Hack of EOS casinos shows vulnerability of smart contract casinos

Discussion in 'Bitcoin Casinos' started by Humble Servant, Sep 26, 2018.

  1. Humble Servant

    Humble Servant Active Member Staff Member

    EOS has branded itself as a successor and improvement on the Ethereum smart contract platform. While bitcoin focuses solely on being decentralized, uncensorable cash, smart contract platforms like ETH, ETC and EOS allow you to run actual applications on the blockchain. This has resulted in a number of ICO's being launched on these platforms to create decentralized versions of poker rooms and casinos.

    One of the decentralized casinos running on EOS is called EOSBET. Sadly for the users of this site, they announced last week that over 40 thousand EOS tokens were stolen from their online casino because a hacker took advantage of a glitch in their smart contract software. Considering that amount of EOS is worth almost a quarter of a million dollars, I think it can be considered a pretty considerable fuck-up by the developers.

    Their Reddit post on the hack says "The task moving forward is to strengthen our security practices, ensuring that a similar event does not occur in the future" but I would be pretty pissed if I was an investor in this EOS casino. Hourly audits should be run to ensure that large payouts of almost $250,000 are not paid out without a thorough investigation.

    We maintain that smart contracts are a security vulnerability and it is safer to wager on centralized casinos like FortuneJack that accept Bitcoin, Litecoin, Ripple, Bcash and most cryptocurrencies. We just don't see that point in risking your money on easily hackable smart contract platforms.

  2. Humble Servant

    Humble Servant Active Member Staff Member

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