Crypto casino gets hacked - are you still expecting a refund?

[Natalim]

Hackers target crypto exchanges more than crypto casinos, that is why it is more common to hear about a hacked exchange than a hacked casino. That said, if you have funds on any custodial platform and it gets hacked, you basically have to wait and see what happens, of course i would hope for a refund, but i understand that it is not mine to decide. All i can do is ensure i play in reputable casinos and not smaller casinos, chances of a refund are higher if you play in the former.

You are right, the chance of refund is higher with reputable popular and large successful casinos than new casino casinos that might go bankrupt and promise refunds to gamblers while the refund could take a long years to complete. I learned that there's an exchange that are still paying customers refund till date for about 4 years now since they got hacked. So, I do believe that if a casino is hacked, they are meant to refund.

Perhaps that is their obligation. And they will, for the sake of keeping their reputation intact.

This is the reason why you must choose legit casinos. And even if they will never give a full refund instantly, at least we still have hope. It's a different situation from illegal casinos, as you certainly can't expect anything from them. The government can't urge them to pay back the money taken because they don't have control over them. That is why, before I choose a site to gamble, I do some research to know their credibility. I'm not after bonuses, but rather some sort of assurance in case anything bad happens to them.

[fredericktaylor]

Hackers target crypto exchanges more than crypto casinos, that is why it is more common to hear about a hacked exchange than a hacked casino. That said, if you have funds on any custodial platform and it gets hacked, you basically have to wait and see what happens, of course i would hope for a refund, but i understand that it is not mine to decide. All i can do is ensure i play in reputable casinos and not smaller casinos, chances of a refund are higher if you play in the former.

You are right, the chance of refund is higher with reputable popular and large successful casinos than new casino casinos that might go bankrupt and promise refunds to gamblers while the refund could take a long years to complete. I learned that there's an exchange that are still paying customers refund till date for about 4 years now since they got hacked. So, I do believe that if a casino is hacked, they are meant to refund.

Perhaps that is their obligation. And they will, for the sake of keeping their reputation intact.

This is the reason why you must choose legit casinos. And even if they will never give a full refund instantly, at least we still have hope. It's a different situation from illegal casinos, as you certainly can't expect anything from them. The government can't urge them to pay back the money taken because they don't have control over them. That is why, before I choose a site to gamble, I do some research to know their credibility. I'm not after bonuses, but rather some sort of assurance in case anything bad happens to them.

Right, it is wise to choose a legal casino for gambling. We should remember that gambling is mainly for fun, not to make money or get rich. People lose everything due to greed again and again, so self-control is very important to manage gambling properly. Illegal casino rules are completely different from legal casinos and the government cannot force illegal casinos to get money back, we cannot expect much from illegal casinos. Choosing a legal casino for gambling is wise so that we do not fall victim to fraud, so it is wise to conduct gambling through research.

[len01]

New casinos that aren't very established and have weak security are likely to be hacked and won't refund customers' funds. Because a new casino hasn't made any money yet, it's unlikely it will return all deposits. That's why I always choose to gamble with trusted casinos like Stake and several others listed on this forum. I also never hold too much money in a casino, and when I win big, I usually withdraw it and leave a small budget for further gambling. Most importantly, always be careful when choosing a casino and never gamble with a large bankroll.

[dezoel]

Such things like these can occur the least we expect them, so this is another reason on why we must choose only a famous legit casino because that also means that they are rich already to possibly afford a refund if in case a hack occurs and the money gets stolen successfully by the hackers. Sometimes hackers are not smart enough to still use a centralized exchange, so a casino can also ask a help for them.

I think refunds are seem to still more likely compared to winning the jackpots but there is no need to say that we must also bet for a jackpot because we are usually automatically entitled for them by the time we also play gambling.

[Kelward]

Just like in an exchange account it's not advisable to leave substantial amount in your gambling account, it should just be your bankroll for gambling on the short term. If you must leave substantial amount in your casino account atleast let it be a reputable casino that most probably have reserved funds. Incase of a hack they can refund their gamblers funds and continue business as usual. It'll restore some gamblers confidence to continue with their site when they resolve their issues. This is something that cannot be guaranteed from a new casino and those that have not gained reputation.

[yhiaali3]

The problem is, what if the casino disappears and you can’t communicate with them anymore? Your only option would be to look at whoever regulates them, since that’s your last recourse. The question is, can you actually ask for a refund from them? And if they say yes but give you a list of requirements, do you think you’d be qualified and able to comply? Then when the refund is being processed, how long are you willing to wait?

