“Investigation” or insolvency? Anyone’s guess
Justin, #DOOTRON pulled an #exitscam, investors stuck with millions of worthless #DOO tokens now, will you do something to at least partially compensate ?..
Who are the #DOOTRON scammers, can you inform the community ? It’s essential for the prestige of the Tron Network.
— White Wolf (@FeroxAdvisors) April 20, 2019
The way most Tron casinos work is players earn a casino-centric token for every bet they place. The more they bet, the more tokens they receive, and they can then choose to sell those tokens or lock them to earn dividends from the casino’s profit pool. Some casinos allocate as much as 70% of their profits to the dividend pool.
Nearly all Tron casinos do this, as well as many EOS-based casinos. Users can also purchase the tokens on the markets to earn a dividend from casino operations. As stated, DooTron.com had two tokens at the end: SHOOT and DOO. DOO was obtained in an advanced Hi-Lo game which allowed the user more options than most versions of Hi-Lo: the player could also choose the color or suit for varying levels of profit.
Shoot was essentially another twist on Hi-Lo, where the user would “shoot” the range they believed the next card would fall under. Similar to the Hi-Lo game, players earned SHOOT tokens for every bet.
Token holders left to rot
The games were provably fair, their results determined by the unpredictable Tron blockchain. The hash would be interpreted to determine the result, as is the case with many games on both Tron and EOS. This is perceived as much fairer and harder to rig than traditional casino models, which might develop advanced methods of deceiving gamblers.
In these casino token schemes, tokens are “mined” through play. The more popular a casino, the faster its tokens will be mined. The pioneer of this model is TronBet.io, which issues ANTE. ANTE are currently worth over 20 TRX each, and pretty much stay between 23 and 26 most of the time.
A total of 59,082,099.596981 DOO were mined over the casino’s life, and there are currently 1204 holders. Over 12 million remain “frozen,” obviously earning no dividends at this time. SHOOT, which was much newer, has just over 1.4 million frozen. DOO and SHOOT were delisted from one of its few exchanges, Kiwidex.io, with the following notice:
Because DooTron has encountered operational-related investigations, it will stop all social media, websites and other activities included today. Kiwidex will release the DOO / TRX, SHOOT/TRX transaction pair at 00:00 on April 18, 2019, New York. Withdrawal of the order in time; Kiwidex, who has not withdrawn the order, will automatically refund the pending token to the user’s account.
Exchange delists DOO and SHOOT, provides limited insight
This notice serves as one of the few pieces of information surrounding the motive for the disappearance. Some “investigation” is underway, and the casino’s operators decided to cut and run. People on Twitter have not been happy about the sudden disappearance:
Did DooTron exit scam us? 😅
— IrishGirlCrypto Giveaways (@IrishGirlCrypt1) April 18, 2019
In the below tweet, the user references the fact that everyone who had tokens frozen is still able to receive their dividends. This is the nature of the smart contract which governs the decentralized casino. Even if they wanted to, they couldn’t have stolen everyone’s money. The tokens being available for withdrawal is beside the point since no exchange will list a useless token. As such, DOO and SHOOT have no value, but access to the dividends (which is the only thing you can do on DooTron.com now) is paramount.
Good article. Did you hear dootron closed up shop. At first with everybody’s tokens still frozen. Now you can unfreeze at least. But they had a choice to keep everything and run. Alot of these dapps can still do that. Be careful…..
— jay3.14 (@jsnmiller314) April 19, 2019
Still, there is the matter of people who actually invested in the casino by purchasing tokens on exchanges and then froze them, expecting to derive a profit on their investment eventually. Those people are pretty much out of luck unless DooTron for some reason comes back online.
About The Author
P. H. Madore
P. H. Madore has written for CCN since 2014 and is currently Head of Crypto. Please send breaking news tips or requests for investigation to [email protected] His website is http://phm.link