Quote from: YIKES14 on October 23, 2019, 05:28:19 PM

Quote from: camtheman on October 23, 2019, 03:27:38 PM

Here is what what Dean said:

As you will have likely seen BetKing has been offline for around a week.
BetKing will remain offline indefinitely with this being the last in a string of problems over the past year.

A serious issue was found last month after we launched a new dice site to test if a new brand would have more success than BetKing has had post ICO.

The new site was a clone of BetKing. We had been talking to investors about doing a series of sites like this with a shared bankroll and this one was released in time to try and capture traffic from yolodice.com who were closing their investment feature.

After a few days players had drained the bankroll and withdrew funds from the hot wallet.

After a review with the developers we found that there was an actual flaw in the code that allowed anyone to view their server seed and predict the result of their dice rolls, essentially being able to win every bet.
It turned out that this code had existed on BetKing also since January on both the dice and burst dice games and people had been using it to win bets undetected. It is not yet known if a developer added this code deliberately to cause abuse or if it was an honest mistake.
It wasn't until recently, after processing larger withdrawals and then finding the bug, that the discrepency in balances and funds available was noticed with now there being no funds left to process any remaining withdrawals.

At the time the site went offline there was a backup of all balances and pending withdrawal amounts captured.
There are around 20 bankroll investors who had more than $1000 on site, for a total of around $400,000.

I will confirm that I received the same email from Dean.

I'm obviously super skeptical but you would think you could come up with a better lie.

Who are the players who drained the clone site and how did they know about it? I wasn't even aware of the clone site.

Were there never any audits done to check balances against reserves??

Larger withdrawals weren't automated and I believe that the hot wallet had to be topped up from cold storage...Was he not looking into these large wins/withdrawals. I don't believe I saw any big wins against my bankroll investment when checking...

No one is going to invest in any other project he's associated with, he's delusional to think he can reimburse everyone that way. He shouldn't be in charge of anything.

He closed down the telegram a few months ago... was it to make it harder for people to coordinate against this exit?

I also was not aware of a clone site, but who knows if it even existed? Could just be another confabulation. You bring up a great point on this... the hot wallet was constantly being refilled, how could he not notice these withdrawals. In addition, the bankrolls stated Betking was in the BLACK.