FINAL word on EVOCASH

[Guvna]

Dear Account Holder,

It is with great deal of sadness and regret that we have to inform you of the closure of Evocash. After nearly five years of trading the owners have reluctantly decided that they cannot carry on running a business that is permanently under attack both financially and physically and by continuing they are just prolonging the inevitable. The reasons for the closure are many and varied but just a few of the main reasons we will list below. In the last two years server and hacking attacks had increased to between 25-40 attacks each day. Although we have managed to deal with most attacks what is becoming unmanageable are the frequent DDoS attacks that are happening to many websites on a daily basis. The last big attack that took Evocash off line for days was so big that it took up all of our lines and even started to affect services in other countries. The daily cost of dealing with hacking and DDoS attacks is way out of proportion to the amount of profits that can be made from this type of business.

Many of our account holders probably know of the problems we have had with a business called Freelandopps during the last few months and this ongoing problem has had a very serious affect on not only Evocash but other exchange businesses that deal with us on a daily basis. There have been so many lies and rumours posted on forums and talked about in chat rooms that even some of our own exchangers have started to attack us and give us problems. This has become so bad that our main exchanger X-Changers has told us that they will no longer service our daily funding and redeems after the 14th October. They have made it clear that the exchange service for Evocash will not resume again until we have reached an amicable agreement with Freelandopps. Any agreement, if in fact one could be reached with Freelandopps, would be months in to the future, there is absolutely no possibility of a quick solution.
The final reasons that made the owners decide to close the business are the problems that exchangers are experiencing on a daily basis. Over the years we have lost track of how many of the exchangers bank accounts have been closed down for no apparent reason and in some cases funds have not even been returned to the exchanger. Within the last two weeks one of our main exchangers CashChange were ordered by their National bank to cease operations immediately and were told they could not operate as an exchanger in Europe. This came almost at the same time that we were informed that Australian exchangers have been advised that they have to apply for a licence to act as an exchanger, which in our opinion will never happen. To add to that we know of two cases where other exchangers have been told they have to produce records of transactions. Evocash does not and never has operated a system that allowed direct funding by an account holder to their Evocash accounts and all account funding must go through an exchanger.
If it is the intention of most governments to close down e-currency exchangers, and we think it probably is because that is the only way they can control the flow of money, then Evocash would not be able to survive without the services of our exchangers.

Payments
All of the existing Evocash accounts and account transactions will have to be thoroughly audited to compile a list of account refunds that need to be issued. This auditing of the whole system is a mammoth task and although we cannot give an exact date for its completion, we will of course endeavour to get this completed as quickly as possible. Once the auditing has been completed Evocash will be sending you a check for your account balance. We are sorry but there will not be any other payment options.

Your contact details
On the application form above we need you to fill the name that is to go on the check and the address it is to be mailed to. This is extremely important because without that we will have to mail the check to the name and address that is listed as your current account information. Please do not use this address panel to send Evocash a message because only contact names and addresses will be dealt with and any message you send will be filtered out.

Contact
During the auditing of all accounts we will not be accepting any emails. We know this will be very frustrating for everyone but if we leave staff answering emails it will not be very productive because they will not be in a position to answer your questions.
All future news and updates will be posted within the account area; please login periodically and check for these updates as this will be your only means of checking progress. Messages that are posted in the account area will be the only official messages that come from Evocash. We would appreciate it if you would ignore anything you read on forums or hear in chat rooms as most of these are people's opinions and usually contain not one grain of truth.

Funding
No further account funding is being accepted and X-Changers have informed us that any funds that they have received after Wednesday 13th October will be returned to the sender. If you have sent funds to any other exchanger then you need to contact them and request a return of the funds.

Redeems/Payment requests
Any redeems that have not been completed by an exchanger will be rejected and sent back to your account and will form part of your refund balance.

