Uinvest too risky business? Or Alertpay too risky for on-line investments? RSS - comments

Uinvest Alertpay

A few weeks ago significant amount of Uinvest funds were locked by Alertpay. It caused Alertpay withdrawal delays for their investors.

Alertpay is not too friendly for the hyip market, many hyip accounts were blocked by Alertpay in the past, but usually it happened after turning to a scam or making selective payments. This also happens after receiving suspicious money transfer. Afterwards, Alertpay verifies an account and because most of the hyip owners are using fake or stolen Alertpay accounts, they are not able to finish this process and their accounts are frozen forever.

The situation with Uinvest is different. First of all, I haven't received and I've never heard about any complaint related to the withdrawals. There was only a problem with credibility of their businesses shares offered and this problem was accurately described in our article "Uinvest review - scam warning or a mistake?".

Uinvest is also much more legitimate and reliable than other hyips (I call Uinvest a hyip even if they don’t want to be treated as a hyip. This is understandable considering hyips reputation but I advocate a literal definition of hyip instead of wikipedia definition and this definition includes such program like Uinvest). So the question is what was the reason of blocking Uinvest funds by Alertpay?

Firoz Patel (Alertpay Chief Executive Officer) and Ferhan Patel (Alertpay Chief Operating Officer) /source: Alertpay blog/

Uinvest reveals some details, here is the story:

Some of Uinvest accounts were hacked and these hackers sold all shares and withdrew funds. In the same time probably the same group threatened Uinvest with bringing serious problems if they do not get money. Of course Uinvest refused to pay any money but then, probably after receiving multiple fake complaints, Alertpay locked significant amount of Uinvest funds because they consider Uinvest business as "risky".

Actually, every hyip is risky and I am sure if Alertpay is aware of this. So, why do they still accept business customers from such risky market if almost all huge programs have blocked accounts? (EarnGroups, Gorgon Project Invest, RegularBee, MahiFund, ReProFinance).  I am not against blocking fraudulent accounts but the rules and policy of Alertpay should be clear. Uinvest is a paying program, no complaints so far and such actions can ruin even an honest and reliable project. There is a question to Alertpay, how do they protect their merchants' accounts against fake complaints?

Uinvest suggests that the reason of blocking funds is that Alertpay runs out of money and they just need money to solve their own problems with Canadian authorities and they will definitely cancel their partnership with them.

What kind of problems? As you can read on the official Alertpay blog, Visa and MasterCard payments are suspended. This is the second time when credit card payments were suspended. First time it was in March when Wirecard, a German partner of Alertpay responsible for processing MasterCard payments, suspended its partnership with AlertPay. Alertpay was accused of providing online payments for child pornography websites, illegal gambling services and drugs. This time one of the company's bank accounts, Norway SEB Group, suspended AlertPay's account. Alertpay is in trouble and they explain it by the fact that Firoz Patel (Alertpay CEO interviewed here) is "a victim of a smear campaign by a former employee who is striking out on his own to form a competing company".

I am not 100% sure if Alertpay troubles are related to suspending accounts of some hyips.

We should remember about the reverse transactions process of hyips customers' investments but Alertpay has the full control of this process. VISA and MasterCard payments are still not re-enabled, but Alertpay assures us that progress is being made. We have asked Uinvest for their comment and we have got this response:

"[...]because [Alertpay] acted in unfriendly manner and locked some funds without any prior notice we are set our lawyers to deal with the issue. We have found a payment partner that will deal with in future and we are going to switch to it in te Q1 of 2012. Once it is done we will definitely cancel our partnership with Alertpay.

Meanwhile we continue using Alertpay services..


Dave Darrell"

Today I have received a comment from Alertpay:


[...] we are not having any problems with any authorities, including Canadian authorities, and we have not had any lawyers contact us for anything, so I find this to be a weird statement.




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