• Operator Primedice Taken for Over a Million in Bitcoin

    01 July 2015

    Bitcoingambling

    Bitcoin of what we think about when it comes to how currency works and the opportunities that come up when we have anonymous payment methods. A number of online gambling sites like Primedice have found themselves offering deposits and withdrawals in bitcoin as a sort of marketing ploy that's gained some sites a fair amount of attention. However, the anonymous factor, so often touted as a massive advantage, led to Primedice being fleeced for seven figures.

    Software Flaws

    The story here is basically that a user going by the name Hufflepuff was able to find a software flaw that allowed him to massively influence the outcomes on a dice game. Once this was in hand, Hufflepuff bet a lot of bitcoin and came out as a massive winner with over a million dollars for his or her score. They were monitoring the big winning streak and actually put a hold on the account to investigate. However, that's when things took an even more interesting turn.

    Primedice originally found that Hufflepuff was doing nothing wrong, and the account was opened back up. Not to be detoured, Hufflepuff continued the reign of terror on their dice games, cashing out tons of money. They eventually found the software flaw, and they offered Hufflepuff a compromise that was promptly rejected. Instead, Hufflepuff took things to an entirely new level by finding yet another software flaw and taking another few thousand dollars off of Primedice before making off.

    The Nature of the Problem

    This is the kind of thing that industry experts have been warning sites about since bitcoin started to be talked about as a payment method in the online gambling industry. While they can flaunt the anonymous nature of the cryptocurrency as an advantage, it's also a major problem because it means that the players can take advantage of the site if they find software bugs that can be exploited. A better approach is to allow players to deposit and cash out in bitcoin while holding their actual account balance in US dollars (or some other currency), and this is achieved by converting the cryptocurrency at the time of the transaction. This prevents wild fluctuation of the value of account balances, but it also increases security for the site itself.

    Related News

    • 13 November 2018

      Intertops Casino Offers $120,000 Money Magic Promotion

      Intertops Casino is giving players a great opportunity to pick up a piece of $120,000 in prizes as a part of their Money Magic promotion that's running right now. You can win some serious prizes just for getting in on the action with the games that you would be playing anyway. How to Cash in On This Great Offer For every week until December 3, 2018, players will be able to take part in a points race worth $30,000 each week.

      Read full article
    • 13 November 2018

      LeoVegas Player Wins €7.83 Million on Joker Millions

      One of the most popular games by Yggdrasil Gaming is Joker Millions, and it's generally considered to be their most popular progressive slot. LeoVegas Casino offers this title as well, and they were recently the location of one of the biggest jackpot winners this year as a result. Details on This Big Win The progressive payout for the most recent winner at LeoVegas Casino was for €7.83 million, and it came on Yggdrasil's Joker Millions slot.

      Read full article
    • 06 November 2018

      GiG Games Makes Rehosting Partnership With Join Games

      Getting into different regulated markets is an interesting task over the past several years thanks to big changes in how the online gambling industry is handled. In a recent deal, GiG Games has set things up so that they can start to penetrate the Italian and Latin American markets thanks to a partnership with Join Games. How This Deal Works The main idea behind this deal is that Join Games is going to act as a sort of rehosting service for the titles offered by GiG Games.

      Read full article