EgoPay ceased trading - Millions in BTC stolen?


#1

EgoPay, a Bitcoin payment processor, has ceased all trading, with unconfirmed reports that founders of the company have stolen millions from customers. Merchants began to report problems in Late December when they started to have problems with the company’s API, which was returning faulty transaction notifications.

After January 8th, frozen client funds disappeared from the system completely. It has been verified that all trades have been ceased and that EgoPay has not responded to my emails or the emails of other journalists from other news outlets. It was discovered that the company moved hosts yesterday, January 15th. Many companies are unable to withdraw funds from EgoPay, though it is not known where those funds are currently being held. EgoPay made an obvious effort to limit the amount of company information available to clients. The main site excluded any contact phone numbers and a physical address. The domain is also Whois Guard protected, a service that allows individuals to mask their identities. Legitimate companies don’t ever hide their contact details from clients.

Source: CrytpoCoinNews


#2

Another one bites the dust. It really is sad to see this happen over and over again.


#3

I agree. It’s sickening to see all those hacks and folds. The last 6 weeks sure have been rather turbulent and it sure doesn’t help the price of bitcoin. Seems like the best way to make a couple of millions in Crypto “right now” is by being a crook. Let’s hope we get through this alright.


#4

And people wonder why BTC has not become more main stream.


#5

solid card is all it would take. At least for “us” to take our money to the mainstream.


#6

Wow one scam after another, no wonder that btc’s tanks in value :frowning:


#7

BTC is designed to be trustless, it’s inception was born of the idea that others can’t be trusted to look after your money, yet many of the services being created require relying on “trusted third parties”, which we need for people to be comfortable making the transition from fiat to crypto.


#8

Totally agree. Many people are missing one of the key advantages of bitcoin. The luxury of being your own bank and the (in general) fast and cheap transactions. I almost never leave any coins in any online wallet or on the exchange. by the end of the day I like to have my coins in my local wallet(s). This has spared me many headaches, MtGox, MintPal and so on…


#9

And it seems neither the user themselves can look after their money. With all the bitcoin stealing malware around. But that is another case altogether.