Classy Coin Casino Review

Classy Coin Casino logoClassy Coin Casino was one of 5 online casino sites owned by the gaming company Milore Limited (better known by its affiliate program: Revenue Jet). All five casinos had similar issues, and ultimately all five had the same fate — consigned to the dustbins of online casino history.

This is the story of the Classy Coin Casino and its sister sites. That story is closely connected to a couple of notorious businessmen who scammed thousands of gamblers. It is a story that led to the demise of several prominent casinos – and a story that rocked the gambling community.

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Classy Coin Casino Summary

Classy Coin Casino launched in 2012 as one of several Milore Limited websites. The site used RealTime Gaming software and was available as a downloadable casino or an instant play casino. It was licensed in Curacao, like many Milore Limited sites.

Classy Coin Casino used the standard deposit methods of an American online casino: MasterCard, Visa, Skrill, and Neteller. The site also welcomed European players and allowed payments from several sources which are not always found in the US market: Ukash, CLICK2PAY, ClickandBuy, and EcoPayz.

Withdrawals were handled either with Neteller or with a bank wire transfer. The maximum stated withdrawal was $3,000 per week, though the terms and conditions allowed Classy Coin Casino to change these terms at will. Manual flushing was not allowed.

Classy Coin Casino offered a massive $5,000 signup bonus. This drove traffic to the site, though gamblers often were unhappy with the results of their play. Not only did some gamblers feel the house edge was high, but those who won often had trouble accessing their winnings.

Timeline of Classy Coin Casino

2012 Classy Coin Casino launches. It is part of the Milore Limited network of websites. Classy Coin Casino claims to be licensed in Curacao.
2012 Classy Coin Casino and a myriad of other RealTime Gaming websites experience a 29-day “blackout”.
2014 Milore Limited is named the “Worst Casino Group of the Year” by CasinoMeister. Unrealistic terms & conditions and deceptive rollover requirements are cited for the award.
2014 CasinoMeister calls the Curacao Chamber of Commerce and Industry to inquire about Milore Limited’s licensing. Authorities in Curacao claim they never licensed such a website, meaning Milore Limited is an unlicensed casino.
2015 On July 23, 2015, a pair of Israeli nationals named Gery Shalon and Ziv Orenstein are arrested by law enforcement in Israel. They are accused of a 2014 cyber-attack on J.P. Morgan-Chase, the largest American bank and the 6th-largest company in the world. US authorities claim at least 9 other major U.S. corporations were hit in the same cyber-attack.
2015 On the same day, Anthony Murgio is arrested by U.S. law enforcement in Florida. Murgio is said to have been an accomplice of Shalon and Orenstein in the cyber-attack.
2015 A fourth man, Joshua Aaron, is indicted for the same crimes. Joshua Aaron is an American from Florida, but he remains on the loose. Authorities believe he is in Eastern Europe.
2015 Classy Coin Casino is one of 13 sites shut down in the wake of the arrests of Shalon and Orenstein.
2015 In the days and weeks that follow, it becomes clear the Shalon and Orenstein are the owners of Milore Limited and Affactive Media, which is also known as NetAd Management. 2015 – The U.S. Justice Department asks for Israel to extradite Gery Shalon and Ziv Orenstein to the United States. They are sent to the U.S. some months later and arraigned in November 2015 alongside Anthony Murgio.
2016 Ziv Orenstein, Gery Shalon, and Anthony Murgio await trial on dozens of felony charges in the United States. Joshua Aaron is still in hiding.

2012 Blackout

Blackout logoThe launch for Classy Coin Casino got off to a rough start because of the infamous month-long blackout which took down a bunch of RTG online casinos. Over a 29-day stretch from November to December 2012, Milore Limited and NetAd Management casinos dropped off the Internet. Some manner of glitch in the database (presumably during an upgrade) caused the sites to go down. It took 29 days to fix the glitch and get the online casinos back online.

Despite the blackout, Classy Coin began to build a player community, thanks to big signup bonuses, aggressive advertising, and a slick website design. Because the sites involved were RTG casinos, false information spread that RealTime Gaming’s database caused the problem. Revelations much later suggest the blackout was confined only to the Revenue Jet and Affactive Media sites.

