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{"actor":"system:backfill","investigation_id":"d8aa1d1d-d918-41f7-bba6-496c0b4f9c29","kind":"publish","page_slug":"sportsbet","published_at":"2026-05-18T23:07:56.309Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Sportsbet","sections":[{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]},{"content":"","heading":"","severity":"medium","sources":[]}],"sources_used":[],"summary":"Sportsbet.io is a cryptocurrency gambling and sports betting platform operated by mBet Solutions N.V. under the Yolo Group umbrella, licensed in Curaçao. On June 22, 2024, blockchain investigator ZachXBT publicly identified that the platform's hot wallets were drained of approximately $3.5 million in USDT and TRX, attributing the attack to the same threat actor who hours later stole an estimated $55 million from Turkish exchange BtcTurk, with stolen funds allegedly commingled between both hacks. The platform has drawn ongoing scrutiny for operating in regulatory grey markets, serving users in jurisdictions where it holds no local license, and for systemic user complaints involving account closures and fund seizures following wins. Yolo Group founder Tim Heath confirmed in 2025 that the brand is being wound down in favor of fully regulated markets.","timeline":[{"date":"2016-01-01","event":"Sportsbet.io launched by The Coingaming Group (later renamed Yolo Group), operated by mBet Solutions N.V. under a Curaçao license.","source":"","source_url":"https://www.bookmakers.bet/review/sportsbet-io/"},{"date":"2020-08-01","event":"Swiss Federal Casino Commission (ESBK) blacklists sister brand Bitcasino.io as an unlicensed foreign operator.","source":"","source_url":"https://www.gamblingnews.com/news/swiss-watchdog-suspends-access-to-coingamings-sportsbet-io/"},{"date":"2020-10-12","event":"ESBK adds Sportsbet.io to its blacklist of 36 foreign gambling domains, requiring Swiss ISPs to block access via DNS.","source":"","source_url":"https://www.gamblingnews.com/news/swiss-watchdog-suspends-access-to-coingamings-sportsbet-io/"},{"date":"2021-01-01","event":"The Coingaming Group rebrands as Yolo Group.","source":"","source_url":"https://tribuna.com/en/casino/news/2025-09-23-curacaolicensed-operator-sportsbetio-founder-mulls-shutting-down-or-selling-yolo-group/"},{"date":"2024-06-22","event":"ZachXBT publicly reports that Sportsbet.io was likely hacked for approximately $3.5 million in USDT and TRX, attributing the attack to the same threat actor responsible for the $55 million BtcTurk exchange hack hours later, with funds from both incidents found to be commingled on-chain. Sportsbet.io issues no public disclosure.","source":"","source_url":"https://www.web3isgoinggreat.com/?id=sportsbetio-hack"},{"date":"2024-06-22","event":"BtcTurk hack: approximately $55 million stolen from ten hot wallets via private key compromise. Binance freezes $5.3 million of stolen assets.","source":"","source_url":"https://www.theblock.co/post/301340/binance-freezes-5-million-in-funds-looted-from-btcturk-after-alleged-54-million-hack-of-turkish-exchange"},{"date":"2024-12-24","event":"Curaçao implements the new National Gambling Ordinance (LOK), replacing the 1993 Offshore Games Ordinance and introducing stricter KYC/AML requirements.","source":"","source_url":"https://coincub.com/blog/curacao-gaming-license/"},{"date":"2025-09-23","event":"Yolo Group founder Tim Heath publicly confirms pivot away from grey market Curaçao-licensed operations toward fully regulated markets, including UAE and EU. Sportsbet.io and Bitcasino.io announced as being phased out in favor of a consolidated Yolo.com brand.","source":"","source_url":"https://www.gaming.net/yolo-group-shift-towards-regulation-sportsbet-io-and-bitcasino-io-face-uncertain-future/"},{"date":"2025-08-01","event":"Second BtcTurk hack: $51.7 million stolen across seven blockchains using a similar private key compromise vector. Halborn security documents recurring failures.","source":"","source_url":"https://www.halborn.com/blog/post/explained-the-btcturk-hack-august-2025"},{"date":"2026-02-03","event":"Reports emerge that Betsson is evaluating a potential acquisition of Sportsbet.io from Yolo Group as the wind-down process continues.","source":"","source_url":"https://sbcnews.co.uk/sportsbook/2026/02/03/tim-heath-betsson-sportsbet-io/"}]},"v":1}