was clear that reducing the available supply to benefit the unsuspecting buyers who had bought late was not the goal. In the case of this token, there was an attempt to revive it through a partnership with freebitco.in, but the same thing happened as before: a surge of hype at the time, followed shortly afterward by a downward trend toward zero.

Anyway, I guess what happened is that freebitco.in's operators made huge money along the years, especially once the bull run of 2024 took place. As early adopters, they were already millionaire or billionaire at that point. Then, they just lost interest to continue managing the platform.

Probably.

[bitmover]

Anyway, I guess what happened is that freebitco.in's operators made huge money along the years, especially once the bull run of 2024 took place. As early adopters, they were already millionaire or billionaire at that point. Then, they just lost interest to continue managing the platform.

Probably.

This happened to many services... I think the same happened to yolodice, as they shut down their operations in 2021 in a bull run as well

I don't think this is going to happen again to services who started after 2020. Bitcoin volatility is much smaller now.

[maydna]

Anyway, I guess what happened is that freebitco.in's operators made huge money along the years, especially once the bull run of 2024 took place. As early adopters, they were already millionaire or billionaire at that point. Then, they just lost interest to continue managing the platform.

Probably.

This happened to many services... I think the same happened to yolodice, as they shut down their operations in 2021 in a bull run as well

I don't think this is going to happen again to services who started after 2020. Bitcoin volatility is much smaller now.

But the different is Yolodice shut down their operations with announcing to their ANN and gives members time to withdraw all of their funds. Ethan helps members with that so members can taking all of their money including their investment inside Yolodice.

[dwyane36]

But it was clear that reducing the available supply to benefit the unsuspecting buyers who had bought late was not the goal. In the case of this token, there was an attempt to revive it through a partnership with freebitco.in, but the same thing happened as before: a surge of hype at the time, followed shortly afterward by a downward trend toward zero.

If this was an attempt to revive the FUN token, it was short-sighted, especially on the part of the Freebitcoin team. It’s possible that they invested so many of their own resources into this partnership that it ultimately led to them shutting down and scamming their audience. Who knows, maybe if it weren’t for this partnership, things would be going much better for both Freebitcoin and its audience right now.

[bitmover]

But the different is Yolodice shut down their operations with announcing to their ANN and gives members time to withdraw all of their funds. Ethan helps members with that so members can taking all of their money including their investment inside Yolodice.

Yeah yolodice was a great casino.

I participate in their signature campaign for years, and even invested my funds there for some time before withdrawing.

[BADERO]

Maybe they know that this day will come that's the reason they didn't bother to develop that token. Also yeah that is good indication that its final and there's no more development will happen on Fun token.

I really don't think that was the intention when they first created this token. At that time, Freebitco was running well and was one of the trusted sites. The developers would never have thought at that time that they would scam exit, otherwise, they wouldn't have come so far. I think it was later that somehow they were not able to run the site properly, it could be less revenue or competition (many new gambling sites are coming up with better services), we just don't know  

When Freebitco.in was in its prime the crypto landscape was completely different and they were a dominant force in the faucet to gambling niche and built a massive and loyal user base when they integrated their token ecosystem, it made sense for their business model at the time and it’s unlikely the developers spent years building a solid reputation just to run a massive, decade long con if it was purely malicious from day one, a quick cash grab early on would have been much easier than maintaining the servers and community for that long

[Kavelj22]

Maybe they know that this day will come that's the reason they didn't bother to develop that token. Also yeah that is good indication that its final and there's no more development will happen on Fun token.

I really don't think that was the intention when they first created this token. At that time, Freebitco was running well and was one of the trusted sites.

From early days of crypto-based casinos, casino-based tokens haven't been that promising for companies in this field. Some casinos were successful lunching their own tokens internally before reaching listed in major crypto exchanges, but most of those companies didn't bother themselves thinking about doing such a step a competitive stage at least.

I think we can understand the major obstacles that can be faced from a casino company side. Mainly development reasons because a full department will be dedicated to this improvement. Also the major risks of the casino reputation and revenues being influenced by the token price flactuation in the trading market.

Overall, I don't see freebitco as a payoneer in other fields than gambling (before turning into a scam) after building a good reputation using a bitcoin faucet from crypto early days.

[zazarb]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

[Zwei]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

they would have the same fate as the bitcoin balances, and from the looks of it, by the time users can withdraw (if that ever happens), the tokens would be worth less than dirt. it's already down 60%+ in just the last 30 days.

[dwyane36]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

they would have the same fate as the bitcoin balances, and from the looks of it, by the time users can withdraw (if that ever happens), the tokens would be worth less than dirt. it's already down 60%+ in just the last 30 days.

Given that a large portion of the FUN token supply was previously locked on the Freebitcoin website, it’s clear they have the opportunity to return at least the FUN tokens to users. But personally, I doubt they’ll want to do that.
As you correctly pointed out, the FUN token price has dropped so sharply recently that even if they were to return the tokens now, it wouldn’t significantly improve the situation for users, as their losses wouldn't be recovered.

[hosemary]

Given that a large portion of the FUN token supply was previously locked on the Freebitcoin website, it’s clear they have the opportunity to return at least the FUN tokens to users. But personally, I doubt they’ll want to do that.