Classy Coin Casino Complaints

Complaints IconSoon after they launched in late 2012, AskGamblers began to receive complaints from players who signed up. When a gambler signed up at certain RTG sites, they would receive a number of email offers from other RTG sites. These obviously were the Milore Limited online casinos, which were all owned by the same company.

Unfair Rollover Requirements

Rollover RequirementComplaints tended to center around a couple of things: the wagering requirement on the deposit bonus or the slow pay methods on withdrawals. For example, a $65 signup bonus had a 40x wagering requirement. This was combined with a $100 withdrawal condition. A 40x multiplier is very high, but it is especially high when paired with unrealistic rollover conditions.

To cash out, players had to have $100 in their account after the 40x condition was satisfied. That meant gamblers who received $65 had to increase their account to cash out. If a player wagered the $2,200 and lost $15 or $30 or $60, they would not being able to withdraw the difference. This was not spelled out in bold print, but placed in the terms and conditions.

Deposit Required to Withdraw No-Deposit Bonuses

Even worse, a $25 deposit was required before anyone could ever make a withdrawal. This went against the whole spirit of a no-deposit bonus. Such bonuses are supposed to allow gamblers to play at a casino with no risk and no obligations. Instead, if a gambler was doing well, they had to pay to make a withdrawal.

Making that bad deal even worse was the fact that the deposit bonus rollover requirements capped the winnings. No matter what, a player could not withdraw more than $130 of their winnings from a no-deposit bonus. In other words, if they played a progressive slot machine and won the progressive with their free-play money, they would see only $130 of the progressive jackpot.

Deceptive Withdrawal Requirements

Players also complained about the withdrawal requirements. For every $500 withdrawn, there was a $57 service fee. Overall, Classy Coin Casino had 38 complaints on AskGamblers. Only 7 of those complaints were ever resolved. The average response time for such disputes was 4 days, while the average dispute amount was $4,741.

That is a significant amount of money. It is difficult to imagine how much money was involved in the 31 unresolved complaints, but the number is likely to be substantial.

RevenueJet: Worst Casino Group of 2014

Thumbs downCasinoMeister named RevenueJet the Worst Casino Group of 2014. After receiving repeated complaints about the group, CasinoMeister contacted the Curacao Chamber of Commerce and Industry and determined that the Milore Limited online casinos were entirely unregulated.

Furthermore, it became known later that Milore Limited sites were owned by the same people who owned NetAd Management and Affactive Media. Affactive Media had been the Worst Casino Group in 2010, 2011, and 2013. This meant the same groups had been the worst offenders in the US market 4 out of 5 years. That dubious run might have continued, but entirely different issues caused the sites to go offline in the middle of 2015.

Affactive Media and Milore Limited

From 2008 to 2011, Affactive Media’s websites (WinPalace, Begado Casino) developed a bad reputation. This was bound to become known in the online gambling community, which would have affected Affactive Media’s ability to lure new gamblers.

Most of the Revenue Jet online casinos were launched in and around 2012 in order to scam more gamblers – gamblers who did not make the connection between Revenue Jet and Affactive Media. If CasinoMeister didn’t notice the connection, then the average US gambler wouldn’t, either.

The full list of Revenue Jet (Milore Ltd) sites can be found below.

  • Grand Parker Casino
  • Classy Coin Casino
  • Loco Panda Casino
  • OnBling Casino
  • Ruby Royal Casino

The new online casinos changed their policies enough that no one would notice Affactive Media and Milore Limited were controlled by the same group. Gone were the $500-per-week payouts, but these were replaced by other dirty tactics to avoid paying out player winnings.

Though players and site reviewers did not know it was the same group, they did start to notice sites like Grand Parker, Classy Coin, and Loco Panda had bad practices. By 2014, the word was out on the Milore Limited online casinos, so they received CasinoMeister’s “Worst Casino Group” award.

The word continued to spread in early 2015. Over time, this would have caused a similar withering effect on the Revenue Jet business. We might have seen a third rogue casino group launched, but events overtook Gery Shalon and Ziv Orenstein. In the end, an advanced cyber-attack on J.P. Morgan-Chase was the undoing of Affactive Media and Milore Limited.

