A hacker removed $50 million in Ether through the Decentralized Autonomous Organization, plunging investors right into a panic, however some argue that no theft has occurred.
Ether, the currency that is digital has been billed as the ‘next’ bitcoin, plunged in value on Friday when a hacker exploited a software flaw in the Decentralized Autonomous Organization (DAO), sending the equivalent of $50 million Ether into the ether and the cryptocurrency investment community into a panic.
If this sounds bewildering, we are going to try to explain.
Ether is the currency supported by the Ethereum blockchain, a platform designed to supply greater flexibility for decentralized currencies that are peer-to-peer-traded tasks developed on the top of the bitcoin protocol. Ethereum permits the creation of ‘smart contracts,’ which enables a variety of business transactions and not just currency transfers.
The DAO is an organization that is completely leaderless on the Ethereum platform and run entirely on computer rule. It utilizes these smart contracts to develop a endeavor money fund devoted to sponsoring cryptocurrency that is new. All DAO decisions are taken using a vote of its users who utilize electronic tokens, purchased with Ether, to register their vote. In this way, DAO had raised $162 million to assist fund fledgling projects.
But DAO members watched in horror, in real-time, on Friday, as a hacker e Continue reading “Cryptocurrency Platform Ethereum Raided by Hacker, $50 Million Stolen”
Lee Seung Hyun, a former starcraft ii world champion, who was arrested for match-fixing early in the day this year.
The E-sports Integrity Coalition (ESIC) launched in the UK this week, a non-profit industry body with one dedicated mission: keeping E-sports clean.
ESIC said it aims to become recognized ‘the guardian of the integrity of E-Sports,’ with a particular focus on cheating, match-fixing and grey market gambling in competitive video gaming.
‘The Coalition will take responsibility for all types of the process, including drawing up rules, investigating breaches and then prosecuting those who flout them, while also trying to prevent such instances arising within the first place,’ explained ESIC in a pr release.
‘To this end, ESIC is using key stakeholders in the E-Sports community, from developers, publishers and players to broadcasters, gambling associations and league owners, to produce a vision that is unified what the rules should be, and how they ought to be implemented.’
The development of this group is prompt. In the midst of another scandal, as two prominent YouTubers are accused of failing to disclose the ownership of a Counter-Strike: Global Offensive skins gambling site that they regularly promoted to their millions of viewers as we reported yesterday, E-Sports finds itself.
CS: GO gambling sites themselves are criticized for allegedly facilitating unregulated und Continue reading “E-Sports Integrity Coalition Promises to Clean Up gaming that is competitive”
NBA Commissioner Adam Silver is one prominent voice that desires to end gambling prohibition on professional sports, but until the law modifications prosecutors will stay going after underground activities betting rings.
Sports wagering is illegal in the usa with Nevada being the exception that is lone but that didn’t stop four men from managing a billion-dollar sports gambling procedure in California and New York.
Brooklyn District Attorney Ken Thompson announced on June 30th that four individuals have been charged in a 57-count indictment with running a sports gambling ring online. Thompson says the group’s wire room ended up being located in San Jose, Costa Rica.
Based on Thompson, the four men collected $927 million in illegal wagers during last year’s NFL season alone.
‘Illegal gambling isn’t crime that is victimless it preys on peoples’ vulnerabilities and directly leads to money laundering, loansharking and a host of other crimes,’ Thompson said. ‘ This huge gambling operation, possibly the biggest one ever to be dismantled by a local prosecutor’s office, allegedly relocated millions of bucks across the united states of america plus the world.’
Prosecutors allege that the combined group operated a few password-protected internet sites that offered lines and wagering possibilities. Gamblers also utilized a toll-free hotline that is betting.
The defendants did little to concea Continue reading “Billion-Dollar Sports Betting Ring Infiltrated by United States Authorities”