E-gold Issues

No this isn't a post about me not being able to figure out E-gold.

This has been a topic of interested for me and a couple other prominent mil sellers lately, and I haven't seen any topics on Sythe about this. I'd like to thank Meft and R2Pleasent for filling me in on this issue, and I've also done some research of my own.

I thought this was rather important considering E-gold has been the preferred method of payment for most mil sellers for awhile now.

Recently E-gold was Indicted by the federal government for supposably allowing several illegal activities to occur, including transactions for drugs, child porn, and numerous other things. I have personally seen several underground websites selling drugs via E-gold, and considering that E-gold's whole appeal is their anonymity (and lets just ignore the fact that their affiliated with Hushmail, something E-drug dealers love) these accusations don't surprise me. This has, from my understanding, resulted in some E-gold accounts being frozen or blocked.

Also, recently Omnipay (the primary E-gold exchange service) has stopped accepting sales of E-gold, and this has had a disturbing affect on the market, as almost all the other primary exchangers have either had their accounts frozen or have stopped accepting outbound E-gold exchanges. A few are still accepting E-gold exchanges but with terrible rates (One site wanted 50% of your transaction). So to put it plainly, you can't really take money out of E-gold right now through any of E-golds recommended exchangers. I found a few independent exchange services but I can't vouch for their credibility.

If I understood the Omnipay website correctly, they should be resuming transactions on June 18th, however I can't say for sure. E-gold is backed up by real gold, so if you have funds in there at the moment it should be ok.

If anyone knows more about this or thinks I have some incorrect information feel free to post.

Sources:

http://www.e-gold.com/letter3.html (letter about indictment)
http://www.thebullionexchange.com/ (letter from exchange service listed on E-gold's exchange page)
http://www.omnipay.com/opa2007.asp (Omnipay's notice)

 

so what does this mean to e-gold users?

will funds be frozen?

 

R2Pleasent said he had his E-gold account blocked but he was still able to withdraw funds, however I believe this was before the withdrawal issues. You'd have to ask him for a better account.

Basically what this means is you can't withdraw E-gold right now from any of their recommended exchange services without ridiculous fees.

 

Yea this sucks =\ and I was gonna start using E-Gold >_<

 

How come they can freeze us though? Drugs and child porn would be alot ( Like $10,000 USD or more, And they could tell thats happening, We just do small transactions ( No more than say $5,000 ) For RuneScape mills and rares.

 

how do you know how much cp is?

 

lmao lmao lmao
How do you know the abbriviation for child porongraphy?

Will this last long?

 

Drugs cost a lot less, online drug vendors sell stuff for as little as $30 in my experience. I won't answer questions about how I know this.

 

No, I was just making a guess on what they can do, they are sick bastards and wouldnt be suprised if they did pay that much.

Also, Drugs for $30, Are you serious, How does E-Gold catch em?