BetKing.io is a blatant scam operated by Dean Nolan

[RHavar]

I also was not aware of a clone site, but who knows if it even existed? Could just be another confabulation. You bring up a great point on this... the hot wallet was constantly being refilled, how could he not notice these withdrawals. In addition, the bankrolls stated Betking was in the BLACK.

Even if there was a secret "clone site", it shows how hilariously dishonest Dean is. He's basically saying he risked peoples money to run a secret site, that he didn't want to cut them in on.

This is no different than DMF of dice.ninja who used investor/players money to gamble on other casinos (until eventually he epically busted on PrimeDice and lost it all). Then just went totally dark. And offered a few signed messages promising people who was going to make repayments (which he never did, of course).

Amazingly even though his identity was known, because of lack of any prosecution he managed to get away with embezzling millions of dollars. I guess Dean is hoping he can get away with the same fate.

[1714051662]

1714051662

[TwitchySeal]

Here is what what Dean said:

As you will have likely seen BetKing has been offline for around a week.
BetKing will remain offline indefinitely with this being the last in a string of problems over the past year.

A serious issue was found last month after we launched a new dice site to test if a new brand would have more success than BetKing has had post ICO.

The new site was a clone of BetKing. We had been talking to investors about doing a series of sites like this with a shared bankroll and this one was released in time to try and capture traffic from yolodice.com who were closing their investment feature.

After a few days players had drained the bankroll and withdrew funds from the hot wallet.

After a review with the developers we found that there was an actual flaw in the code that allowed anyone to view their server seed and predict the result of their dice rolls, essentially being able to win every bet.
It turned out that this code had existed on BetKing also since January on both the dice and burst dice games and people had been using it to win bets undetected. It is not yet known if a developer added this code deliberately to cause abuse or if it was an honest mistake.
It wasn't until recently, after processing larger withdrawals and then finding the bug, that the discrepency in balances and funds available was noticed with now there being no funds left to process any remaining withdrawals.

At the time the site went offline there was a backup of all balances and pending withdrawal amounts captured.
There are around 20 bankroll investors who had more than $1000 on site, for a total of around $400,000.

Pretty obvious this is not based on reality.

[JollyGood]

Here is what what Dean said:

I will confirm that I received the same email from Dean.

Both of you, please post some screenshots of the email you received after hiding your personal data. Thank you.

Pretty obvious this is not based on reality.

Maybe you are on to something. Let us see if they post any screenshots of the correspondence.

[BillyBurns]

Here is what what Dean said:

I will confirm that I received the same email from Dean.

Both of you, please post some screenshots of the email you received after hiding your personal data. Thank you.

Pretty obvious this is not based on reality.

Maybe you are on to something. Let us see if they post any screenshots of the correspondence.

They are not lying it is true

[JollyGood]

They are not lying it is true

Did you receive any email identical to what the newbies claim?

[BillyBurns]

They are not lying it is true

Did you receive any email identical to what the newbies claim?

yes and what the original poster  posted is what it contained

[JollyGood]

They are not lying it is true

Did you receive any email identical to what the newbies claim?

yes and what the original poster  posted is what it contained

What are you going to do next? Will you try to retrieve some/all of your investment?

[BetKing.io]

They are not lying it is true

Did you receive any email identical to what the newbies claim?

yes and what the original poster  posted is what it contained

But not the part where I said I will pay everyone back. Obviously.

[JollyGood]

But not the part where I said I will pay everyone back. Obviously.

No, that part was not mentioned by any of the three users.

We all noticed you did pay 26.4 LTC (in LTC and ETH equivalent) to a user that requested it ( https://bitcointalk.org/index.php?topic=5119013.msg52755159#msg52755159 ) but how will pay back exact amount of crypto which at the moment is to the tune $400,000?

For example, if somebody invested 1x Bitcoin a week or a year ago he would want the same back and rightly so but if Bitcoin were to double in price next month and your current $400,000 spend was to turn in to an $800,000 spend - how will you manage to return funds to investors?

With the website down it is impossible the funds would come from there and even if it was up and running the amounts being generated were tiny. How will you return funds to investors and how long do you expect it to take?

[RHavar]

I think the part that is funniest, is how all this happened when the domain expired. It's like after taking investors money he put so little effort into the site he couldn't even be bothered to renew the domain. And then couldn't even be bothered to bring the site back online, and still has been too lazy to spend the 2 minutes of effort required to putting up a page that tell his customers/investors what happened.

Dean's a real piece of shit. I hope this all comes back to haunt him.

But not the part where I said I will pay everyone back. Obviously.

Why don't you just do it now? It's not like you don't have the money...

[JollyGood]

I think the part that is funniest, is how all this happened when the domain expired. It's like after taking investors money he put so little effort into the site he couldn't even be bothered to renew the domain. And then couldn't even be bothered to bring the site back online, and still has been too lazy to spend the 2 minutes of effort required to putting up a page that tell his customers/investors what happened.

