VIP Play (VIPZ) details $200k unauthorized withdrawals after IT defect

Rhea-AI Filing Summary

VIP Play, Inc. reported a software defect affecting its internal IT systems and applications during the weekend of August 23, 2025. The issue led to unauthorized player withdrawals that were processed by the company’s payment processor totaling approximately $200,000. The company states that the defect has been addressed and corrected, and it has notified applicable regulators.

VIP Play has begun recovering the funds from the implicated individuals and has recouped approximately $27,000 so far. It expects to recover the majority of the remaining balance over the coming months. The company does not believe this incident will have a material impact on its results for the first quarter of fiscal year 2026.

Insights

Technology and risk analyst

VIP Play discloses an IT defect causing ~$200k in unauthorized withdrawals, now corrected and under recovery.

VIP Play, Inc. reports a software defect in its internal IT infrastructure and applications that enabled unauthorized player withdrawals totaling approximately $200,000. The company states it moved quickly to contain and remediate the defect, has corrected it, and initiated an investigation, which suggests the operational disruption is now focused on financial recovery and control assessment rather than ongoing system instability.

The company has already recovered about $27,000 and expects to recoup most of the remaining balance over the coming months, which would limit the net financial impact if successful. It has also notified applicable regulators, aligning with compliance expectations for this type of incident. Management explicitly states it does not believe the defect will have a material impact on results for the first quarter of fiscal year 2026, framing this as a contained operational issue rather than a thesis-changing event.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 23, 2025

VIP Play, Inc.

(Exact name of registrant as specified in its charter)

Nevada		000-56290		85-0738656
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

8400 W. Sunset Rd., Suite 300, Las Vegas, Nevada		89113
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (866) 783-9435

n/a

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

During the weekend of August 23, 2025, VIP Play, Inc. encountered a software defect (the “Defect”) impacting its internal information technology (“IT) infrastructure and applications. Upon detecting the Defect, the company promptly took steps to contain and remediate the Defect and initiated an investigation. The Defect has now been addressed and corrected. Based on the company’s investigation findings to date, the Defect resulted in unauthorized player withdrawals that were processed by the company’s payment processor in the amount of approximately $200,000. The company has notified applicable regulators as required and is in the process of recouping these funds from the implicated individuals in accordance with applicable law. As of the date of this filing, the company has recouped approximately $27,000 of these unauthorized funds and expects to recoup the majority of the remaining balance over the coming months. The company does not believe that the Defect will have a material impact on its results for the first quarter of fiscal year 2026.

Item 9.01 Financial Statements and Exhibits

Exhibit No.		Description
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 29, 2025	VIP PLAY, INC.
	By:	/s/ Les Ottolenghi
		Les Ottolenghi, CEO

3

FAQ

What incident did VIP Play, Inc. (VIPZ) report in this 8-K?

VIP Play, Inc. reported a software defect affecting its internal IT infrastructure and applications that led to unauthorized player withdrawals processed by its payment processor.

How much money was involved in the unauthorized withdrawals at VIP Play, Inc. (VIPZ)?

The unauthorized player withdrawals totaled approximately $200,000, according to VIP Play, Inc.

How much has VIP Play, Inc. (VIPZ) recovered from the unauthorized withdrawals so far?

As of the date of the filing, VIP Play, Inc. has recouped approximately $27,000 of the unauthorized withdrawals and is working to recover more.

Does VIP Play, Inc. (VIPZ) expect this IT defect to materially impact its financial results?

The company states it does not believe the software defect will have a material impact on its results for the first quarter of fiscal year 2026.

How is VIP Play, Inc. (VIPZ) responding to the software defect and unauthorized withdrawals?

VIP Play, Inc. has corrected the defect, initiated an investigation, notified applicable regulators, and is in the process of recouping funds from the implicated individuals in accordance with applicable law.

Did VIP Play, Inc. (VIPZ) notify regulators about the unauthorized withdrawals?

Yes. The company states that it has notified applicable regulators as required in connection with the incident involving unauthorized withdrawals.