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I will answer under the assumption that you are talking about creating and selling a bot for a video game, and not hacking into a video game server or stealing and selling game currency. Let's discuss this under US law and make a few assumptions, which is what I assume you mean by a game cheat.
Is it illegal to hack games in the US? Yes. The relevant legal concepts that apply to hacking games in the US are copyright, contract law, and the Computer Fraud and Abuse Act.
It is not necessarily illegal but it is against the TOS of whatever video game the hacks are made for. Therefore opening up the cheat creators to be sued in a court of law in a civil trial for compensation and damages.
Jailbreaking, or modding, a video game console is illegal in the U.S. under the DMCA, even if you own the hardware. Learn why, what are the consequences, and what are the alternatives for game...
Learn about the federal and state laws that prohibit hacking into a computer system without consent. Find out the penalties, remedies, and exceptions for hackers and victims.
The Computer Fraud and Abuse Act (CFAA), a controversial anti-hacking law which bans “exceeding authorized access” on a computer system, was narrowed by the Supreme Court on Thursday...
Cheating in online games is usually not illegal, but it can lead to bans, fines, or jail time in some cases. Learn how different countries and games handle hackers, and what happens when cheating affects esports tournaments.
Recently a news story came out about "Manfred", a hacker who makes a living exploiting bugs in online video games to make in-game currency (or items) which he then sells to other gamers. Here is a description: A hacker says he turned finding and exploiting flaws in popular MMO video games into a lucrative, full-time job.
Hacking/Jailbreaking/Rooting Video Game Consoles is illegal and indicted as recently as October 2020. Take special note that the defendants ARE NOT in the UNITED STATES:
Many games which use in-game purchases consider cheating to be not only wrong but also illegal, seeing as cheats in such games would allow players to access content (like power-ups and extra coins) that would otherwise require payment to obtain.