Terms and Conditions
AGREEMENT TO TERMS
These Terms of Use constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“you”) and InsanityBets ("Company,” “we," “us," or “our”), concerning your access to and use of the Website. The InsanityBets development team is building an innovative betting platform. Supplemental terms and conditions or documents that may be posted on the Website from time to time are hereby expressly incorporated herein by reference. We reserve the right, in our sole discretion, to make changes or modifications to these Terms of Use at any time and for any reason. We will alert you about any changes by updating the “Last updated” date of these Terms of Use, and you waive any right to receive specific notice of each such change. Please ensure that you check the applicable Terms every time you use our Website so that you understand which Terms apply. You will be subject to, and will be deemed to have been made aware of and to have accepted, the changes in any revised Terms of Use by your continued use of the Website after the date such revised Terms of Use are posted.
The Company is only a technology platform, and is not your broker, intermediary, agent, or legal advisor and has no fiduciary relationship or obligation to you in connection with any decisions or activities effected by you using the Website or the Services. No communication or information provided to you by the Company is intended as or will be considered or construed as, the solicitation of an offer to buy, the investment advice, financial advice, legal advice, or any other sort of advice. All Services, transactions, and investments will be executed automatically based on the parameters of your consideration. You will be solely responsible for determining whether any Services, or investments are suitable and match your interests according to your judgement, objectives, circumstances, and risk tolerance. You will be solely responsible for any losses or liabilities therefrom.
The information provided on the Website is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration requirement within such jurisdiction or country. Accordingly, those persons who choose to access the Website from other locations do so on their own initiative and are solely responsible for compliance with local laws, if and to the extent local laws are applicable.
The Website is intended for users who are at least 18 years old. Persons under the age of 18 are not permitted to use or register for the Website.
THE INSANITYBETS TOKENS (IBET, sIBET, esIBET, bIBET, ILP)
The InsanityBets tokens (IBET, sIBET, esIBET, bIBET, ILP) are the currencies of the InsanityBets platform.
By participating, you agree that InsanityBets is not classified as a security, as it does not provide any rights on dividends or interest, any ownership right or stake share or equivalent rights or any right to receive future revenue shares, or any other form of participation in or relating to the Company, nor shall InsanityBets token holders have any influence or rights in the development or governance of the Company.
InsanityBets, therefore, is not a share and does not give any right to participate in the general meetings of the Company. InsanityBets token sales are final and non-refundable. The acquisition and use of InsanityBets tokens shall not be done for speculative usage.
Company gives no warranties that InsanityBets tokens will be exchangeable on specific platforms or that they shall remain exchangeable on exchange platforms or that they would be exchangeable on other exchanges.
InsanityBets Tokens are unregulated. Company is not a financial institution and is currently not under supervision of any financial supervisory authority. Company does not provide any licensed financial services, such as investment services, fund management, or investment advice. None of the information or analysis presented herein are intended to form the basis for any investment decision, no specific recommendations are intended, and Company website and InsanityBets Tokens do not offer, are not and shall not be construed as investment or financial products. In the event of any regulatory changes that would impact InsanityBets, the Company reserves the right to amend its Services, the Website, and the InsanityBets Token.
RISK
Legal Risk concerning Security Regulation. There is a risk that in some jurisdictions InsanityBets Tokens might be considered as a security, now or in the future. The Company does not give warranties or guarantees that InsanityBets tokens are not a security in all jurisdictions. Each user of InsanityBets shall bear its own legal or financial consequences of InsanityBets Utility Token being considered a security in their respective jurisdiction. The legal ability of the Company to provide InsanityBets Tokens in some jurisdictions may be eliminated by future regulation or legal actions. In the event it turns out with a high degree of certainty that InsanityBets Tokens are not legal in certain jurisdiction, the Company will, based on its sole discretion, either (a) cease operations in that jurisdiction, or (b) adjust InsanityBets Tokens in a way to comply with the regulation should that be possible and viable. It is solely your obligation to check if the acquisition and disposal of InsanityBets Tokens is legal in your jurisdiction, and by accepting these Terms you expressly agree and warrant that you will not use InsanityBets should their use not be legal in the relevant jurisdiction.
