Gamdom hacked for a 3M$

[letteredhub]

Lucky they were able to stop it on time and move their remaining balance to their cold storage. I hope they can come back online as soon as possible, like they said, and update on their X official page.

It's unfortunate they had to be a part in this year's hack list for crypto casinos that got hacked with funds siphoned. But as bad as it looks, if what they lost is to be compared to other casinos that are already in the hack list, gamdom's should consider themselves lucky, at least for being too swift to move funds from hot to cold wallet.
Certainly, it's an intangible amount to an extent and I think they back online about two days ago from the message I read on their X page.

[Big Dirams]

Been seeing them on X lately, and with high frequency.  It sucks to be hacked but then again, it can happen to any person or platform. They have been running shit ton of influencer marketing and campaigns some of which are handled by SteveWillDoIt. Maybe it's time they slow it down a bit and focus on beefing up their security.

Well said. Sometimes, these sites should rather focus on improving their security than spending millions on marketing.
What's the point of marketing a product with weaker security anyway ?
Now that they have suffered their fate may be they will understand the issue and try to improvise on the security of their site.

Sometimes it just so surprising how a project will focus on marketing and promoting their products without considering the more important factors. Like this security now is very important and for a site that deals with finances then they should have channel more concentration and resources into the security system because what the actual sense of marketing when client’s belongings are not totally safe and secured.

For a projects that holds a lot and deals with so much finances, then it shouldn’t be surprising that hackers will try to breach them. They should be ready for any acts of cyber attack and be fully prepared with strong security measures but everything is part of experience and I bet now they have learn from their mistakes and it won’t occur again in the future.

[Charles-Tim]

Been seeing them on X lately, and with high frequency.  It sucks to be hacked but then again, it can happen to any person or platform. They have been running shit ton of influencer marketing and campaigns some of which are handled by SteveWillDoIt. Maybe it's time they slow it down a bit and focus on beefing up their security.

Well said. Sometimes, these sites should rather focus on improving their security than spending millions on marketing.
What's the point of marketing a product with weaker security anyway ?
Now that they have suffered their fate may be they will understand the issue and try to improvise on the security of their site.

As security is very important for gambling platforms, so does marketing is very important. Without marketing, a gambling site can not be known. Also without continuous marketing, a gambling site will lose customers or there will be reduction in the rate of new customers signing up. Another thing you should know is that a gambling site can have good security, but just a mistake can affect the site. I do not believe that no site can not be hacked.

[sunsilk]

They probably have the multisig as well but these hackers just understand these things and they're looking for which one has got the lesser security.

I think mere presence of multisig does not guarantee that entire infrastructure will be secure. It is better to keep signing keys in separate location. However, if any attacker somehow manage to gain control over withdrawal automation or privileged credential then problem still persist. They could then drain wallet by leveraging transaction approval workflow.

In my opinion, casino should not keep more liquidity than is necessary in its hot wallet.
Also it would have been better to have independent approval process for large withdrawal.
And if any abnormal outflow is detected then transfer can be halted using automated circuit breaker.

However, not all risk are technical. Credential theft, compromised server, excessive privilege and weak monitoring all of these create large attack surface.

That's a better idea I think about having more sensitive and delicate process for the larger amounts. There's a need for a trigger for them to be alerted when some unusual large amounts have been requested for withdrawal.

We can guess some of its process but internally, there could be other things that we don't know and it's only these casinos know more about it.

And I agree, that there are more risk as well not only technically but also with some simple leaks and even back jobs.

[Z_MBFM]

Been seeing them on X lately, and with high frequency.  It sucks to be hacked but then again, it can happen to any person or platform. They have been running shit ton of influencer marketing and campaigns some of which are handled by SteveWillDoIt. Maybe it's time they slow it down a bit and focus on beefing up their security.

Well said. Sometimes, these sites should rather focus on improving their security than spending millions on marketing.
What's the point of marketing a product with weaker security anyway ?
Now that they have suffered their fate may be they will understand the issue and try to improvise on the security of their site.

As security is very important for gambling platforms, so does marketing is very important. Without marketing, a gambling site can not be known. Also without continuous marketing, a gambling site will lose customers or there will be reduction in the rate of new customers signing up. Another thing you should know is that a gambling site can have good security, but just a mistake can affect the site. I do not believe that no site can not be hacked.

