[FLAGGED] [scam] BetKing.io broke ICO promise and dropped token value 99%

[LoyceV]

I've postponed creating this thread for quite a few months now, because the evidence is scattered over several long topics. There's literally too much posted to go through in a timely manner.
Therefore, I welcome adding more information, but please provide quotes with links to support all claims.

Accounts involved
BetKing.io (Trust: !!!:  +2 / =2 / -8) (10 Merit earned) (Trust list) (BPIP)
BetKing Support (Trust: !!!:  +0 / =0 / -7) (1 Merit earned) (Trust list) (BPIP)
PocketRocketsCasino (Trust: !!!:  +2 / =1 / -7) (0 Merit earned) (Trust list) (BPIP)
dean nolan (Trust: !!!:  +0 / =0 / -6) (0 Merit earned) (Trust list) (BPIP)
Update: Dean created another account:
Betking Manager

Flags against these accounts

41 Active. (Support | Oppose) LoyceV flagged BetKing.io (type 3, see why). Supported by malevolent, Hueristic, suchmoon, owlcatz, LFC_Bitcoin, RHavar, SyGambler, LoyceV, examplens, dbshck, Avirunes, nutildah, actmyname, franckuestein, marlboroza, bones261, Lafu, Lutpin, Hhampuz, Last of the V8s, crwth, bob123, Murat, TwitchySeal, JollyGood, El duderino_, Royse777, teeGUMES, o_e_l_e_o, TheBeardedBaby, coinlocket$, asche, Coolcryptovator, DireWolfM14, morvillz7z, JSRAW, TalkStar, YOSHIE, notblox1, BayAreaCoins, Timelord2067, Quickseller, johhnyUA, FFrankie, TheUltraElite, Text, wwzsocki, Joel_Jantsen, IconFirm, TGD, cissrawk, ChuckBuck, Yudhisthir, pandukelana2712, PrimeNumber7, Lassie, lighpulsar07, nullius, s0lidus, N0sferatu, elmanchez, izooomrud, leventturksoy, ChemicalSpillage, Donatelli, thecatinc, okdevin. Opposed by BillyBurns, NikS13, attilla82, CrankyAnt.

42 Active. (Support | Oppose) LoyceV flagged BetKing Support (type 3, see why). Supported by malevolent, Hueristic, suchmoon, LFC_Bitcoin, LoyceV, examplens, dbshck, Avirunes, actmyname, franckuestein, marlboroza, bones261, Lafu, Hhampuz, Last of the V8s, bob123, JollyGood, El duderino_, Royse777, teeGUMES, o_e_l_e_o, TheBeardedBaby, coinlocket$, asche, DireWolfM14, morvillz7z, JSRAW, fillippone, TalkStar, Timelord2067, Quickseller, TheUltraElite, IconFirm, cissrawk, PrimeNumber7, nullius, N0sferatu, izooomrud. Opposed by nobody.

43 Active. (Support | Oppose) LoyceV flagged PocketRocketsCasino (type 3, see why). Supported by malevolent, Hueristic, suchmoon, LFC_Bitcoin, LoyceV, examplens, dbshck, Avirunes, actmyname, franckuestein, bones261, Lafu, Hhampuz, Last of the V8s, bob123, JollyGood, Royse777, subSTRATA, teeGUMES, o_e_l_e_o, TheBeardedBaby, coinlocket$, asche, DireWolfM14, morvillz7z, TalkStar, BayAreaCoins, Timelord2067, Quickseller, TheUltraElite, IconFirm, cissrawk, PrimeNumber7, nullius, N0sferatu, izooomrud. Opposed by nobody.

44 Active. (Support | Oppose) LoyceV flagged dean nolan (type 3, see why). Supported by malevolent, Hueristic, suchmoon, LFC_Bitcoin, LoyceV, examplens, dbshck, Avirunes, nutildah, actmyname, franckuestein, marlboroza, bones261, Lafu, Lutpin, Hhampuz, Last of the V8s, bob123, JollyGood, El duderino_, Royse777, teeGUMES, o_e_l_e_o, TheBeardedBaby, coinlocket$, asche, DireWolfM14, morvillz7z, TalkStar, Timelord2067, Quickseller, TheUltraElite, IconFirm, cissrawk, PrimeNumber7, nullius, N0sferatu, izooomrud, thecatinc. Opposed by nobody.

2810 Active. (Support | Oppose) LoyceV flagged Betking Manager (type 3, see why). Supported by LoyceV, Slow death, witcher_sense, Jawhead999, icopress, $crypto$, psycodad. Opposed by nobody.