Risk of Malfunction of Blockchain. It is not possible to guarantee the source code used by the Company will be flaw-free. It may contain certain flaws, errors, defects, and bugs, which may disable some functionality for users, expose users’ information or otherwise. Such flaws would compromise the usability and/or security of the Company and consequently bring adverse impact on the value of Company. Open-source codes rely on transparency to promote community-sourced identification and solution of problems within the code. All codes will be audited by 3rd party firms in order to minimize any risk that flaws exist.
Update of the Source Code. The source code could be updated, amended, altered, or modified from time to time by the developers and/or the community. Nobody is able to foresee or guarantee the precise result of such update, amendment, alteration, or modification. As a result, any update, amendment, alteration, or modification could lead to an unexpected or unintended outcome that adversely affects InsanityBets Tokens and/or Company operation or market value. All codes will be audited by 3rd party firms in order to minimize any risk that flaws exist.
Cryptography Risks. You acknowledge that there are risks associated with cryptography, such as code cracking or technical advances such as the development of quantum computers, could present risks to all cryptocurrencies including InsanityBets Tokens. This could result in the theft, loss, disappearance, destruction, or devaluation of InsanityBets. To a reasonable extent, the Company will be prepared to take proactive or remedial steps to update the protocol underlying the Company in response to any advances in cryptography and to incorporate additional reasonable security measures where appropriate. It is impossible to predict the future of cryptography or the future of security innovations to an extent that would permit the Company accurately guide the development of the Company to take into account such unforeseeable changes in the domains of cryptography or security.
Risk of Unfavorable Regulatory Action in One or More Jurisdictions. Blockchain technologies have been the subject of scrutiny by various regulatory bodies around the world. InsanityBets could be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions on the use or possession of InsanityBets, which could impede or limit their existence, permissibility of their use and possession, and their value.
Risk of Loss of Value and Uninsured Losses. The value of InsanityBets Tokens may fluctuate, and you may suffer loss in value of such acquired InsanityBets Tokens. In addition to the loss of value risk, InsanityBets Tokens are entirely uninsured and are unlike bank accounts or accounts at some other financial institutions.
Participation in prohibited jurisdictions. It is the sole obligation of the investor to check if the acquisition and disposal of the InsanityBets tokens is legal in your jurisdiction, and by accepting these Terms you expressly agree and warrant that you will not purchase any of the InsanityBets tokens or participate in the project should their use not be legal in the relevant jurisdiction. The law in certain jurisdictions may limit or restrict the purchase and / or sale of InsanityBets tokens. Should you purchase InsanityBets tokens in a jurisdiction where the purchase of the token is illegal or later becomes illegal, your investment will not be refunded.
You should not participate in this token sale if you are a citizen, a (permanent) resident, a green card holder, or have any type of residential certificate in any of the following countries: Bangladesh, Bolivia, People’s Republic of China, Cuba, Algeria, Ecuador, Islamic republic of Iraq, Iran, Cambodia, Hong Kong, Sri Lanka, Morocco, North Macedonia, Republic of Nepal, Pakistan, North Korea, Singapore, Seychelles, United Kingdom, United States of America, Venezuela and other countries, not stated here that prohibit or limit the token sale according to laws, rules, legal acts and other regulations OR countries that consider token sales as selling stocks and other regulated financial instruments. It is the sole obligation of the investor to obtain legal guidance confirming that they are legally able to participate in the token sale and, that by participating in the token sale, they are doing so on the understanding that the token is not being sold as a security or any other such regulated financial instrument.
INVESTMENT AND PAYMENT RISKS
At InsanityBets, it is crucial for investors to understand the significance of completing their payments in full for their investments. In the event that orders are not fully paid for or if test payments are submitted, investors face the risk of losing their funds.
It is entirely within the discretion of InsanityBets to determine whether to complete these orders. We reserve the right to decline or cancel any investment orders that are not accompanied by the full payment required. This policy is implemented to ensure the integrity and security of our investment transactions.
We strongly advise all investors to make certain that adequate payment is made to finalize their investment. Insufficient payment or incomplete orders may not only lead to the cancellation of the investment order but may also result in the forfeiture of any partial payments made. This is a crucial risk that investors must be fully aware of, and by investing with InsanityBets, investors agree to assume this risk.
Investors are encouraged to review their orders and payments meticulously to ensure that all transactions are completed accurately and in full. InsanityBets is not liable for any losses incurred due to incomplete or incorrect payments made by investors, and the responsibility to secure the investment by ensuring complete and correct payments lies solely with the investor.
