Just wanted to bring up an interesting topic that some of you who were around during the early days of crypto gambling might remember, double spending exploits, especially during the dice era.
Back then, some casinos didn’t require any confirmation for deposits. As long as the transaction appeared on the blockchain (even unconfirmed), the account would get credited instantly. sounds convenient, right? But that’s where some smart gamblers took advantage and pulled off double spends, sending the same transaction elsewhere before it confirmed, basically reversing the original deposit.
I wasn’t that deep into it during those times and didn’t fully understand what was going on, but I’ve heard that this exploit caused real losses for some platforms. That’s probably why most casinos today require at least 1 confirmation before crediting your wallet.
question...
(1) Were there any casinos that actually got hit badly because of this?
(2)Is there any known case with a reported loss figure?
Well, I probably hadn't joined gambling when this so called exploit rained, but it's very interesting to learn that such had once happened which is the reason why casinos today require at least 1 blockchain confirmation before any deposit in cryptocurrency is credited, history is always sometimes very interesting to study as we get to learn about things we ourselves may have never imagined was possible.
I definitely will be following this thread to read comments from other posters to see if there is actually anyone here who is from that era when gamblers exploited casinos this way, it would be interesting for me to learn how it was being done back then and to see if it was still possible to try today (I have no intention of trying it anyway).