Purchase of Evocash
In the last three months Evocash has received four offers to buy the entire Evocash system and take over all of the existing accounts. Although two of these offers had no substance at all the other two do have and were worth considering. The owners are still negotiating with one of the companies at this time. We cannot say at this stage if anything will materialise from these negotiations but please be assured we will keep you up to date with any progress.

We sincerely apologize for the inconvenience this closure may cause to our account holders.

Evocash



well, this sucks.
All my funds were in a fake name and addy. I think we may be screwed (the people with fake names that is).

 

[Guvna]

WAIT. This is GREAT. go to the site and you can edit your info. Change it to your real stuff and there ya go (some people might not think this is safe, and well, it may not be). Up to you bros if you want to do it like this...

 

[Guvna]

eCurrency arena takes another hit as EvoCash closes
"Cannot carry on running a business that is permanently under attack"
The eCurrency arena woke up on Tuesday October 19, 2004 to the news that the owners of EvoCash.com have decided to close down their complete operation. The reasons given are plenty, but it is safe to say that the Freelandopps fiasco will be front and center in most locations for the next few weeks.

Hackers and DDoS attacks

The owners of EvoCash have cited many reasons for this close. They explain in their recent update that hacker attacks over the last two years have increased to between 25 and 40 per day!

The real attack that has been hurting the provider is related to denial of service [DDoS] attacks. According to the update, the last attack EvoCash had to endear caused massive downtime and started to affect service in other countries. The daily cost to fight these attacks are starting to become financial losses with no ease up expected.

Freelandopps Fiasco

When the first sign of problems was reported in late August 2004, regarding out-exchanges, rumors started to hit public forums and other locations. EvoCash has called these rumors lies and have been upset by these accusations. The results of the last eight weeks brings what the power of people can do to businesses that are primarily online.

Once out-exchanges were stopped, Freelandopps required to find other methods to out-exchange. They contacted Graham Kelly and managed to get the GoldNow owner to make a statement that literally started the ripple effect that ended with the EvoCash announcement of October 19, 2004.

In that announcement, Graham publicly explained that GoldNow would not be dealing with ANY company that refused to identify themselves. He publicly cited EvoCash as an example. He publicly announced that he would no longer be dealing with any out-exchanges through the EvoCash system. This announcement created a stepping stone to more personal attacks against EvoCash by Freelandopps Admin and other moderators in the FLO forums.

The FLO Admin publicly told his followers to get their funds out of EvoCash as quickly as possible. That EvoCash was not stable and could not be trusted. He seemed to mock at the whole fiasco and built his attack based on the comments made by Graham Kelly. Sure many will defy this as reason, but a businessman would never create this type of scare tactic.

Over the next few weeks following the freezing of FLO accounts, the rumors continued to absorb the pages in public forums. The accusations made by many were simply used as fuel to create further interference and more rumors.

There is no doubt in anyone's mind that the EvoCash owners have been in defensive mode since the announced freezing of FLO accounts. The EvoCash administration even attempted to answer questions publicly at TalkGold forums, only to be misquoted and more often than not further accused of wrongdoing to the point that they have been called crooks and scammers. The pro FLO posters continued their attacks and forced EvoCash to retreat with no further comments at that time.

October Problems

EvoCash has been an eCurrency provider for almost five years, during that time they had built a steady group of exchangers to work with. In this business of being a provider you must have adequate exchangers to handle your currency to make it work.

On October 1, 2004 it was announced that a series of exchangers were ceasing operations. A number of these were involved in Australia where licensing has become an issue, but one of these closings was the operation of CashChange.com. This exchanger was a primary service provider for EvoCash in Europe and being forced to close caused EvoCash yet another setback.

Continued pressure from X-Changers and the e-Told Reports to move forward with the return of the frozen funds to FLO investors also caused some concerns for EvoCash. It was a situation that also created massive downloads of email from accountholders wanting refunds. It got to the point that a recent email from the EvoCash Admin stating that they would not be answering any further emails from accountholders and would have no comment of the FLO situation until they were ready to process the funds.

