EOS betting platform pays $600k to a single user in 36 hours

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September 13, 2018 by
EOS betting platform pays $600k to a single user in 36 hours

An EOS-based betting platform paid out $600,000 to one user in less than two days. The gambler won the amount on EOSBet, a trustless and immediate betting platform on the EOS blockchain.

The individual constantly doubled the money by betting on blockchain dice. According to a record by TheNextWeb, the EOSBet purse sent over 126,000 EOS to this certain customer. Because it appeared to be questionable, EOSBet clarified on its web site that the system had not been hacked. The system specified that all payouts to the stated account were genuine and pointed out that it was simply pure luck.

Uncertainties relating to the payments just seem all-natural a day after DEOSGames, an additional EOS-based wagering platform, was struck. In less than an hour, the platform apparently paid 24 times in a row to one individual. Records recommend, in spite of transferring just 339 tokens, the account “runningsnail” procured more than 4,728 EOS (approx. $23,640). Surprisingly, the account was developed just a day before the funds were sent for betting.

This is not a separated case. A few weeks earlier, a comparable case was noted in EOSBet.io. At the time, the betting dApp was forced offline, as well as another critical defect in the blockchain was located by the researchers. The expanding hacking issue has led to the boost in insect bounty programs, focused on discovering loopholes on the blockchain.

These insect bounty programs invite cyberpunks to discover vulnerabilities on the blockchain, for which they will obtain a reward. Supposedly, this year witnessed cryptocurrencies worth $761 million shed to hacking as well as theft. EOS apparently holds the checklist of many variety of bug bounty programs, according to another TheNextWeb report. The group behind the crypto has actually invested around $417,000 on benefits for bug bounty programs and has raised its reward from $300 to $2100 this year.

shekar

A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Coineset.

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