Home / Crypto Currency / Two EOS Gambling Platforms Fall Prey to $260,000 Hack

Two EOS Gambling Platforms Fall Prey to $260,000 Hack


EOS cryptocurrency hack

Advertisement

Smart contracts on two EOS gambling platforms have been hacked in the last four days to the tune of more than a quarter of a million dollars, with another platform paying out $600,000 to one user in an unusual-looking jackpot which EOSBet insists was simply luck.

DEOSGames Hacked — $24,000 Stolen

The first and more minor hack occurred on Sept. 9 when a DEOSGames user named runningsnail went on what appeared to be quite the winning streak, with $1,000 payments made dozens of times. The user would deposit 10 EOS and then win the jackpot 30 seconds later, like clockwork, a suspiciously-automated process which can be seen here in the user’s eosflare account overview.

DEOSGames confirmed that its smart contract had been hacked, spinning the malicious exploit as “a good stress test” in a short statement released on social media.

EOSBet Hacked — $236,000 Stolen

EOS cryptocurrency

Yesterday, /u/EOSBetCasino released a statement on Reddit explaining the nature and scale of a smart contract hack resulting in a major loss of funds.

“Dear EOSBet Community,

On September 14th around 3:00AM UTC we experienced a hack and breach of our bankroll, resulting in a theft of 44,427.4302 EOS before our contracts were taken offline by the development team. The remaining 463,745 EOS in our EOSBETDICE11 and EOSBETCASINO contracts are safe, the vulnerability is patched, and we are back online. We want to be as transparent as possible in explaining this breach and addressing any concerns the community might have.”

The hacker exploited a flaw in the code that allowed them to bypass the esio.token ->transfer function, which meant that their funds were not deposited to the smart contract. Whenever they lost, they didn’t have to pay, but if they won they would win real funds which could then be cashed out, essentially allowing them to gamble in a consequence-free casino dishing out free money.

The team posted the section of code that was vulnerable for inspection and went on to explain what had been changed and for what reason, a move that was met by praise from several of the users on Reddit. Others were not so forgiving, with one user mocking the skill of the team and the third-party auditors they claim to have hired in a section of the team statement, which read:

“We take security very seriously at EOSBet. Our code was audited extensively by our development team and multiple independent 3rd parties.”

Did a Third EOSBet hack take place?

This statement comes days after a user on the same platform won $600,000 in a series of consecutive wins which took place in which the user repeatedly doubled their money in a series of dice rolls over the course of 36 hours. The incident was suspicious enough for The Next Web to characterize it as a hack, but EOSBet have since claimed that there was no code exploit and that the user was simply lucky, something which is currently being investigated.

Images from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.