BUSINESS

WeBet suddenly shutting down its Manila office

TAGs: Pay Sec, WeBet

We have received word that online gambling site WeBet is shutting down it’s Manila office. Sources have informed us that the sportsbook and casino site laid off nearly all their staff and are winding down Manila operations quickly.

WeBet suddenly shuts down and millions go missingThe cause of the shutdown appears to go back to the sudden death of Gary Murphy, co-owner of Malta payments company Pay Secure Online Ltd. (Pay Sec) with his brother Andrew. While business continued as usual for some time, employees of Pay Sec were informed on May 7 that the company was shut down, and approximately 80 staff were immediately let go, most of them located in Manila, sources tell us. Staff were informed that funding was no longer available to continue running the business.

WeBet, run by Andrew Murphy, had its operations funded by Pay Sec. With that funding no longer available, Andrew Murphy has been in downsize mode and WeBet’s Manila operations were the first victim. A visit to their site now allows one to choose their region, but then leads to a blank page regardless of region chosen. We’ve not been told what will happen with their customers, however it appears a skeleton staff is being kept on to wrap up loose ends.

Another source close to the situation tell us that after Gary’s death, which was well known in the company, there was still plans to keep the business going with no issues.

The sudden May 7 announcement that the company would no longer be funded came as a shock. No reason was given for why the funds had dried up, leaving the real reason up for speculation.

One rumor we’re hearing is that before Gary Murphy’s death, millions of dollars went missing. It’s been said by people in the industry that there is a bounty available posted by creditors to anyone who can help recover the missing money.

This isn’t the first time Pay Sec has been involved in a controversy involving missing funds. In December 2018, Cubits, a cryptocurrency trading platform, declared bankruptcy and cited a February 2018 deal with Pay Sec as the reason for their financial insolvency. They claimed Pay Sec never paid them $39.7 million owed for a Bitcoin Core(BTC) deal.

Watch this space, as we expect more to come in this story. If you have information please contact us through our contact form.

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