EOSBet is having a rough time of things at the moment, as it has to temporarily shut down for the second time in as many months. It has once again been hacked using a very similar bug to the one which caused it a great deal of pain back in September. Hackers managed to inject code into a smart contract that caused the platform to payout a huge sum of EOS tokens to the hacker’s accounts. The team over at EOSBet is still waiting to explore the hack and tally up the final figure of missing funds, but the hackers posted a screenshot online of the illegal transactions summing around 65,000 EOS ($338,000).
Smart Contract Bugs Galore
EOSBet probably should have learned the first time around and taken the time to shore up its smart contracts. Back in September a smart contract was exploited that allowed hackers to place bets and always be rewarded as a winning player – even if their bet lost. EOSBet quickly noticed and took the site offline in order to repair the smart contract and squash the bug. Yet, it appears that in the process of fixing that bug it inadvertently created a new one. Hopefully, next time it will be more careful and fully audit the smart contracts to ensure no more losses of this magnitude occur.
Crypto Casino Guidelines Coming to Malta
Malta is at the forefront of the crypto boom, and it’s not stopping at blockchain regulations for crypto exchanges – oh no. Malta is also creating guidelines for casinos that use blockchain technology and accept cryptos. Launching in January 2019, the regulation sandbox will allow crypto casinos – like BitStarz – to help contribute to creating an adaptive regulation framework, which the Malta Gaming Authority will then implement as law. Once this has been done, companies operating in the iGaming sector can then apply for a prestigious Maltese crypto iGaming license, bringing more games to players throughout Europe.
Crypto Casinos Are the Future
Despite EOSBet’s shortcomings, the crypto casino industry is booming. More and more online casino players from around the world are starting to deposit in cryptos in the hope of striking a big crypto win. At BitStarz, we have seen some almighty crypto jackpots being won and more games just waiting to payout. Crypto casinos are definitely the future of iGaming, it’s doesn’t take a genius to see that.
EOSBet’s days might be numbered following this raft of hacks, but there is still hope. Through the implementation of bug bounties it might be able to persuade hackers to report the bugs instead of exploiting them for no good. The best way to keep yourself safe from hackers like this is to use a reputable, regulated, and licensed crypto casino – like us!