The announcement by the X-Changers Admin on October 14, 2004 put EvoCash in a very sticky situation. With the loss of CashChange and now X-Changers stating they would cease to deal with EvoCash until the funds were returned, EvoCash was without a primary exchanger provider to handle business. Other exchangers who were continuing with their everyday routines and trying to work with exchanges through EvoCash.

also felt the strain As an added note, the EvoCash Admin believes that most Governments are looking to shut down exchangers. This according to EvoCash is the only way Governments can control the flow of money. It is the lack of exchange providers that EvoCash is citing as a main reason for closure of their system. They could not operate without exchangers.

What about your money

EvoCash is currently allowing for accountholders to login to his or her account to update the personal information. You need to use a real name, as the check will be payable to the name you supply in the account information. You are asked to put in a completed mailing address. This will allow EvoCash to mail you your balance in US dollars.

They have reported that a full audit of all accounts will be required before checks will be posted. There is no set time frame given and there is no known date when to expect these checks. It is expected that the owners will make good on these payments. When these payments are made, is not known and more than likely could be dated into 2005. The longer it takes to complete this task, will fuel more rumors. It is in the best interest of all that EvoCash complete these refunds as quickly as possible.

You are not forced to supply personal details, but if you do not then you are forfeiting your account credit. The owners of EvoCash have not stated it, but they will NOT be making any returns through to people's e-Gold accounts. The only method will be through the postal service and by check.

By placing your name and address in the required fields you are supplying EvoCash with personal details. These details are being processed through a secure server, and it is hoped that EvoCash will maintain this list with care and professionalism.

If you have sent an email to EvoCash you can forget about receiving a reply. During the time when an audit is being done the program will not be accepting any emails. Considering the amount of email they have been receiving this is a wise decision. Answering email regarding this subject would simply take up time and money. It is known that they are not answering any email at this time, so nothing new is changing regarding if and when the audit is done.

If any further updates are expected, they will be posted to the account page at EvoCash. As accountholders you will be required to login to get this information if available. No email will be answered and all communication will be on this page. The Admin also states that any gossip that may be placed in forums should NOT be considered as fact, unless it is posted on the EvoCash web site.

Rumors over the last six weeks have caused enough problems for Evocash, with every rumor comes another thousand emails. The workload and consistent squeeze on the mail server has caused additional work that has only caused delays in work that needs to be done.

Funds in Limbo

According to the update, X-changers has returned any funds they may have received regarding EvoCash, and if any accountholder was in the process of doing an exchange with EvoCash, they should contact the exchanger who handled the request. The exchanger will know how to handle the situation. As well all redeems not completed by an exchanger have been returned to the EvoCash account of the owner and labeled as rejected

EvoCash for Sale?

According to the information received on the EvoCash web site, it seems there are entities interested in purchasing EvoCash. It is not known how authentic these bids are but if something should materialize from these negotiation accountholders will be informed.

One thing is certain this arena will not take it lightly when and if this sale is completed. This arena is built on accusations and rumors. That is what makes the Internet so unexplainable at times. It is not known what to believe. There has already been a couple of comments made that the new owners could be the same owners just using a different set up. These are only rumors and should be taken as just that, rumors.

Power of the People

There will be thousands of people who will be claiming "they told you so." The Freelandopps account freezing opened the situation to much abuse. Those who frequent forums have read all the posts made by the hundreds of people who have verbally abused EvoCash. The cries of liar, and crooks can be found in many posts in the popular locations where Gold programs are discussed in detail.

The fact that people can control what happens in a lawless community is scary. The words of a few spread so quickly. That has been the case for EvoCash. Pro FLO investors have been quick to denounce the freezing of FLO accounts, but never did the same when e-Gold opted to do the same.

Again it seems that the public announcement by EvoCash seems to have been too public for many. Once a problem is discovered it is easy to spread the fear. The same way FLO was denounced as being scammers by EvoCash, investors were quick to do the same about EvoCash.