Hackers always look for weaknesses in various platforms, especially those platforms that are involved in financial transactions. Gambling sites process various types of activities such as playing games, instant counting of winnings and losses of the game, and the user's deposit withdrawal is processed very quickly. A casino site has to maintain many things and for this, their security must be paid the most attention. If hackers can hack a platform, then not only the profits of the platform will be affected, but also the user's funds. And the platform is fully responsible for that. Gamdom has failed to ensure their security. And their hacking has not only caused them financial losses. Many gamblers have left their platform and new gamblers are also losing confidence.  Every casino platform has to keep their security very strong from the beginning, otherwise, even after moving to a good position, they can be affected by a major breach at any time. Which can not only cause them temporary losses but also permanent destruction.

[Charles-Tim]

A casino site has to maintain many things and for this, their security must be paid the most attention. If hackers can hack a platform, then not only the profits of the platform will be affected, but also the user's funds. And the platform is fully responsible for that.

If the gambling site continue to operate, it will make back the money.

Gamdom has failed to ensure their security. And their hacking has not only caused them financial losses. Many gamblers have left their platform and new gamblers are also losing confidence. 

How did you know that many people behave left the site? Also do not just make conclusion immediately. Wait for like 2 weeks and use web traffic sites like similar web to track the gambling site traffic before making such conclusion.

[I_Anime]

The rate casino are now getting hacked is alarming . Just casinos , today a mutual posted about his funds getting drained. Well he I wasn’t that surprise cause he saved it in a custodial wallet . So not just casino, all these scammers are now stepping up their games . Like I usually say , the more we learn on improving our security, that’s same way they are learning everyday how to get pass it. We have to be more careful. Especially those of us storing asset in hot wallet , that’s why better to use cold wallet (which is also not completely 100% safe ).

[Mr_Brilliant$]

Even that the casino moved their funds from their hot wallet to their cold wallet, does that solve the problem. You will still need the hot wallet as it makes things faster. Even the cold wallet still possesses some level of risk. What went wrong that attackers were abel to access the funds in their hot wallet?
What about customers, are their funds safe? Just 3 million dollars, that's a lot.
Hope they have deep pockets. Whatever loop holes caused the attack should be quickly identified.

It was actually smart of them to move the funds quickly. But they should be careful. I know they are already accessing what went wrong.

[rachael9385]

It's unfortunate they had to be a part in this year's hack list for crypto casinos that got hacked with funds siphoned. But as bad as it looks, if what they lost is to be compared to other casinos that are already in the hack list, gamdom's should consider themselves lucky, at least
for being too swift to move funds from hot to cold wallet.

You are right, compared to other casinos they didn't lose a lot and that's because they were prompt to move the funds from the hot wallet to cold just as you also stated, I think this prompt action is what a lot of big casinos lack. There should be ways to quickly detect when their system is being breached. Gamdom has been in business for up to 10 years so having such shouldn't be a big deal.

Certainly, it's an intangible amount to an extent and I think they back online about two days ago from the message I read on their X page.

It's not really considered to be a huge amount to them that is right but the main issue here is about them fixing the loophole that gave the hackers access to steal from the casino because there's a possibility they can lose more in future if this isn't handled properly.

[Findingnemo]

Even that the casino moved their funds from their hot wallet to their cold wallet, does that solve the problem. You will still need the hot wallet as it makes things faster. Even the cold wallet still possesses some level of risk. What went wrong that attackers were abel to access the funds in their hot wallet?
What about customers, are their funds safe? Just 3 million dollars, that's a lot.
Hope they have deep pockets. Whatever loop holes caused the attack should be quickly identified.

It was actually smart of them to move the funds quickly. But they should be careful. I know they are already accessing what went wrong.

I don't think the platform manages to move their funds to cold wallet, it is just drained and the casino will bear the loss on their own and based on the numbers presented here, they can manage this loss without disrputing their operation and if it is a cold wallet then no one will have access to it, so it is safe as long as that is a cold wallet.

[Makus]

The rate casino are now getting hacked is alarming . Just casinos , today a mutual posted about his funds getting drained. Well he I wasn’t that surprise cause he saved it in a custodial wallet . So not just casino, all these scammers are now stepping up their games . Like I usually say , the more we learn on improving our security, that’s same way they are learning everyday how to get pass it. We have to be more careful. Especially those of us storing asset in hot wallet , that’s why better to use cold wallet (which is also not completely 100% safe ).

The hackers must have gotten a way to gain access to the private keys and of course they are really stepping their game now because technology is now more advanced, we are in the age of Ai, this is what most hackers use now. Storing assets in a hot wallet is very risky and a lot of people are still making this mistake. The reason why gamdom wasn't totally wrecked was because they acted fast by moving their assets from their hot to cold wallet.

[nelson4lov]

~Snipped

Well said. Sometimes, these sites should rather focus on improving their security than spending millions on marketing.
What's the point of marketing a product with weaker security anyway ?
Now that they have suffered their fate may be they will understand the issue and try to improvise on the security of their site.

