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CoinBet.cc Shuts Down With Estimated $5M Outstanding Debts

Chris in Uncategorized published on 24, April 2014

Bettors will no longer be able to place wagers on the Bitcoin-only online casino, sportsbook, and poker site Coinbet.cc after it has recently seized operation just several months after it was launched.

The announcement came as a surprise, especially to its avid players who tried to access the website over the Easter holiday weekend when they were greeted with a short and vague notice.

Coinbet Closed

“CoinBet.cc is now closed,” the message read upon visiting the Bitcoin online gambling site. “Any players with outstanding balances can email payouts@coinbet.cc to negotiate payment arrangements to collect account balances and/or refund of deposits.”

According to the bettors who obliged to the notice, a ‘liquidation firm,’ which claimed to handle the now-closed betting site, responded to their queries and assured that all outstanding debts and accounts of Coinbet will be paid out accordingly.

Reports show that an estimated sum of $5 million must be paid by CoinBet to its players.

Meanwhile, poker player Michael Katz claims this Bitcoin gambling site has ripped him off a total of $340,000. He detailed his unfortunate experience, which he tagged as the worst 45 days of his life, in his lengthy April 18 post on bitcointalk.org.

Based on his post on the Bitcoin forum, CoinBet evaded paying him the amount he had earned by stalling the process and later on disallowing him to withdraw his winnings due to his failure to meet the wagering requirements.

Katz even supported his narrative with a series of screenshots of his e-mail exchange with the support specialist from Coinbet. A few days after his post was published, the Bitcoin sportsbook and casino in question mysteriously shut down.

Katz is only among the many CoinBet players who now wait for their outstanding balances to be paid out. Although exactly when this will be done still remains uncertain, some bettors are optimistic the Bitcoin-powered betting site will fulfill their duties soon.

There are many other Bitcoin casinos that have already shut down and left the business. Although not all are connected to scams, the likes of Bitino and Win88 for example.

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