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Subject Poker has just unveiled a devastating report claiming that the Cereus Poker Network’s outstanding debt to their players is $53.7 million and the network only has between $5 million and $6 million available in cash on hand. According to the article $24.2 million of the amount owed to players is due to US poker players.

If this report turns out to be true –which in all likelihood it is considering not only the subject of the article but also the source—it seems the once prominent poker network is on the verge of collapse as pokerscout.com has the Cereus Poker Network slipping down into the mid-thirties in terms of overall traffic, with roughly 100 real-money players on the site at any given time. Since Black Friday the Cereus Poker Network has slipped from the #8 spot down to #33, and has lost in the neighborhood of 96% of their total traffic according to poekrscout.com.

With such a low number of games going it seems unlikely that UB Poker or Absolute Poker will manage to generate enough rake to ever fully payback their players. Currently both sites are allowing non-US players to withdraw from the site but have imposed a weekly cap of $500 to $2,000 according to several different sources. Many players have also claimed to have received the first withdrawal, but subsequent attempts have been very slow in processing.