Dean's a real piece of shit. I hope this all comes back to haunt him.

But not the part where I said I will pay everyone back. Obviously.

Why don't you just do it now? It's not like you don't have the money...

If he pays investors back right now it means he would be eating in to a tiny chunk of the $2.74+ million siphoned-off by stealing those 30 million BKB tokens. If he is not doing it then it means there is way much more than this than meets the eye.

If memory serves me correct the domain was supposed to expire on 14 October 2019 and I noticed the website was not working on that same day. Maybe the website was down before 14th October 2019 but regardless I think the domain expiring ever had any issue to do with the website being down because it was being diverted via the Cloudflare nameserver anyway.

What I gathered so far is that he sent emails to investors (on the day he pulled the plug on the betking website) informing them there was a problem, he had to close the website and that he would give updates as soon as possible. I think it was today around 10 days later he sent emails to investors informing them there were no funds remaining because they were stolen.

Well since he has the database he can publicly post the ALL the wallet addresses where the stolen crypto was sent and he can also post the the hot wallets and cold wallets addresses too. That would be a start to prove if there was really a scam or if he stole the funds and blamed an imaginary hack. He can also explain why he transferred all of the cold wallet funds to the hot wallet which would have been very convenient if they were to be stolen.

[BetKing.io]

I think the part that is funniest, is how all this happened when the domain expired. It's like after taking investors money he put so little effort into the site he couldn't even be bothered to renew the domain. And then couldn't even be bothered to bring the site back online, and still has been too lazy to spend the 2 minutes of effort required to putting up a page that tell his customers/investors what happened.

Dean's a real piece of shit. I hope this all comes back to haunt him.

But not the part where I said I will pay everyone back. Obviously.

Why don't you just do it now? It's not like you don't have the money...

You are obsessed with this false notion of me having money. I have none. I have debt. Do you think I enjoy coming on this forum and listening to twats like you? Do you think I want my name being tarnished like this which would prevent other projects I want to do succeeding?

No. I'm not as sad as you. With the money you have (including the $800,000 you stole (see that, that's an assumption I make of you where I don't have proof, the same thing you do)) why are you still on this forum? So so pathetic.

I said I would pay people back and it's the business between me and them. Not you or any idiot on this forum.

I'll post when I've paid everyone back (including bkt/bkb holders). Until then you can all speculate and talk shit all you want but that doesn't get people paid.

[JollyGood]

You are obsessed with this false notion of me having money. I have none. I have debt. Do you think I enjoy coming on this forum and listening to twats like you? Do you think I want my name being tarnished like this which would prevent other projects I want to do succeeding?

No. I'm not as sad as you. With the money you have (including the $800,000 you stole (see that, that's an assumption I make of you where I don't have proof, the same thing you do)) why are you still on this forum? So so pathetic.

I said I would pay people back and it's the business between me and them. Not you or any idiot on this forum.

I'll post when I've paid everyone back (including bkt/bkb holders). Until then you can all speculate and talk shit all you want but that doesn't get people paid.

After siphoning-off $USD millions from betking ICO investors and later token holders how can he claim to have no money, on the contrary claim to be in debt?

[RHavar]

You are obsessed with this false notion of me having money. I have none. I have debt.

 I guess I just find it more plausible you didn't lose/spend millions of dollars in such a short period of time. But hey, I guess anything is possible. So what's the story behind that?

[TwitchySeal]

I think the part that is funniest, is how all this happened when the domain expired. It's like after taking investors money he put so little effort into the site he couldn't even be bothered to renew the domain. And then couldn't even be bothered to bring the site back online, and still has been too lazy to spend the 2 minutes of effort required to putting up a page that tell his customers/investors what happened.

Dean's a real piece of shit. I hope this all comes back to haunt him.

But not the part where I said I will pay everyone back. Obviously.

Why don't you just do it now? It's not like you don't have the money...

You are obsessed with this false notion of me having money. I have none. I have debt. Do you think I enjoy coming on this forum and listening to twats like you? Do you think I want my name being tarnished like this which would prevent other projects I want to do succeeding?

No. I'm not as sad as you. With the money you have (including the $800,000 you stole (see that, that's an assumption I make of you where I don't have proof, the same thing you do)) why are you still on this forum? So so pathetic.

I said I would pay people back and it's the business between me and them. Not you or any idiot on this forum.

I'll post when I've paid everyone back (including bkt/bkb holders). Until then you can all speculate and talk shit all you want but that doesn't get people paid.

Did your investors agree to have their funds used to experiment on non Betking brands or am I missing something?

It seems like all the money that was lost wasn't yours to lose.

[RHavar]

Did your investors agree to have their funds used to experiment on non Betking brands or am I missing something?

It seems like all the money that was lost wasn't yours to lose.