(source: loyce.club 2021-08-06 Fri 19.26h)

Topics involved
BetKing.io - ICO - $4.7 million raised, last week to take part!
[ANN][ICO][BKB] BetKing Bankroll Token - Tokens distributed to your account (archived)
BetKing.io - Invest commission lowered to 10%! (archived)
(incomplete list)

Scam accusation
I'll stick to the main thing: BetKing.io broke it's ICO promise. The BKB-token was supposed to be tied to a dollar value, with quarterly buybacks.

Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price.
(archived)

Dean personally profited by the terms of the ICO when the price of bitcoin went up (by pegging the token to USD, while holding btc). I agreed it was fair, because under the same terms Dean would personally lose if the price of bitcoin went down. When I inquired about how that is possible, and at what price bitcoin would need to drop to make that untenable, he said "even at $1" he could do it, because he has system in place to automatically sell bitcoin and would always honor the buy backs.

I'm not sure when exactly the buybacks stopped (and my Withdrawal History was removed). I don't think it was officially announced on Bitcointalk, so my estimate is the last buyback happened around a year ago.
I kept BKB tokens as a hedge against Bitcoin price drops, organized by the very trustworthy guy who previously returned 6000 BTC to investors. When Bitcoin was rising, BetKing was gladly buying back tokens each quarter at lower and lower Bitcoin prices.

BetKing's defense is stating that they spent 600 BTC buying back tokens, which I can't verify but it's irrelevant for my case anyway. I have nothing to do with other people's buy backs.
What I can verify though, is that a large amount of ICO money wasn't returned to token holders:

Total funds raised:
1,046.60623397 BTC
4,614.61055431 ETH
833.38469263 LTC
Total: $6,497,165.94
(archived)

So when I changed to this model I owned 70% of all BKB
(archived)

I have 7278 BKB left, which (at $0.099 per BKB) was supposed to be worth just over $700. The last time BKB was traded for Bitcoin on betking.io's own exchange, it would have been worth around $2 in total.
Currently, the only option is to exchange 1 BKB for 20 BKT. BetKing claims hourly buy backs, but that's only with a part of the profit, at the rate on their own exchange. It doesn't do justice to the dollar value it was supposed to have.

https://betking.io/exchange doesn't have any buy orders at BTC-BKT. There are buy orders at LTC-BKT, with the last price being 0.000001 LTC per BKT.
That means my 7278 BKB are worth 145563 BKT which is worth 0.145 LTC which equals $8.21. That's close to a 99% drop from the fixed pegged in dollar price BetKing guaranteed at it's ICO.
I should have been able to sell back 10% quarterly at a rate pegged in dollar, meaning around $70 for the first quarter, $63 the next quarter and so on.

There's much more
There was also controversy over canceling the bounty program (which was understandable), new games that were promised but never created, ICO money that wasn't used as bankroll as promised, a "may or may not have happened" 25 BTC donation to charity, a wagering contest that wasn't paid, software piracy instead of buying a 2 BTC licence, removing all affiliates, and probably much more. I welcome links here to add those to the list.
On top of all this, they're now trying another ICO with a 10 times larger market cap.
In the recent BetKing EOS Airdrop, they airdropped 3 times more tokens to EOS-holders than they sold in the entire first ICO (which was worth close to $6.5M at the time). BKB went from "being worth the entire company" to "being worth only a fraction of the company".

The guaranteed BKB buy backs were supposed to lead to scarcity, and thus an increase in price. Instead, BetKing is now strongly diluting the tokens by issuing new tokens and making a token swap the only option.

Tags
The accounts involved have red tags already, but not yet from me. I want opinions first, and if any DT decides to tag them based on this topic, I'll tag them too.

[1714653786]

1714653786

[suchmoon]

The accounts involved have red tags already, but I haven't tagged them yet. I want opinions first, and if any DT decides to tag them based on this topic, I'll tag them too.

RHavar is DT.

I didn't have enough time to review everything yet but from what I've seen in the BetKing thread and in your excellent summary it looks like a bona fide scam.

[LoyceV]

The accounts involved have red tags already, but I haven't tagged them yet. I want opinions first, and if any DT decides to tag them based on this topic, I'll tag them too.

RHavar is DT.

I know What I meant is: if any new tags are placed because of this topic, I'll add one too.

I didn't have enough time to review everything yet but from what I've seen in the BetKing thread and in your excellent summary it looks like a bona fide scam.

Thanks! It still feels 90% incomplete though.

[JollyGood]

An excellent post which hits most of the key notes.

In most cases ICOs in general lead to dictatorships where site operators hold all the keys and all the information at the same time and they never allow any form of scrutiny. In most but not all cases it is because money, power and greed gets to their head. Had the owner/operator of betking been more transparent then maybe a lot of this could have been avoided because of the strength that scrutiny gives to investors and spectators alike.

What happened with the spectacular collapse in value of your BKB tokens is a stain on the lack of business acumen on part of the owner/operator of betking. That type of mismanagement in any walk of life would mean a resignation or a sacking with no chance of ever being allowed back in to the fold but here the opposite is happening.