Casino problems are endless. These are all the problems you mentioned and there are more. If you follow the accusations section of the forum, you'll see a long list of topics discussing real problems gamblers have with casinos, most of which end without resolution.

Therefore, I personally believe the best solution in such a situation is to consider yourself as having lost your money gambling and try to make up for the loss.

[Marvell1]

Don't deposit more than you could afford to lose then? There is only one rule you need to follow if you don't want to be a victim to exchange/casino hacks. Keep your coins in your own crypto wallets where you own their private keys. The rule is simple: "Not your keys, not your coins." When FTX hacked most people didn't think they would get their money back but they did. (Didn't they?) Sometimes people get lucky. However why leave it to luck? If losing $1000 to a casino hack is going to make you sad then it means you shouldn't be keeping $1000 on a casino. Try $500 next. Lower the amount till you find your sweet spot. Some people are rich and they won't care when they lose much bigger amounts the the threshold is different for everybody. Don't be stupid and leave big amounts on a casino just because some rich player does. You are living in a different reality than him.

Mate, the information you gave is absolutely fire, ""not your privatekey not  your coins""  is the legitimate &  primary crypto rule . If the site's safe keepers i mean custody get obscured, & your funds disappear, yeah you are right FTX fall show to be true that real quick. Although the bankruptcy procedure is retrieving billions & the lenders might get 100 % return with interest however the question should be why risk it at all?

So I will also say don't believe your chances or luck, just put your coins in a safe wallet. For picking wallet your choices might be different however having full control of your private keys equals owning your coins.

[Solosanz]

What I know new casinos often freeze someone funds when they want to withdraw in large sum, if they not even able to proceed withdrawal for someone who bet in their casino, expecting they will refund the money is almost impossible.

Mate, the information you gave is absolutely fire, ""not your privatekey not  your coins""  is the legitimate &  primary crypto rule . If the site's safe keepers i mean custody get obscured, & your funds disappear, yeah you are right FTX fall show to be true that real quick. Although the bankruptcy procedure is retrieving billions & the lenders might get 100 % return with interest however the question should be why risk it at all?

He's correct and this make me think, who in the hell hold a lot of money in gambling's account?

I mean, we often hear to set how much we want to gamble, like 10% from monthly income. If someone deposit 10% from their monthly income and the casino gets hacked, I don't think it's costly to lost, like that's life, learn and forget it.

If it's exchange, I can understand because some people I know like to stake their coins.

[Youngrebel]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

And waiting for a third party to help? Yeah, sure. I’ve seen that with exchanges, but with gamblers? Nope. Not once.

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

That should be depends on the information giving to the participants by the casino and the manager of presenting it. But frankly speaking it will not be easy to deal with that. That is why all casinos should secure their websites. And I believed every gamblers would be expecting refund from the casino. I have not heard casino hacked but I have heard exchange hacked.

[Stable090]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

Seriously i haven’t heard that any gambling site have been hacked before. When there is a hack, then you should even expect a refund, just have the mindset that your money is gone already, but if you are lucky that you are able to get a refund, then you can make use of the money. As a gambler, I do always recommend you to leave just little amount which you will be using to gamble within some period of time in your gambling account. We all know that gambling sites are not banks, and they are not crypto wallets, so we are not suppose to leave much money in our gambling site account.

[coin-investor]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

This is one of the things or reasons gamblers should consider when playing in a casino. He should understand that not all casinos are the same in terms of finances and reputation. If you’re looking to build your account and become a VIP, consider doing so at a more established casino like Stake.

These casinos cannot be on top of the industry if they can’t guarantee their gamblers’ money. The worst thing that can happen to a casino is a hacking incident, and many casinos are not prepared to refund their players.

[Abu-Naim]

I wouldn't expect a refund unless it was a big name, because even if they had good intentions to refund their users, if they don't have the money, how would they make a refund? with paper & leaf? that's impossible. Luckily, during my gambling sessions, I've never encountered any cases of hacking on the platforms I play on.

Only reputable gambling and casino websites will do refund, others might do but the chance is slim because some platforms will just frustrate its uses by requesting for some verifications and KYC that isn’t mandatory to share with the platform, they will request for it just to make give up on the money; while some will just pay and move on.

[blomen]

i am looking at this issue solely from an ethical perspective:

whatever happens to the casino, users should demand and obtain their rights. after all, if we, as users, make a deposit to the wrong address for reasons beyond our control, no casino will compensate us for our loss. we expect a service from them, and their problems should not concern us; we should be able to obtain what we are entitled to.

but in reality, it probably won't happen that way.

