Ultimate Bet / Absolute Bankrupt Soon?

[pokerprop]

Many interesting posts starting at in the #600's particularly in the middle. (this thread) Apparently they're in serious default on their loans and it would take several years of profit for them to get out of debt. One poster suggest they'll more than likely just fuck over investors "Again!".

[jdwanchalk]

I honestly think this latest "scandal" will have relatively minimal impact. You have to figure that the people who quit Cereus after the first scandal were the majority of people "in the know". I would say the number of players who are aware/concerned is very diminishing.

First Scandal-Say 10% leave (random figure for sake of simplicity). Numbers remain stagnant, maybe increase slightly as some people come back.

Second Scandal-Same 10% is still gone, now certainly not going to return. Players who left and return might leave again now, but few players now decide to leave.

Basically, if their debts weren't an issue (as in, they didn't plan to operate with 300m+ in debts) after the first scandal, it isn't a problem now either.

[pokerlover]

Guess this dont help them.

From raketracker mail yesterday :

Rake Tracker Players,

Cereus Network Security Alert. See table below for safest option.

We are sending this email to inform you of a network encryption vulnerability that has been discovered on Cereus network poker rooms Ultimate Bet, and Absolute Poker. This security flaw makes it possible for anyone who has gained access to your local network to view your AP and UB passwords, hole cards, and other sensitive data.

The Cereus network has announced plans to implement SSL (Secure socket layering) encryption as soon as possible. Until that time, Rake Tracker has made the decision to remove both Absolute Poker and Ultimate Bet from our list of offers until we can be certain that their network security is up to industry standards. Rake Tracker will continue to honor all rakeback and promotions for players that continue playing on the Cereus network.

If you continue playing on the Cereus Network, we want your experience to be as safe as possible. Below is a chart supplied outlining the various risk levels based on local network type:

.........

[addz123]

For a network called cereus, this is like the most un-serious platform in the industry.

I don't really understand know enough about networks like these and the chances of them going bust. But i think if they keep players happy then affiliate should also keep promoting them. I doubt their player numbers will drop much if we look next month (unless they close down ofcourse).

[pokerprop]

Not referring to them going bust due to drop in volume. Rather they have debt which is likely in the range of 3-4 years profits (if not more) and are in default on those loans. In a real corporate scenario their surival relies on a serious bail out, and their security from a partnership, investment etc standpoint would not make sense. In their environment they simply screw over a few more people and keep going. (send a tribe of Indians to scalp anyone who has a problem otherwise.)

Also regarding 10% drop. I can't confirm it but I heard they're numbers are 40% of what they were pre-cheating scandal. Again I doubt the security stuff is going to effect them much because there going to fix it quick enough and it won't be spun out to that proportion. While really it should be, I don't expect 60 minutes or anything of that nature to cover this one. Though really it is probably a much bigger deal.

Good job though on rake trackers end at least being responsible at the moment as many news sites failed to mention that at this time the site is not secure, in fact many even made attempts to use the story as a conversion attempt or at least featured UB.com ads to go along with the news.

[Pokerkeep]

Chipleader made a statement about the encryption issue (finally) on GPWA..... of course they're making it out to be fixed already.

Hello Everyone,

I hope all is going well this week.

I completely understand the concern that last week's incident has stirred up but I think that this situation has been taken to the next level, this has been diligently taken care.

Please remember that for someone to have exploited this vulnerability, they would have to have the technical capabilities to crack the encryption/cypher method that we used prior and they would have also had to hack into your local network in order to gain access to sensitive data.

The method we used for encryption/cyphering was outdated. As soon as they reported the issue to us, we immediately began working on solutions. We released a new version of our software the next morning to address the security vulnerability.

Again, we have no reason to believe anyone has exploited this vulnerability but we have just begun investigating users that our players have requested. We are reviewing all serious complaints to see if any player was able to exploit this vulnerability and we will investigate any other serious requests we receive.

We fixed this issue by implementing a more advanced multi-layer encryption, and we have also implemented logic that will prevent any manipulation of this encryption.

We have also started working on a more advanced solution, which is the implementation of the OpenSSL standard for our client encryption. We expect to have this live in a few days.

We have been in communication with 3rd party companies who we will be working with us to test the new encryption that we are using and the OpenSSL version that we are working on now. We are also discussing the possibility of PokerTableRatings (PTR) engaging the poker community and auditing our complete security in order to ensure we are doing everything possible to provide a secure gaming environment.

Kind Regards,
Dani

[changeofseasons]

I hope they don't, they are my sole income, basically would be like me getting fired..

[Pokerkeep]

I hope they don't, they are my sole income, basically would be like me getting fired..

You may want to diversify.

[pokerprop]

Not even going to begin tearing apart that statement. Will just comment that it is not new. Everything with the exception of calling it outdated encryption (LOL) was on the UB blog in under 12 hours from the time this news broke.

[BreezeBG]

I especially like the idea about PTR auditing their security

facepalm