Right now the biggest problem I see is what you highlighted earlier:

Total funds raised:
1,046.60623397 BTC
4,614.61055431 ETH
833.38469263 LTC
Total: $6,497,165.94
(archived)

So when I changed to this model I owned 70% of all BKB
(archived)

If $6.5 million was raised in the ICO and if 50% of all funds raised were to go to fund the bankroll and the owner/operator claims he used 600 BTC directly from the bankroll funds to buy up to 70% of tokens, then how much of the bankroll remains?

Where is the other 50% of the funds? It is hard to believe that $3.25 million has just been spent on what was stated earlier by the owner/operator:

You know absolutely nothing of what our costs were in the past year and a half. You don't know what was spent on marketing, promos, development (you say frugal, I had 6 devs working for me for a year, they don't work for free).

[The Cryptovator]

Seems RHavar left both feedback's, negative and positive. How is it possible? Can someone trust and distrust same time? Any one feedback's should revise by the way.

OP accusation is valid, I wasn't on the forum when they had ran their ICO. I mean it's too old story and I am not much aware about their history.

What I got from OP that, Betking turn into silent scammer. According to OP his token almost worthless. They are not listed on any other exchange, I can't find on CMC. It just turn into scam like Bitconnect.

I can see them on 2 exchange with strange volume.

 


Consultation: They deserve tag since they scammed their investors. They broke ICO promise and didn't care about their investors.

But I am not going to tag till I discover full story behind of Betking.

[JollyGood]

Seems RHavar left both feedback's, negative and positive. How is it possible? Can someone trust and distrust same time? Any one feedback's should revise by the way.

The dates speak volumes along with the comments. It shows a comment in 2016 saying the truth at the time. Then it shows a comment for 2019 saying the truth at the time. You might not be able to trust and distrust somebody at the same time but it might well be possible to trust someone in 2016 and not trust them at all in 2019. Why is that difficult to comprehend?

RHavar   2016-12-31
Ran betking.io that accepted bankroll investments, was trusted with thousands of bitcoin and has returned them (with considerable profit)

RHavar   2019-03-14 https://bitcointalk.org/index.php?topic=910134.msg48375092#msg48375092
Scammed investors, and prior to doing so tried to personally scam me for a very large sum (ref link). See also: https://bitcointalk.org/index.php?topic=2897545.msg47592095#msg47592095

[LoyceV]

But I am not going to tag till I discover full story behind of Betking.

You'll have a lot of reading to do, and part of the evidence has been edited.

When out of arguments, BetKing choose to leave fake negative feedback:

Come on Dean, I'm disappointed! Did I hit a nerve? Please elaborate on what you claim to be a lie. Maybe you're confused, the part about the guaranteed buy backs was your lie, not mine.

I'm not going to lower myself to leave retaliation feedback, but this didn't change:

Tags
The accounts involved have red tags already, but not yet from me. I want opinions first, and if any DT decides to tag them based on this topic, I'll tag them too.

If any DT tags him, I'll add a tag to make the account -14.

[JollyGood]

So let us get this straight... he scams you by cancelling quarterly buy-backs and somehow uses 600 BTC (so he claims) to buy back tokens but not from you even though he says all decisions are with permission and consultation of all token holders. Where they cannot chat to everybody that invested they send emails to tell them - so he says.

Now you find your $700+ BKB tokens valued at just $8 and it is him that leaves you negative Trust? So you being deprived of having your BKB tokens purchased back at the same price he sold his BKB tokens is somehow acceptable?

And when you explain clearly facts of matter pointing to scam rather than assumptions - he leaves you negative Trust? What an utter and complete low-life fool that scammer Dean Nolan is.

[LoyceV]

And when you explain clearly facts of matter pointing to scam rather than assumptions - he leaves you negative Trust? What an utter and complete low-life fool that scammer Dean Nolan is.

Correct
It's a bit childish, throwing tantrums when he can't have his way.

[suchmoon]

If any DT tags him, I'll add a tag to make the account -14.

Added my neg. Was unable to find anything that would convince me otherwise. The belligerent responses form BetKing to RHavar and to you tell the whole story really.

[JollyGood]

If any DT tags him, I'll add a tag to make the account -14.

Added my neg. Was unable to find anything that would convince me otherwise. The belligerent responses form BetKing to RHavar and to you tell the whole story really.

