We did not see this coming at all. On March 12, 2014 Bitbook.biz has posted an announcement on their website that they are shutting down the website/business!
Bitbook.biz was very reputable and is asking for 48 hours to return player funds. It is reported (by Bitbook.biz) that they kept the majority of player funds in “cold storage” offline, so they need the time to bring the players bitcoins back online. This is actually reasonable and there is no reason for them not to keep a majority of the funds offline, especially considering the recent DDoS (Distributed Denial-of-Service) attacks.
Bitbook.biz Legit or Scam?
March 13 UPDATE – Players are starting to see their bitcoin withdraws coming through, so hopefully ALL player balances will be returned.
We will find out in the next few days, but our instinct says since they operated legitimately they will pay players. The real reason for the closing may never be know, but the owner is very active on bitcointalk.org and withdraws seem to be going through since the shutdown. While it is possible that they were operating as a scam and the owner is only trying to stall customers while he prepares his disappearance, Bitbook has been building an awesome reputation since they started in 2012. BitBook.biz has proven themselves time after time as a solid sportsbook, which brings the sudden shutdown as such a surprise to everyone.
March 23 UPDATE – So far it looks like all players balances have been returned to the players. The only complaints I am seeing are the customers who had open bets when Bitbook announced they were shutting down. All open bets were canceled, but the people who won on their cancelled bets are not too happy.
On February 26, 2014 Bitbook.biz experienced a large DDoS attack that shut down parts of the data center of their hosting provider. The website was down for 3 days and returned on March 1, 2014. There is a question as to what happened to players withdraws that happened right before/at the start of the DDoS attack. This has not been addressed by anyone.
We have reached out to Bitbook.biz for an official comment, but have not received a response yet.
Here was our BitBook.biz review before this happened, we will update the review soon.
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