Bitcoin sports betting site folds

The Bitcoin-denominated online sports betting site Coinbet.cc has gone into liquidation after operational activity that lasted less than a year in which it carried out heavy marketing activity to pull in players.

The website was unavailable and carried a “closed for business” notice over the Easter weekend, advising players to contact a support email address to record their claims.

Likely player losses have been estimated at $5 million in some informed quarters, where observers are speculating that the operator was under-capitalised and over-ambitious.

A former poker pro, Michael Katz, was among the worst hit at $340,000, and his tragic and detailed story can be read here: http://www.cryptocoinsnews.com/news/completely-insane-saga-coinbet-cc/2014/04/20.

In addition to accusations of questionable practice, the unknown operator of the discontinued Bitcoin site has also been cited for misleading players and other interested parties by presenting a picture of his headquarters which was actually a building belonging to another company on which his logo had been superimposed.

In the ensuing furore on various forums, it has been alleged that two other sites, Betcas.com and SportBet.im, appear to be associated with the same operator.

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