This is incorrect. Their payment processor basically closed up shop and ran off with all the money. While trying to get the money back, Boyd made some less than truthful statements to reassure the players, and then was using incoming deposits to pay cashout requests. When he wasn't able to recoup the money the payment processor ran off with, the gig was up.
Your version of what happened is not really close to the facts - at least as I've read them.
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