Many people have their FUN tokens locked on freebitco, but we don't know if freebitco is still holding those tokens.
I don't have any solid proof, but I think there's a very high possibility that they sold all those FUN tokens when they were worth much more.

[Hispo]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

They actually halted withdrawals in both Bitcoin and also in FUN token, so it was pretty much a lose/lose situation, regardless of the coin one decided to hold and keep on their casino.
It makes me wonder if it had something to do with the considerable increase in price FUN had with there was rumors of the freezing of withdrawals by these people.
They artificially decreased the supply of their tokens by halting all their treasury and deposits of their investors and gamblers, thence the increase of price on Binance some months ago.

Anyways.
We are approaching half of this year and it is clear they do not have any actual intention to give people their money back...

[BADERO]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

They actually halted withdrawals in both Bitcoin and also in FUN token, so it was pretty much a lose/lose situation, regardless of the coin one decided to hold and keep on their casino.
It makes me wonder if it had something to do with the considerable increase in price FUN had with there was rumors of the freezing of withdrawals by these people.
They artificially decreased the supply of their tokens by halting all their treasury and deposits of their investors and gamblers, thence the increase of price on Binance some months ago.

Anyways.
We are approaching half of this year and it is clear they do not have any actual intention to give people their money back...

This is too bizarre that since they hold the BTC and the FUN, they essentially already have the money if their goal was simply a straight up exit scam, they could have easily 404'd the domain, pulled the servers offline, and vanished into the sunset months ago

[Hispo]

What about the fate of the fun token? As I see, they don't allow withdrawals either.

They actually halted withdrawals in both Bitcoin and also in FUN token, so it was pretty much a lose/lose situation, regardless of the coin one decided to hold and keep on their casino.
It makes me wonder if it had something to do with the considerable increase in price FUN had with there was rumors of the freezing of withdrawals by these people.
They artificially decreased the supply of their tokens by halting all their treasury and deposits of their investors and gamblers, thence the increase of price on Binance some months ago.

Anyways.
We are approaching half of this year and it is clear they do not have any actual intention to give people their money back...

This is too bizarre that since they hold the BTC and the FUN, they essentially already have the money if their goal was simply a straight up exit scam, they could have easily 404'd the domain, pulled the servers offline, and vanished into the sunset months ago

They did not because they would had had less time in order to run with all the money in their pockets. Just think about it, if they had taken down their domain and simply disappeared, then both users and authorities would have started going after those scammers from the very beginning, by going for a very slow exit scam they have effectively delayed the response from both gamblers/victims and also from authorities. That is also one of the reasons they fooled everyone with those claims about getting money back by half of this year, just to have more time to get whatever they want and launder all those Bitcoins into Tether.

[pawanjain]

They did not because they would had had less time in order to run with all the money in their pockets. Just think about it, if they had taken down their domain and simply disappeared, then both users and authorities would have started going after those scammers from the very beginning, by going for a very slow exit scam they have effectively delayed the response from both gamblers/victims and also from authorities. That is also one of the reasons they fooled everyone with those claims about getting money back by half of this year, just to have more time to get whatever they want and launder all those Bitcoins into Tether.

Even I think the same. Their strategy was to have a slow exit all the while.
Doing so, they not only got enough time to launder the money they had but also got time to get some more money in deposits.
People who didn't knew about their scam initially kept on depositing bitcoins on the site.
This strategy worked in their favor but its something we should be aware of, in case something like this happens the next time on some other site.

[dwyane36]

This is too bizarre that since they hold the BTC and the FUN, they essentially already have the money if their goal was simply a straight up exit scam, they could have easily 404'd the domain, pulled the servers offline, and vanished into the sunset months ago

They did not because they would had had less time in order to run with all the money in their pockets. Just think about it, if they had taken down their domain and simply disappeared, then both users and authorities would have started going after those scammers from the very beginning, by going for a very slow exit scam they have effectively delayed the response from both gamblers/victims and also from authorities. That is also one of the reasons they fooled everyone with those claims about getting money back by half of this year, just to have more time to get whatever they want and launder all those Bitcoins into Tether.

Quite a bit of time passed between the moment strange things started happening on the freebitcoin website, causing users to begin doubting its integrity, and the moment it became clear that they had scammed their audience. So I wouldn’t say they didn’t have enough time to do it. In fact, they could have pulled off an exit scam back when their domain registration expired, but instead of shutting down the site, they extended the registration for some reason and then announced the site’s closure a couple of months later.

[Agbe]

Maybe they know that this day will come that's the reason they didn't bother to develop that token. Also yeah that is good indication that its final and there's no more development will happen on Fun token.

I really don't think that was the intention when they first created this token. At that time, Freebitco was running well and was one of the trusted sites. The developers would never have thought at that time that they would scam exit, otherwise, they wouldn't have come so far. I think it was later that somehow they were not able to run the site properly, it could be less revenue or competition (many new gambling sites are coming up with better services), we just don't know  

Exactly. I could remember when they were running smoothly in the forum without any problem. And suddenly things started changing and complains here and there. They were not bad in the initial time. And I think everything started when they created the Fun Token. Because that is when things started falling apart. Everyone who knows this Casino till now they are in shocked because they were good in the forum.