Posted in: game

Full Tilt Poker Allegations Loom Large

The biggest news of this past week in the gaming law arena has to be the accusations against Full Tilt Poker. The U.S. Justice Department has deemed Full Tilt a global Ponzi scheme that defrauded countless online poker players to the tune of over $300 million.
It has been said that the 23 owners of the site took out $444 million in self payments. Receiving the largest amount of this money were Howard Lederer, Chris Ferguson, Rafe Furst, and Raymond Bitar. They allegedly received $38 million, $24 million, $12 million, and $40 million respectively.
The Department of Justice states that on March 31st of this year, Full Tilt Poker owed its players $390 million but only had $60 million in its bank accounts. Furthermore, Lederer apparently told other Full Tilt insiders that the company had only $6 million in the bank but had liabilities of over $300 million.
It comes as no surprise that the Alderney Gambling Control crypto gambling is rumored to be planning to revoke Full Tilt Poker’s gaming license for good. This would likely be the end of the gaming site as it would then be nearly impossible to find an investor.

American Gambling Association President Looking for Poker Regulation
The president of the American Gambling Association (AGA), Frank Frank Fahrenkopf, is trying to find out exactly how long Full Tilt was robbing its players for. He also wants to know exactly for how much. He would use these figures to help lobby for U.S. laws that …

Posted in: game

Top 10 Reshuffles On CoinMarketCap: Ethereum vs. Ripple, Nem vs. Litecoin & More Crypto Gambling

As Bitcoin continues to grow, some altcoins are not being left behind either. Last week there was an intense competition on the Top 10 of CoinMarketCap with some casualties being posted.

It was so engrossing to see some old cryptocurrencies uprooted from their longstanding positions. This registered the fact that no entity has a monopoly over a particular position.

Ethereum lost to Ripple

Smart Contract king, Ethereum in a very surprising circumstance lost its long-held number two spot to snowballing Bank Transfer giant Ripple. Fascinatingly, within the week it doubled its value and it was near twice the value of Ethereum.

Rising almost 40 percent, its market cap was over $15 bln. It has now lost almost $2 bln and Ethereum is now closing the gap. Actually, it was the second best-performing cryptocurrency on the top 10 last week.

Yet still, Ripple leads Ether with almost $2 bln in Market Cap. Some analysts in the space are strongly convinced it is likely that it will recover and take back the number two position it nearly monopolized for a couple of years.

It remained to be seen since Ripple keeps making deals with banks around the world expanding its portfolios. Anyway, Ethereum with no doubt as well has become a popular smart contract platform.

NEM pushed Litecoin

In a related development, on Thursday fast-growing NEM also pushed SegWit trailblazer, Litecoin to the fifth rank and became the world’s fourth most valuable digital currency. This was when the Ethereum Token rose a …