For some time now there has been some speculation regarding a very popular payment system, namely EgoPay.
It started more or less a week ago on HYIP-related and very specialized fora and there has been no stop to messages, posts and articles regarding the issue.
What is ”the issue” everybody’s talking about? EgoPay regulars started complaining that funds were missing from their accounts. No small amounts of money either, one should add. What’s more, exchangers could not (and cannot) withdraw their funds from EgoPay — regardless of the payment method chosen — as they are ”frozen”. Despite several attempts to contact EgoPay directly via live chat or e-mails, no enquiries regarding this case were answered. One cannot be sure whether it is a coincidence or cone of silence since there has been no official statement issued by EgoPay.
Some call it a ”scheme”, some ”theft”, others ”misunderstanding”. Officially, Ego Pay calls it a ”system hack” in which money were ”temporarily frozen”. Unofficially, it has been said that the whole issue may stem from a disgruntled ex-employee (there are some major changes going on at egopay currently, which includes management changes) or that merchants received e-mails with ”fake transactions”. Another big player in the payment processor game, Payeer, has joined the discussion saying that EgoPay stole their money as well. Sources say that the money in question was no less than $200,000:
Given Payeer’s problem with EgoPay and the fact that most users are stiff suffering from LibertyReserve flashbacks, the future of anonymous processors seems murky at the moment.
What we know for sure is that as of now most online businesses stopped using EgoPay, although there are still some who deposit their funds and exchanger’s requests are still being approved despite the fact that the system does not seem to be working properly.
UPDATE (16 January, 2015)
Our reliable source of the information who had a meeting with EgoPay representatives provided us with the following information:
- - there was a hack and that is why all the merchant related services were turned off
- - there is talks with an outside investor who is doing due diligence
- - the employees that were possibly involved or incompetent, have all been fired and investigations continue
"Due to the above, tickets slowed down since there were no more employees to handle it, however this looks like it is getting rectified as a new team is being assembled to handle this. The services are coming back online already along with any exploits already cut off. This was most likely an inside job, but investigations will reveal more in the coming weeks."
UPDATE (17 January, 2015)
The official EgoPay response:
At the moment EgoPay service is facing some issues. We are investigating the problem. EgoPay Team will inform everybody as soon as issues will be solved."
UPDATE (23 January, 2015)
Official EgoPay response: