April 25, 2014

Bitcoin sportsbook Coinbet goes dark

Bitcoin-only online sportsbook Coinbet.cc has closed its doors mere months after the site first launched. Over the Easter holiday weekend, visitors to the site were greeted with a notice indicating that the site was “now closed.” The notice instructed players with outstanding balances to contact an email address to resolve their situation.

Players responding to the notice have been contacted by a “liquidation firm” claiming to have been retained by Coinbet “to ensure proper liquidation of all assets … All outstanding debts and accounts will be paid out in accordance with the arrangement made by Coinbet and the sale of all related assets.” Despite these vague assurances, few Coinbet players appear convinced they’ll be made whole anytime soon. Estimates of the total sum owed to Coinbet players range as high as $5m.

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