As security is very important for gambling platforms, so does marketing is very important. Without marketing, a gambling site can not be known. Also without continuous marketing, a gambling site will lose customers or there will be reduction in the rate of new customers signing up. Another thing you should know is that a gambling site can have good security, but just a mistake can affect the site. I do not believe that no site can not be hacked.

+1

No system is currently hack-proof, at least not in this day and age. The possibility is always there, although they can make their security harder to beat.  I also think that marketing is very important in any company as that is the pipeline that onboard new users to the platform. Earlier I said that they need to slow it down a bit, but shouldn't stop putting Gandom out there.

Thing is there has to be a balanced and I think that's what top casinos like Stake, 1win, etc have accomplished.

[Orpichukwu]

The rate casino are now getting hacked is alarming . Just casinos , today a mutual posted about his funds getting drained. Well he I wasn’t that surprise cause he saved it in a custodial wallet . So not just casino, all these scammers are now stepping up their games . Like I usually say , the more we learn on improving our security, that’s same way they are learning everyday how to get pass it. We have to be more careful. Especially those of us storing asset in hot wallet , that’s why better to use cold wallet (which is also not completely 100% safe ).

Every sector is affected by the hacking trend; no sector is escaping it. Maybe this is just the phase, and we are going to pass it. Service providers, wallet developers, and casinos are already seeing which loopholes these hackers are exploiting and trying to correct those.

We are not completely safe anywhere online. Even the ColdCard wallet was also hacked, which was least expected. Casinos now have to do more security tiny to make sure unauthorised users won’t break in and approve transactions. It's the same pattern they have been using to drain these casinos' hot wallets.

[icebar]

The rate casino are now getting hacked is alarming . Just casinos , today a mutual posted about his funds getting drained. Well he I wasn’t that surprise cause he saved it in a custodial wallet . So not just casino, all these scammers are now stepping up their games . Like I usually say , the more we learn on improving our security, that’s same way they are learning everyday how to get pass it. We have to be more careful. Especially those of us storing asset in hot wallet , that’s why better to use cold wallet (which is also not completely 100% safe ).

The hackers must have gotten a way to gain access to the private keys and of course they are really stepping their game now because technology is now more advanced, we are in the age of Ai, this is what most hackers use now. Storing assets in a hot wallet is very risky and a lot of people are still making this mistake. The reason why gamdom wasn't totally wrecked was because they acted fast by moving their assets from their hot to cold wallet.

Hackers have become more powerful using AI technology. They are taking access to the wallet by stealing private keys, knowing the cloud credentials or exploiting any vulnerability in the wallet. They are also sometimes carrying out their activities by sending phishing messages. Although there is no evidence, yet of what was done in the Gamdom case. However, most assured that an unauthorized connection was made to their automation server. Now, even if all the assets are kept in a cold wallet, it is not safe. The concerned authorities must give utmost importance to security issues including server access, wallet signing system.

[fredericktaylor]

The rate casino are now getting hacked is alarming . Just casinos , today a mutual posted about his funds getting drained. Well he I wasn’t that surprise cause he saved it in a custodial wallet . So not just casino, all these scammers are now stepping up their games . Like I usually say , the more we learn on improving our security, that’s same way they are learning everyday how to get pass it. We have to be more careful. Especially those of us storing asset in hot wallet , that’s why better to use cold wallet (which is also not completely 100% safe ).

The hackers must have gotten a way to gain access to the private keys and of course they are really stepping their game now because technology is now more advanced, we are in the age of Ai, this is what most hackers use now. Storing assets in a hot wallet is very risky and a lot of people are still making this mistake. The reason why gamdom wasn't totally wrecked was because they acted fast by moving their assets from their hot to cold wallet.

With the help of AI, hackers are becoming more powerful than before and we are constantly hearing news that they are hacking wallets using various techniques. I think that as technology improves day by day, the more powerful AI becomes, the easier it becomes to hack, which makes it difficult for ordinary people to keep their money safe. I completely agree with this, It is safer for a person to keep money in a cold wallet than in a hot wallet. The more aware we are, the more we can protect our money from hackers.

[el che]

Every sector is affected by the hacking trend; no sector is escaping it. Maybe this is just the phase, and we are going to pass it. Service providers, wallet developers, and casinos are already seeing which loopholes these hackers are exploiting and trying to correct those.

...

I wouldn't call it a phase. This is an endless cat and mouse game that has been going on since the eighties and the birth of the internet and it will continue forever. Service providers and developers fix known bugs but attackers constantly adapt and find new angles. Whenever platforms hold funds online, whether it's casinos or crypto wallets, there will always be someone trying to breach them. You can manage the threat but you can never eliminate it entirely.