Degen

Cryptocurrency

Read

The crypto casino Rollbit has decided to wind down its degen exchange due to “uncertainty and low adoption” a little over a month after its launch on Aug. 17 with pilot tokens like RLB and UNIBOT. 
Degen exchange users cannot no longer buy assets on the platform, although token sales and withdrawals remain possible according to the team. The mononymous Razer, Rollbit’s co-founder, noted that futures trading will continue and the company sees volume in this market. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Of course! This update will allow us to spend even more time working on Futures, where we see great adoption and volume.— Razer (@Razer_Rollbit) <a href="https://twitter.com/Razer_Rollbit/status/1705200986497712272?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 22, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
Rollbit also decommissioned its Rollbot platform primarily focused on the casino’s non-fungible token (NFT) offerings. However, the company’s NFT collections are unaffected by this move. 
<blockquote class="wp-block-quote"> 
 It’s important to note that these are independent changes that we’re making to better position and safeguard our business. There’s no changes to our core product, Rollbit.com, $RLB, or our NFT collections. <cite>Rollbit announcement on <a href="https://twitter.com/rollbitcom/status/1705196259189878856?t=BsiRbzlbuwzEfjHIY4Hqnw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">X</a></cite> 
</blockquote> 
 You might also like: <a href="https://crypto.news/new-age-crypto-casino-rollbit-launches-cryptocurrency-trading/" rel="noopener noreferrer nofollow"> New-Age Crypto Casino Rollbit Launches Cryptocurrency Trading </a> 
Razer announced Rollbit’s degen exchange on Aug. 17 with five pilot tokens including the casino’s own token RLB, OPNX’s OX coin, Telegram bot UNIBOT, and BITCOIN (not to be confused with crypto’s leading token). 
“Buying and selling tokens shouldn’t be complicated”, Razer said at the time, adding that Rollbit’s exchange aimed to become “the crypto platform for everything” by banking on an automated market maker system and increasing trending token liquidity. 
It’s likely that declining interest in speculative tokens and altcoins resulted in debilitated user activity on Rollbit’s degen exchange. However, it’s unclear what specific regulatory U-turn occurred in a month to prompt a rethink from <a href="https://crypto.news/rollbit-becomes-first-ever-casino-to-launch-its-own-nfts/" rel="noopener noreferrer nofollow">Rollbit</a>. 
The platform which launched in February 2020 is one of the largest crypto casinos in the market at press time. One of Rollbit’s rivals, Stake, suffered a cyber attack reportedly launched by North Korea’s Lazarus. 
Lazarus <a href="https://crypto.news/fbi-lazarus-group-hacked-and-stole-41m-from-crypto-casino-stake/" rel="noopener noreferrer nofollow">reportedly</a> stole $41 million in digital assets from Stake before bridging the funds to other networks and launching other exploits like the <a href="https://crypto.news/coinex-to-resume-crypto-services-after-70m-lazarus-hack/" rel="noopener noreferrer nofollow">CoinEx hack</a>. 
 Read more: <a href="https://crypto.news/north-korean-hackers-actively-launder-stakes-3-6m/" rel="noopener noreferrer nofollow"> North Korean hackers actively launder Stake’s $3.6m </a>

Rollbit to sunset degen exchange one month after launch

crypto.news

Other articles published on Sep 22, 2023

Changpeng Zhao Make Legal Moves to Dismiss SEC Lawsuit

Nansen’s third-party provider hacked, email and crypto addresses leaked

Can Ford Stock (NYSE: F) Regain It’s Pride Back & Gain Strength?

Google Cloud adds 11 chains to blockchain data offering

Binance CEO Refutes $250 Million Loan Claim Amid SEC Legal Battle

Deadline for FTX Customers to File Proof of Claim Is September 29

Join our free newsletter for daily crypto updates!