A crypto casino that has been branded “a terrible idea for several reasons” is reportedly paying crypto influencers $500,000 a month to promote it.
That’s according to analysis from Selvlabs founder Foobar, which claims, “Luckio is not provably fair — or provably anything.”
The crypto gambling site was the topic of discussion yesterday as many X users weighed up whether $500,000 is a sum worth promoting a casino for. The figure, according to crypto OG Cobie, is the top end of what Luckio is offering.
Crypto influencers Ansem, FaZe Bank, and Sol Jakey have seemingly taken this offer — or a similar figure — to promote the site, claiming that it will displace the gambling industry with its “on-chain” system.
FaZe Bank’s trashy promo of Luckio.
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However, Foobar claims Luckio’s on-chain claims are false, and that when assessing its code, he found it’s neither immutable nor verified.
“Nobody has any idea what’s being run on-chain,” he said.
Foobar also argued that Luckio’s code audit is a “huge red flag,” since it uses a private email system instead of sharing it publicly on GitHub like “99%” of code audits.
He said, “The Luckio team appears to not know or not care to use decades-old best practice, instead emailing around .zip files holding who-knows-what.
“This invalidates the entire audit, since nobody has any clue what was audited!”
Overall, Foobar feels that “[Luckio] are obviously planning to take your money in one way or another, and feel extremely confident in their abilities to do so if they’re making this upfront KOL investment.”
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Cobie claims the Luckio team is the same as Rollbit, another crypto casino. Foobar described Rollbit as “notorious for stealing people’s money” by locking accounts and delaying payment.
In a separate police seizure, Rollbit crypto wallets have been linked to an alleged crypto investment scam in Ukraine and received upwards of millions of dollars worth of crypto from individuals tied to the alleged scheme.
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