UPDATE 16 October 2019: BetKing closed and scammed players and investors!!!
The publicly proven BetKing scam (betking.io) offers a BKB fantasy token ICO where investors become part of the casino and bankroll!
BetKing scam part 1
The token value is calculated as:
I + (P /100,000,000)
Where I is the initial token price after the IC0, $0.09286 and P is the total site profit from all games and currencies at the current exchange rate in $.
Investors sent valuable crypto currencies and received a certain number of the 100,000,000 issued BKB fantasy tokens. Within few months the value of the invested crypto currencies increased from $6 million to $18 million! But the price of the BKB fantasy tokens remained the same and Dean Nolan put the $12 million value increasement into his pocket instead of forwarding it to the investors!
Something totally different is if you give BetKing a loan with a yearly interest rate. Whatever BetKing does (winning or losing or go broke) he still owes you your loan plus interest.
BetKing scam part 2
Dean Nolan publicly announced that he will use 30% of the collected investments for marketing and built up the casino. 100,000,000 BKB fantasy tokens were issued and its value at the beginning of the casino operation was $6 million. 30% of $6 million investments = $1,8 million.
Dean Nolan announced to spend $1,8 million to built up the site, but then spent only a fraction of it! Maybe around $100,000, but surely not more than $180,000. So the invested $6 million, temporarily increased to $18 million, were stuck in Dean Nolan’s hand causing a huge damage to the investors!
BetKing scam part 3
Not enough to scam its investors, no, the BetKing scam also felt the necessity to scam its affiliates. Game Protect was one of the first affiliates helping to built up this casino. Few months later Dean Nolan felt the necessity to delete the statistic of all lifetime referred players for all affiliates and introduced a new affiliate system where all existing affiliates had to apply again!
Game Protect has meanwhile sufficient info and documents to hold this pig liable and we welcome the input of all scammed investors and affiliates in the comment section. 🙂
BetKing scam part 4
Cheating its scam ICO investors and affiliates was not enough. No, scam artist Dean Nolan also feels the necessity to scam software provider Bustabit!
Sites that are violating the terms of bustabit’s open source license and should not be considered trustworthy: