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.