In the event of any uncertainty or queries regarding the payment process, investors are urged to reach out to our customer support team for assistance and clarification before proceeding with their investment transactions. The InsanityBets team is committed to providing comprehensive support to all our investors to facilitate smooth and secure investment transactions.
INTELLECTUAL PROPERTY RIGHTS
Unless explicitly stated, the Website is the exclusive property of InsanityBets. All source codes, databases, functionalities, software, web application designs, audio, video, text, photographs, and graphics on the Website (together referred to as the “Content”) and the trademarks, service marks, and logos contained therein (collectively known as the “Marks”) are either owned by, controlled by, or licensed to us. These are safeguarded by copyright and trademark laws along with various other intellectual property rights and unfair competition laws, and international copyright laws and conventions. The Content and the Marks are presented on the Website “AS IS” exclusively for your personal use and informational purposes. Except as clearly stated in these Terms of Use, no component of the Website and no Content or Marks may be copied, reproduced, aggregated, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted, distributed, sold, licensed, or otherwise exploited for any commercial aim whatsoever, without our explicit prior written authorization.
As long as you are eligible to use the Website, you are granted a limited license to access and use the Website and to download or print a copy of any portion of the Content to which you have properly gained access, solely for your personal, non-commercial use. InsanityBets reserves all rights not explicitly granted to you in and to the Website, the Content, and the Marks.
USER REPRESENTATIONS
By accessing the Website and/or using the Services, you hereby agree to make the following representations and warranties:
d) You commit to complying with all relevant domestic and international laws, statutes, ordinances, and regulations applicable to your use of the Website and the Services. Your use of the Website and the Services is not for any unauthorized or illegal purposes.
e) The tokens in your wallet have not and will not be derived from money laundering, terrorist financing, fraud, or any other illegal activities under any applicable laws.
f) You assume sole responsibility for all activities, actions, or transactions that occur on or through your account on the Website.
g) You will provide accurate, complete, and up-to-date information and documents for accessing or using the Company’s Services on the Website.
h) If you lose access to the Wallet connected with the Website, the Company will not be able to assist in the recovery of the loss or transfer of tokens back to your wallet.
i) You bear responsibility for obtaining the data network access necessary to use the Website. You will be liable for any network data rates and fees applicable if you access or use the Website from a wireless-enabled device.
j) You are aware of your tax obligations in your residing jurisdiction and assume full responsibility for reporting and paying your taxes as required by applicable laws.
k) You agree to indemnify, defend, and hold harmless the Company and its affiliates from all claims, liabilities, damages, losses, costs, and expenses arising from: (i) your breach of this Agreement, (ii) violation by you of any law or third-party rights, and (iii) your use of the Service.
l) You will not utilize the Website and the Services in any manner not expressly permitted in these Terms or at the Company's discretion.
Your adherence to these representations and warranties is paramount to ensure the secure, legal, and efficient operation of the Website and its Services. Your breach of any of these representations may result in immediate termination of your access to and use of the Services, and you may also be subject to legal action and liability for damages.
PROHIBITED ACTIVITIES
You are strictly prohibited from engaging in any of the following activities while accessing or using the Website:
2. **Deception**: Avoid tricking, defrauding, or misleading us and other users, especially in attempts to learn sensitive account information such as user passwords.
3. **Security Breach**: Do not circumvent or interfere with security-related features of the Website, including features that prevent, restrict the use or copying of any Content, or enforce limitations on the use of the Website and/or its Content.
4. **Disparagement**: Refrain from disparaging, tarnishing, or otherwise harming us and/or the Website.
5. **Harassment**: Do not use any information obtained from the Website to harass, abuse, or harm another person.
6. **Misuse of Support Services**: Avoid making improper use of our support services or submitting false reports of abuse or misconduct.
7. **Violation of Laws**: Do not use the Website inconsistently with any applicable laws or regulations.
8. **Unauthorized Framing/Linking**: Avoid unauthorized framing of or linking to the Website.
9. **Transmission of Harmful Content**: Do not upload or transmit viruses, Trojan horses, or other harmful material that interferes with the uninterrupted use and enjoyment of the Website or modifies its features, functions, operation, or maintenance.
10. **Automated System Use**: Do not engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.
