Archive

Posts Tagged ‘Cyberlaundering’

Founder and CEO of EBank steals 200bn to fund a downpayment on a house.

Ok, if you’re worried this is another Madoff story calm down – the likelihood is that your greens are still safe.

Following on from my recent post on Gold Farming, I thought I’d mention the case in early June of the CEO of the on line bank EBank in the game “Eve Online” – now, before you hit back in frustration about another irrelevant “game” article, think about this – CEO Ricdic cashed out some 200 billion credits of stolen virtual money from the bank he founded, and used the resulting  US$6000 hard cash to pay medical bills and put a down payment on a house – yes, a REAL house, in the REAL world. Read more…

Advertisements

China takes steps to criminalize “Gold Farming”

July 2, 2009 1 comment

Gold Farmers (apparently)

This week the Ministry of Commerce for The Peoples Republic Of China joins Korea in announcing a new initiative to implement controls on the conversion of virtual to physical currency. The press release on the MOFCOM site highlights the scope of the problem:

According to media reports, the virtual money trade topped several billion yuan (¥1B=US$146M)  last year after rising around 20 percent annually.

Though this move seems to be targeted towards individuals bypassing tax payments by transacting online money for real goods and services, it also touches on the greater problems of CyberLaudering and Gold Farming. Read more…