Published July 4, 2015
“Online bettor gets away with over $1 million in bitcoins after exploiting encryption leak on Primedice.”
June wasn’t the best of months for online gambling using bitcoin as a couple of stories that turned out to be dramas made their way to the surface. While one of them saw a heist of over one million dollars, it was the other one that ended up in a guilty plea.
Hufflepuff steals $1m worth of bitcoins
The story begins with Primedice, an online betting website that allows users to wager in bitcoins on a throw of the dice. The goal of this simple game is to guess if the value of the dice is above or below a certain value, while the house edge is about 1%.
A player by the username of Hufflepuff became one of the biggest bettors on the side after the third version of the software was implemented in August last year. This new user was betting about $8,000 every second for several hours in one sitting and what was more surprising was the