An online gambling operator lured Viet players in, crashed the casino, and stole their cryptocurrency
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Authorities in Vietnam have busted an online gambling ring that may have taken in as much as $3.8 billion USD in cryptocurrency bets (87,000 billion VND). The internet gambling sites seem to have been built on an insurance scam that promised to give “investors” their money back if they lost six deposits in a row. When the casinos experienced heavy traffic, the operators crashed the sites and pilfer cryptocurrencies such as USDC (Tether) and ETH from the ‘investment’ wallets.
An online gambling operator lured Vietnamese players into a casino and crashed it. It is common practice for websites operating in the black market to use redirecting to cover the tracks of gamblers. The Vietnamese website claims that Evolution AB provided games for the illegal websites. However, the domain artifacts left on Google Cache by NagaClubs indicate it was never more than a sign-up, sign in and pass-through site.
Evolution has come under pressure recently by an anonymous US-based party with "interests" in online gambling. The party funded international investigators to document that Evolution accepted bets from players in countries with gambling prohibitions. Bloomberg provided them with video recordings that showed players from banned countries such as Singapore and Hong Kong placing bets on Evolution live dealer games.
Evolution is the world's most successful supplier of live dealer games. It is listed on the Stockholm NASDAQ exchange. The company claims that it is up to the gambling operator to make sure that the people playing their games are legally allowed to. It also claims the invaders had tried to access the servers from blocked countries. They were rejected by the server. There is also a possibility that they used redirects to facilitate gambling from within the country.
