The company then confirmed the hack through social media, saying there were unauthorized transactions from its Ethereum and BNB Chain hot wallets. On Sept.7, 2023, the US Federal Bureau of Investigation said the $41 million hack was executed by the notorious North Korean hacking group Lazarus. Related: XRP ETF ‘obvious’ as Polymarket bettors up approval odds to 85%Gamblers access illegal sites through VPNsEven though crypto gambling sites are officially blocked in many jurisdictions, users can access them by bypassing geo-blocking restrictions with VPNs, which allows users to place bets on sites blocked in their country. Former players and crypto users told the FT that many online guides show people how to bypass geo-blocking restrictions to access a crypto gambling platform.
This metric refers to the difference between bets taken and winnings paid out. Yield Sec data also showed that the annual revenue for crypto casinos has increased five times since 2022, despite gambling sites being blocked in the United States, China, the United Kingdom and the European Union. Crypto casino Stake rivals traditional betting platformsBetting platform Stake reported that its GGR in 2024 was around $4.7 billion, up 80% since 2022.
Cointelegraph confirmed that some influencers offer online tutorials that teach people how to access blocked gambling sites. “Ready-to-gamble” crypto casino accounts are also reportedly being sold on social media platforms, according to Sanya Burgess, journalist at The i Paper.
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Author / Journalist: Cointelegraph by Ezra Reguerra
The story "Crypto casino revenue hit $81B in 2024 despite global restrictions" has 443 words across 19 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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