Well he deserves that negative rating but please do not forget scammer Dean Nolan also uses the following Usernames as an alias so they too should be tagged if possible:

BetKing Support  - https://bitcointalk.org/index.php?action=profile;u=1055046
PocketRocketsCasino - https://bitcointalk.org/index.php?action=profile;u=97219
dean nolan - https://bitcointalk.org/index.php?action=profile;u=941114

[suchmoon]

Well he deserves that negative rating but please do not forget scammer Dean Nolan also uses the following Usernames as an alias so they too should be tagged if possible:

BetKing Support  - https://bitcointalk.org/index.php?action=profile;u=1055046
PocketRocketsCasino - https://bitcointalk.org/index.php?action=profile;u=97219
dean nolan - https://bitcointalk.org/index.php?action=profile;u=941114

I tagged all accounts listed in the OP.

[JollyGood]

Well he deserves that negative rating but please do not forget scammer Dean Nolan also uses the following Usernames as an alias so they too should be tagged if possible:

BetKing Support  - https://bitcointalk.org/index.php?action=profile;u=1055046
PocketRocketsCasino - https://bitcointalk.org/index.php?action=profile;u=97219
dean nolan - https://bitcointalk.org/index.php?action=profile;u=941114

I tagged all accounts listed in the OP.

Yes thank you for that.

Excellent work by the community to expose this scammer Dean Nolan for what he really is. Great work by LoyceV and RHavar to bring some of the scam issues related to betking to the forefront of the community in order to protect users.

[mikeywith]

The accounts involved have red tags already, but not yet from me. I want opinions first, and if any DT decides to tag them based on this topic, I'll tag them too.

I have tagged the 4 accounts related to this ICO, with all these information provided, it's only fair that they are tagged, i will personally be open to whatever BetKing team has to say on this.

[LoyceV]

Added my neg. Was unable to find anything that would convince me otherwise. The belligerent responses form BetKing to RHavar and to you tell the whole story really.

Thanks, I've tagged the accounts too.

I have tagged the 4 accounts related to this ICO, with all these information provided, it's only fair that they are tagged

Thanks

i will personally be open to whatever BetKing team has to say on this.

Well, there you have it:

[JollyGood]

So scammer Dean Nolan continues to leave negative feedback as revenge for those that expose his betking scam or those that review the evidence and tag him?

Pathetic immature fool scammer Dean Nolan is.

Instead of apologising to the people he scammed using his betking website he sends out retaliatory feedback/Trust.

[BetKing.io]

Oh no, red trust that means nothing on a cesspit of a forum full of scammers, liars and trolls.

@Loyce - I didn't respond because your post has so many lies (posting jolly goods posts as evidence?) and assumptions you made wrongly (last buy back was a year ago?). You all twist my words every time I reply to anything and then use some random ambiguous claim as the start of your next smear campaign.

You can give me -9999 trust all you want. Doesn't make a difference.

If you had have stuck to a civil discussion by email then I could have easily explained everything to you and point our where you were wrong and how things worked and helped you but guess you needed the attention here.

[JollyGood]

Oh no, red trust that means nothing on a cesspit of a forum full of scammers, liars and trolls.

Yet scammer Dean Nolan offers useless and worthless EOS BKT tokens bounty to fools that are encouraged to post betking propaganda in the very same "cesspit of a forum full of scammers, liars and trolls"

It was thanks to this forum that scammer Dean Nolan promoted his betking 2017 ICO scam that raked in over $6.5 million that he never accounted for or allowed audits on (so nobody but himself knows exactly where the money went) but thankfully it is this very same forum that exposed his scam and brought the negative reviews that betking deserves.

Scammer Dean Nolan is an imbecile, always contradicting himself.

[StackGambler]

What Dean did is obviously horrible. Loyce, thank you for the write-up. However, the way I see it, a part of the blame also falls into the hands of the victim. This wasn't a very clever or well thought out scam at all... any person, especially in the crypto world, who guarantees that a token won't fall below a certain point is probably scamming. I mean, the very idea is ridiculous. I feel very sorry for the people who lost money in this... although it was obvious, let it be a lesson to everyone not to fall for such blatant lies.

[BetKing.io]

What Dean did is obviously horrible. Loyce, thank you for the write-up. However, the way I see it, a part of the blame also falls into the hands of the victim. This wasn't a very clever or well thought out scam at all... any person, especially in the crypto world, who guarantees that a token won't fall below a certain point is probably scamming. I mean, the very idea is ridiculous. I feel very sorry for the people who lost money in this... although it was obvious, let it be a lesson to everyone not to fall for such blatant lies.

No one lost money in this (except me).
They claim to know people who say they have lost money but none of them have posted and none of them have been in contact with me which I'm sure if they did actually lose money or felt they had they would be in contact.

If he has the BKB he can't have lost money. If he sells or trades it and sells at a low price now then he would lose money but that would be his decision and I have explained how the new system works and that he should wait.
Instead he wants attention and just shouts scam (note Loyce didn't even buy tokens in the ico, he got them from bounty)
But it is not the concern of anyone in this forum who didn't own BKB from the original ICO.