11. **Removal of Proprietary Notices**: Do not delete the copyright or other proprietary rights notice from any Content.
12. **Impersonation**: Do not attempt to impersonate another user or person or use the username of another user.
13. **Utilization of Spyware**: Do not upload or transmit any material that acts as an information collection or transmission mechanism, including gifs, 1×1 pixels, web bugs, cookies, or other similar devices.
14. **Disruption of Website Services**: Do not interfere with, disrupt, or create an undue burden on the Website or the networks or services connected to the Website.
15. **Harassment of Employees or Agents**: Do not harass, annoy, intimidate, or threaten any of our employees or agents engaged in providing any portion of the Website to you.
16. **Bypassing Access Restrictions**: Do not attempt to bypass any measures of the Website designed to prevent or restrict access to the Website, or any portion of the Website.
17. **Unauthorized Software Use**: Do not copy or adapt the Website’s software.
18. **Reverse Engineering**: Except as permitted by applicable law, do not decipher, decompile, disassemble, or reverse engineer any of the software comprising or making up a part of the Website.
19. **Use of Automated Systems**: Avoid using, launching, developing, or distributing any automated system, including spiders, robots, cheat utilities, scrapers, or offline readers that access the Website, or using or launching any unauthorized script or other software.
20. **Unauthorized Purchases**: Do not use a buying agent or purchasing agent to make purchases on the Website.
21. **Unauthorized User Data Collection**: Do not make unauthorized use of the Website, including collecting usernames and/or email addresses of users for sending unsolicited email or creating user accounts by automated means or under false pretenses.
22. **Competing with the Website**: Do not use the Website as part of any effort to compete with us or use the Website and/or the Content for any revenue-generating endeavor or commercial enterprise.
Engaging in any prohibited activity may result in the immediate termination of your access to and use of the Services, and you may also be subject to legal action and liability for damages. Ensure adherence to these guidelines to maintain the security and integrity of the Website and its Services.
THIRD-PARTY WEBAPP AND CONTENT
Please be aware that our Website may include links to other websites ("Third-Party Webapps") and feature articles, photographs, text, graphics, pictures, designs, music, sound, video, information, applications, software, and other content from third-party sources ("Third-Party Content"). We do not monitor, verify, or endorse these Third-Party Webapps and Third-Party Content for accuracy, appropriateness, or completeness. We are not liable for any Third-Party Webapps accessed through our Website or any Third-Party Content available through our Website, including their content, accuracy, offensiveness, opinions, reliability, privacy practices, or policies.
The inclusion of or linking to any Third-Party Webapps or Third-Party Content on our Website does not signify our approval or endorsement of these third-party entities or their content. If you choose to access Third-Party Webapps or use or install Third-Party Content, you do so at your own risk. Our Terms of Use will no longer apply once you leave our Website, and we advise you to review the applicable terms and policies of any third-party webapp, including their privacy and data collection practices.
Any transactions you engage in with third parties found through our Website or Third-Party Webapps are solely between you and the third party, and we are not responsible for any loss or damage you may incur as a result of such transactions. Your use of Third-Party Webapps and Third-Party Content is at your own discretion and risk, and you will be solely responsible for any damage or loss related to such use.
You agree to absolve us of any harm caused by your use or purchase of products or services from Third-Party Webapps. You also agree to hold us harmless from any loss or harm incurred as a result of accessing Third-Party Webapps or using Third-Party Content, or any contact with Third-Party Webapps. Your interactions with third-party entities, including payment and delivery of goods and services, and any other terms, conditions, warranties, or representations associated with such dealings, are solely between you and the third party, and we are not responsible or liable for any loss or damage of any sort incurred as the result of such dealings.
WEBSITE MANAGEMENT
We hold the right, though not the obligation, to:
2. Undertake legal action against anyone who violates the law or these Terms of Use, which includes reporting such individuals to law enforcement authorities.
3. Refuse, restrict access to, limit the availability of, or disable any of your Contributions or any part thereof at our sole discretion.
4. Remove or disable any files and content that are extensive in size or in any way burdensome to our systems, without notice or liability.
5. Manage the Website to protect our rights and property and ensure its proper functioning.
PRIVACY POLICY
We prioritize data privacy and security. Your use of the Website signifies your agreement to our Privacy Policy, incorporated into these Terms of Use.