[CryptopreneurBrainboss]

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

I still wonder why big companies irrespective of the industry they're in don't have insurance for hacks when it happens. Why the platforms you called were able to recover customers stolen funds was because they had reserved for incidents like this. All casinos should have this too to preserve their business because it isn't easy to build back your reputation when it gets ruined.

Nobody is asking them to make their platform immune to hacks because that's impossible but atleast they should have their customers in mind when this happens and find a way to compensate them. This here is another reason we shouldn't be keeping money we can't afford to lose on this platforms because none of them is safe and prevention is better than compensations.

[Davidvictorson]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

And waiting for a third party to help? Yeah, sure. I’ve seen that with exchanges, but with gamblers? Nope. Not once.

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

Some random casino with no deep pockets will not even make any move to save their names. They'll ride the waves and when every backclash has gone down, they will simply rebrand their name into another casino and continue their business elsewhere. When you even check their domain name, it will not even connect. Goodluck with customers who would try to contact them because they will not even be reachable. Maybe there should be a regulation for casinos to have some money put aside for unforeseen circumstances, like hacks before they are issued their liecense.

[Eternad]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

This is one of the things or reasons gamblers should consider when playing in a casino. He should understand that not all casinos are the same in terms of finances and reputation. If you’re looking to build your account and become a VIP, consider doing so at a more established casino like Stake.

These casinos cannot be on top of the industry if they can’t guarantee their gamblers’ money. The worst thing that can happen to a casino is a hacking incident, and many casinos are not prepared to refund their players.

Reputation will always be a factor after all in choosing a gambling site to play. Some players would be looking for websites that offer good bonus and promotion but for us who have been gambling online for a long time now and seen some hacking incidents in the past, we prefer gambling platforms that are already well-establsihed.

It's not easy to issue a refund and it's rare for any platforms to do it so Metawin and Stake being able to do it shows how they can be trusted in the online gambling industry.

[Fiatless]

That should be depends on the information giving to the participants by the casino and the manager of presenting it. But frankly speaking it will not be easy to deal with that. That is why all casinos should secure their websites. And I believed every gamblers would be expecting refund from the casino. I have not heard casino hacked but I have heard exchange hacked.

I don't think I have seen any casino that includes in their terms of service that they will refund customers' deposits in cases of hacks. No matter how protected a casino might be, it is still prone to hacks. Former or present staff of the casino can compromise it. We would all expect refunds but from experience, this is not always the case.  

I still wonder why big companies irrespective of the industry they're in don't have insurance for hacks when it happens. Why the platforms you called were able to recover customers stolen funds was because they had reserved for incidents like this. All casinos should have this too to preserve their business because it isn't easy to build back your reputation when it gets ruined.

Taking an insurance policy against hacks could be another means of covering these losses caused by hacks. With the backing of a reputable insurance company, the gambler's refunds are certain.  

[lienfaye]

Big names like Metawin and Stake survived hacks before, and players got lucky their funds were safe. But if it’s some random casino with no deep pockets? Good luck. Inside job, outside job… either way, don’t expect them to hand your money back out of kindness.

This is the reason why it's not advisable to keep your funds in gambling account. Because hacking is possible to happen regardless how good their security is. So as a precaution, it's a must to just deposit your money if you're going to use it to play and withdraw if you stop.

Anyway, you can't expect the casino to refund your money when this kind of problem happened. But there are cases wherein the funds are returned to the players because the casino has a a good reputation and backed up funds.

[acroman08]

-snip

Yeah, I am expecting compensation if the hack affected the funds I have on my account. I mean, there is nothing wrong with expecting that from a casino that is supposed to keep your funds safe from hacks, and if they failed to do that, it is normal to expect compensation. That being said, if a random casino that has no deep pockets, like Stake or Metawin, I am not expecting much, but I still want compensation.

[qwertyup23]

<..snip..>

So if you’re betting on a refund, you might as well bet on winning the jackpot too -- same odds ^{(correct me if im wrong)}, I guess..

Like what most exchanges do, gambling casinos should have an insurance policy that they are willing to pay "xxx" amount of money in the event they get hacked.

This kind of policy is line with exchanges and this gives you this sense of security whenever you gamble. Though I do think that we all practice that we do not keep our funds inside gambling websites due to several security risks that it pose.

Either way, even if gambling companies would do this, execution would be difficult given that most of their CS are already difficult to contact, let alone demand for the payment of compensation.