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BitCoin Powered Betting Site Shuts Its Doors

An online sportsbetting site that was powered by the crypto currency BitCoin has closed its doors less than a year after it launched to the public.

The website dubbed Coinbet.cc was closed over the Easter weekend, giving players an advisory message to contact support in order to put in claims for losses.

The site was ridiculed by industry insiders for questionable behavior such as misleading players and showing a false building in which he claimed his business was located in.

Player losses at Coinbet.cc are estimated to amount to $5 million.