TERMS AND TERMINATION
These Terms of Use will stay effective as long as you use the Website. We reserve the right, without notice or liability, to deny access to and use of the Website for any reason, including for breaching these Terms of Use or any applicable law or regulation. We can terminate your use or participation in the Website or remove any content or information that you posted at any time, at our sole discretion.
If we suspend or terminate your account, you may not create a new account under your name, a fake or borrowed name, or the name of any third party, even if you may be acting on behalf of the third party. Along with terminating or suspending your account, we reserve the right to pursue legal action, including civil, criminal, and injunctive redress.
MODIFICATIONS AND INTERRUPTIONS
We reserve the right to modify or remove Website contents at any time without notice. We may also modify or discontinue all or part of the Website without notice at any time. We will not be held responsible for any modification, price change, suspension, or discontinuance of the Website.
We cannot assure uninterrupted availability of the Website. It may experience issues or require maintenance, leading to interruptions, delays, or errors. We have the right to change, revise, update, suspend, discontinue, or otherwise modify the Website at any time or for any reason without notice to you. You agree that we have no liability for any loss, damage, or inconvenience caused by your inability to access or use the Website during any downtime or discontinuance.
CORRECTIONS
We reserve the right to correct any errors, inaccuracies, or omissions on the Website, including descriptions, pricing, availability, and other information, at any time without prior notice.
LIMITATIONS OF LIABILITY
In no event will we or our directors, employees, or agents be liable for any direct, indirect, consequential, exemplary, incidental, special, or punitive damages arising from your use of the platform. Our liability to you will at all times be limited to the amount paid, if any, by you to us during the six (6) month period prior to any cause of action arising.
INDEMNIFICATION
You agree to defend, indemnify, and hold us harmless from and against any loss, damage, liability, claim, or demand, including reasonable attorneys’ fees and expenses, made by any third party due to or arising out of your use of the Website, breach of these Terms of Use, any breach of your representations and warranties set forth in these Terms of Use, violation of the rights of a third party, or any overt harmful act toward any other user of the Website with whom you connected via the Website. We reserve the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify us, and you agree to cooperate with our defense of such claims.
USER DATA
At InsanityBets, we will retain certain data that you transmit to the Website for managing the performance of the Website and tracking your use of the Website. While regular backups of data are conducted, you bear the sole responsibility for all data you transmit or that pertains to your activity on the Website. Any loss or corruption of this data is not our liability, and you agree to waive any right of action against InsanityBets arising from such loss or corruption.
ELECTRONIC COMMUNICATIONS, TRANSACTIONS, AND SIGNATURES
By visiting the InsanityBets Website, sending us emails, and completing online forms, you are engaging in electronic communications. You consent to receive electronic communications from us, and you agree that all electronic communications from us satisfy any legal requirement for written communication. You also agree to the use of electronic signatures, contracts, orders, and other records for transactions initiated or completed by us or via the app. Any requirement for non-electronic signatures or documentation is hereby waived.
MISCELLANEOUS
These Terms of Use and any policies or operating rules posted by us on the InsanityBets Website comprise the entire agreement between you and us. The Terms of Use operate to the fullest extent permissible by law, and any unenforceable provision will be deemed severable and will not affect the validity and enforceability of any remaining provisions. The use of the InsanityBets Website does not create any partnership, employment, or agency relationship between you and us.
DISCLAIMER
Your use of the Services and the InsanityBets Website is entirely at your own risk. No guarantee of value is implied, and all participants should be aware that investments in cryptocurrencies are volatile and risky. InsanityBets is not responsible for any losses resulting from market changes, account misappropriation, hacking attacks, or any other unforeseen factors. The English language version of the InsanityBets Website is the primary and official source of information. In case of discrepancies between English language information and information translated into other languages, the English language information prevails.
You acknowledge that any crypto assets, blockchain technology, or distributed ledger technology-related projects are relatively untested and outside InsanityBets’ control. We do not warrant the security of our Services or Website from hacker or other malicious attacks. In case of any technical or system failures affecting the InsanityBets network or Website, we are not liable for any delay, error, or failure to perform any obligation under these Terms.
In conclusion, while InsanityBets takes measures to ensure the security and functionality of its Website and Services, users must acknowledge the inherent risks involved and agree to engage with the platform at their own risk.