Cyber-Attack on J.P. Morgan-Chase

Account hackedJ.P. Morgan-Chase is massive multinational financial corporation. Its assets are estimated to be $2.35 trillion. Thus, when JP Morgan’s security staff spotted a cyber-attack on the company’s database in June 2014, it was a cause for alarm in the U.S. financial and political arenas. If hackers could hit JP Morgan’s systems, they could hit any financial database in United States — likely any financial database in the world. Top data security experts in the private and public sectors speculated that such a cyber-attack was so sophisticated that it might have been a state-supported act — essentially a political act.

Russian State-Sponsored Cyber-Attack?

Experts quickly seized on the common perception that the world’s best hackers are Russians. Earlier that year, the Russian Federation had invaded Crimea and Eastern Ukraine. The United States and the European Union moved to put sanctions on the Russian Federation. Their sanctions focused on the 140 Russian oligarchs who, along with their cohort, Vladimir Putin, control 40% of the wealth of Russia.

The Russian Federation is known to use cyber-warfare to intimidate its country’s enemies. On April 27, 2007, a series of cyber-attacks targeted Estonia’s parliament, government ministries, financial institutions, and media companies.

It was believed by most outside observers that the attacks were a state-sponsored attempt by the Russian Federation to send a message to Estonia by spreading chaos to their political and economic systems. So when a similar cyber-attack struck America’s biggest financial institution during a similar diplomatic and economic showdown between Russia and the United States, experts naturally believed it was the work of state-sponsored Russian hackers.

They were wrong. When JP Morgan’s security and FBI analysts began to investigate the cyber-attack, they realized the attacks originated in Moscow.

Not long after, they realized the attacks were not political in nature.

Instead, they appeared to be an attempt to get financial information from a database with the largest concentration of Americans. The attack opened the database to the perusal of 76 million Americans and 83 million accounts, including 7 million small businesses. JP Morgan’s people worked several weeks to close the gap in their security. Further study by US authorities showed that the hack affected up to 10 different American corporations, mainly in the financial field.

Pump-and-Dump Scheme

Pump and Dump schemeCloser inspection showed the attack to be a classic “pump-and-dump” scheme. The plan was to target JP Morgan-Chase investors who would be likely to buy penny stocks. The hackers would tout certain penny stocks to investors, pump up their value, and then dump their own shares on the market at an inflated price. This did not seem to be the work of Russian intelligence or military officers, but private hackers wanting to get rich.

Over a 10-month period, U.S. authorities continued to track the source of the hack. They eventually built a case against Shalon, Orenstein, Murgio, and Aaron.

On July 23, 2015, they unsealed an indictment against these men and worked to arrest them.

Gery Shalon and Ziv Orenstein Arrested

Handcuffs iconOn the same day, Anthony Murgio was arrested in Florida while Gery Shalon and Ziv Orenstein were arrested by Israeli authorities in their home country. By chance, Joshua Aaron happened to be out of the country. To this day, he remains on the loose, likely in Russia.

Within 48 hours, representatives of Affactive Media and Revenue Jet began contacting their affiliates, telling them the Affactive and Milore websites would be shut down. It turns out that Gery Shalon and Ziv Orenstein were the owners of both groups. They were just one part of a wider criminal network. The United States asked Israel to extradite Shalon and Orenstein, which they did.

In November 2015, Gery Shalon, Ziv Orenstein, and Anthony Murgio were arraigned in US federal court. As of March 2016, the three men await trial on dozens of felony counts.

Greed Is Not Good

In retrospect, greed appears to have been the downfall of Gery Shalon and Ziv Orenstein and — by association — Classy Coin Casino. The two men likely made a nice living off their online gambling scam sites. They could have continued into the distant future, using the anonymity of the Internet to victimize gamblers.

Instead, they got greedy.

The men chose to hack the biggest financial institution in the United States. This led to an inevitable global manhunt involving hundreds of law enforcement agents in numerous different countries. The sheer ambition and scope of the cyber-attack required US authorities to find these men and make an example of them.

In the end, it was one gamble too many – and they lost.