People are quick to attack for what they believe in. The investors of Freelandopps believe that Xavier and the FLO program are still a viable solution to making a profit. Because of this it was easy to have investors continuously hassle EvoCash by sending email. Although it is not known how many email EvoCash was handling daily, but you can expect it to be into the thousands.

Followers read postings and these followers tend to believe what is written. If the post is positive to what an investor believes in they will agree with it. If the post is negative to what they believe, they will be against it. In the situation regarding FLO and EvoCash, it is safe to say that any investor of FLO who is waiting for profit will be totally against comments made that could hurt the program they are in.

Investors in FLO number well into the thousands. The Majority of these do not want to hear the word scam and Freelandopps mentioned in the same sentence. Because of the flow of FLO investors, it was easy to build an army of investors who were able to push a company to the brink.

Should EvoCash have handled this situation in a different way?

The best way for any program to handle a situation of this magnitude is to keep it quiet. There was no need for the public announcement to inform the world. It is logical for a provider to contact an accountholder if problems arise and let that be settled between the accountholder and the provider. By allowing additional fuel to be poured onto the fire you create a flame that is too hot to handle.

The lack of business from accountholders created a lack of transaction fees. These transaction fees are what EvoCash uses to keep the program afloat. Without any primary exchangers it became impossible to maintain business as is.

Is this the final chapter?

There has been numerous reports supplied from FLO investors that all out-exchanges were legit and that FLO was allowing these to be done. It is funny that at the time of this problem fewer than 10% of those who left comments even heard bank wires for more than $1,000.00 could be done. A number of them stated they would have wanted to do this if they knew.

Others stated that it was announced but not in the same way as the $1,000.00 cap. It is also suggested by some that possibly Xavier wanted to keep this information more private and away from most investors. Perhaps Xavier was afraid there would be a rash of bank wires to investors.

There was never a problem with funds going to debit cards. No matter where the debit card server is located. Just because funds went to debit cards in Russia, does not mean the funds went to Russia, only to the card system and obviously to the bank that is holding the funds for the debit card, which happens to be in Russia or nearby.

The main concern was that the large out-exchanges were even being done. These exchanges only added fuel to the claims made against Freelandopps by EvoCash's security team. The decision to freeze the accounts was done by EvoCash's claim and only that claim. Now that EvoCash has closed, there is no reason to hold back the proof regarding the theft of funds.

The closure of EvoCash does in no way bring to an end the situation regarding Freelandopps. EvoCash is still accusing the program of theft. Hopefully some proof can now come from this closure. EvoCash no longer has any policies and procedures to back them. Proof must be given to back EvoCash's claims that FLO was stealing funds. As members of this community, we all deserve to know the truth. Hopefully EvoCash will in the future explain to all so that this episode in eCurrency can finally come to an end.

More rumors to follow

With EvoCash closing the doors on their eCurrency business, the arena will now have to deal with more rumors. The EvoCash closing will more than certain bring out rumors that EvoCash is a scammer. Rumors will be made regarding how much money is frozen in the accounts owned by FLO. Rumors will be made that claim EvoCash has stolen the funds.

All these rumors will be started by people looking to create trouble. We all know rumors are fueled by people who believe in rumors. EvoCash has stated that no information will be made available through any email. The only place that has any value to accountholders will be your account page. All updates will come from this location only.

EvoCash web announcement from October 19, 2004

You will find the present update from EvoCash dated October 19 available through the link below. It will be published here as a courtesy to those who do not have EvoCash accounts to view the update.

 

[Guvna]

i guess no one cares.

 

[Slyder190]

I didn't like evocash anyway, too much hassle, too many problems.

 

[AMGETR]

Thanks for the info bro!

 

[Guvna]

one more time...

 

[BoS*FLANKER]

good article guvna
if/when bros start getting their checks post on the thread so we know it's happening, I hope they get them out soon, I need my juice money!