And even worse than that, is he's not even processing normal withdrawals. The entire point of even having a bankroll is prevent shit like that from possibly being able to happen.

[camtheman]

Did your investors agree to have their funds used to experiment on non Betking brands or am I missing something?

It seems like all the money that was lost wasn't yours to lose.

And even worse than that, is he's not even processing normal withdrawals. The entire point of even having a bankroll is prevent shit like that from possibly being able to happen.

Almost like a ponzi scheme, the site had no indication the funds were missing. Just one day site closes and they are gone. At least the ICO is an investment that could be lost and theoretically the bankroll is too, but the site did not even say that people were winning, just something Dean seems to have made up. He took the money, likely spent it elsewhere and now is making something up is my impression. Sucks that I had to be the victim here.

[JollyGood]

And even worse than that, is he's not even processing normal withdrawals. The entire point of even having a bankroll is prevent shit like that from possibly being able to happen.

And on that note ladies and gentlemen please allow me to remind you exactly how big that bankroll was in 2017 at the end of the ICO. The bankroll was supposed to be 50% of all ICO funds raised.

The total ICO funds were over 1000 BTC, over 4500 ETH and over 850 LTC bringing in $6.5 million therefore the value of the bankroll was 50% of that amount at $3.25 million:

over 500 BTC
over 2250 ETH
over 425 LTC

Why did serial scammer Dean Nolan use the bankroll funds to ensure he could meet the guarantee he made which was "guaranteed part of the buy-back rate" of $0.0928 per BKB?

It is simple, he admitted he stole the 30 million BKB tokens that were supposed to be used for "ICO bounties, testing bounties, advisors, hiring, future marketing and development". He slipped in a later post writing:
"I'm buying tokens back with my own profit, the 30 million tokens I keep from the ICO":

https://bitcointalk.org/index.php?topic=4751127.msg44790903#msg44790903
and
https://bitcointalk.org/index.php?topic=1974926.msg20350022#msg20350022

The guaranteed basic lowest minimum buy-back rate without any profit attached was $0.0928 and x30,000,000 BKB stolen tokens gives you the scale of the scam.

A staggering $2.784 million of that $3.25 million bankroll theft went straight to the pockets of serial scammer Dean Nolan. All the other siphoning-off he did cannot be calculated entirely without an audit but this bankroll theft following on from the 30 million BKB token theft is the single most damning evidence of his scam and his greed.

https://web.archive.org/web/20191024001737/https://bitcointalk.org/index.php?topic=1974926.msg20350022#msg20350022
https://web.archive.org/web/20170903041628/https://betking.io/

[Narcissistic]

And even worse than that, is he's not even processing normal withdrawals. The entire point of even having a bankroll is prevent shit like that from possibly being able to happen.

And on that note ladies and gentlemen please allow me to remind you exactly how big that bankroll was in 2017 at the end of the ICO. The bankroll was supposed to be 50% of all ICO funds raised.

The total ICO funds were over 1000 BTC, over 4500 ETH and over 850 LTC bringing in $6.5 million therefore the value of the bankroll was 50% of that amount at $3.25 million:

over 500 BTC
over 2250 ETH
over 425 LTC

Why did serial scammer Dean Nolan use the bankroll funds to ensure he could meet the guarantee he made which was "guaranteed part of the buy-back rate" of $0.0928 per BKB?

It is simple, he admitted he stole the 30 million BKB tokens that were supposed to be used for "ICO bounties, testing bounties, advisors, hiring, future marketing and development". He slipped in a later post writing:
"I'm buying tokens back with my own profit, the 30 million tokens I keep from the ICO":

https://bitcointalk.org/index.php?topic=4751127.msg44790903#msg44790903
and
https://bitcointalk.org/index.php?topic=1974926.msg20350022#msg20350022

The guaranteed basic lowest minimum buy-back rate without any profit attached was $0.0928 and x30,000,000 BKB stolen tokens gives you the scale of the scam.

A staggering $2.784 million of that $3.25 million bankroll theft went straight to the pockets of serial scammer Dean Nolan. All the other siphoning-off he did cannot be calculated entirely without an audit but this bankroll theft following on from the 30 million BKB token theft is the single most damning evidence of his scam and his greed.

https://web.archive.org/web/20191024001737/https://bitcointalk.org/index.php?topic=1974926.msg20350022#msg20350022
https://web.archive.org/web/20170903041628/https://betking.io/

Wow, how so much changes in a year and a half.. I remember when I first started out pen-testing, I submitted a bunch of bugs to Dean, that I found whilst pentesting Betking.io website and he paid in BTC, generally within 24-48 hours of submission, and paid well too. Little does he know I was literally using his website to learn, monetary incentive definitely helps you learn fast.

What a real piece of crap. What a shame.

[game-protect]

Game Protect warned since 1 year about the publicly proven betking scam!

Google: "betking scam"