Online sports betting site Coinbet.cc is on its way out after less than one year in operation.
The Bitcoin based site displayed a message of "closed for business" on Easter weekend and directed players to send emails regarding claims.
Players have lost an estimated $5 million leading to accusations that Coinbet operators were under-capitalized and over-ambitious.
Michael Katz suffered the worst loss of $340,000.
The site has also been accused of misleading players with a picture of its headquarters that was a property of another company. The logo was superimposed onto the building.
It is believed that Betcas.com and SportBet.im are affiliated with the same operator.
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