Is Egopay Scam?

EGOPAY – POSSIBLE SCAM! DO NOT FUND YOUR ACCOUNT!
I’m afraid I have to start today’s news update with a very dangerous issue that, in my honest opinion, could badly affect the entire industry by draining the investment reserves of both private individuals and the exchangers serving their needs. As I already briefly mentioned in yesterday’s post, EgoPay has some very serious problems in letting exchangers withdraw their funds without any reasonable explanation. The exchangers serving the funding and withdrawing needs of EgoPay users have in turn stopped serving the HYIP investors who cannot now withdraw their funds. It all started over the weekend with the serious allegations posted by the representative of the biggest EgoPay exchanger and also the preferred direct payment method for many HYIPs Payeer. The thing is Payeer accused EgoPay of stealing their funds and freezing a huge amount of money, allegedly almost $200K. There was no official statement from EgoPay on the matter and, what’s worse, some other exchangers also reported the same thing, with funds being frozen and no reason given. Later it became clear that EgoPay had also stopped supporting all other withdrawal methods even before the Payeer incident was reported. So, at the time of writing EgoPay is still accepting funds from multiple sources and even approving exchanger’s requests to make sure no one would suspect it’s not functioning properly, but at the same time hammering its official exchangers and the people who are dependent on them for EgoPay withdrawals. So, due to the above mentioned unpleasant situation with exchangers when many of them have been basically hijacked and the closure of other withdrawal methods, EgoPay funds have absolutely zero value. And while over the weekend there was at least a glimmer of hope that the administration would come back on Monday, the first business day of the week and explain the current situation, possibly even fixing the issue, are slowly vanishing into thin air. EgoPay Live support is usually quite active during regular business hours is not available in any of the three languages. I guess the main administration doesn’t have anything to say regarding this matter either, considering no official statement on the exchange issue has been made yet.

Taking into consideration all the facts I described above, we can draw the very unsettling conclusion of a possible scam by EgoPay with diminishing hope of getting your money out, and even more dire consequences for another big player on the payment processor market – Payeer – also yet to comment on the possible consequences for its business the stolen $200K from its reserves. With this in mind, I’m afraid that the probable closure of EgoPay will have even much further negative consequences for the wider industry which already suffered greatly from the closure of the biggest payment system LibertyReserve back in May 2013. And while EgoPay cannot be considered even remotely as big, it will still make many people think twice before storing any funds in anonymous payment processors like EgoPay and PerfectMoney that are not properly registered anywhere and cannot be held accountable if they vanish overnight. I believe that with the knock-on affect of Payeer that will suffer great financial losses from EgoPay’s actions and the volatile nature of BitCoin (the current price is only $270 per 1 BTC), investors will find it hard to trust any of the payment processors. I believe that only the likes of as Payza and SolidTrustPay which although not very popular with HYIP admins might be a haven for honest investors looking to have someone at the end of a phone line they can actually speak to who works from a genuine and verifiable office, plus have lots of direct banking and credit card depositing and withdrawing methods. I truly hope that the HYIP market will be able to recover from the EgoPay incident soon, but fully expect the level of mistrust among investors to remain high. We also can’t rule out the possibility of some HYIP admins losing their funds in EgoPay too which might cause them to close their programs prematurely. Anyway, the reaction to this from HYIP admins was too mild so far, in my honest opinion, but I expect as more and more of them realize later in the week the scale of disaster they will have to discontinue accepting further EgoPay deposits. For all the potential EgoPay customers I have a strong warning – do NOT fund your account in EgoPay and do NOT exchange your money to EgoPay as the value of the funds there now is ZERO. In any case, the next week or so will be very tough for the HYIP industry, as all the long-term consequences begin to become clear. Fasten your seatbelts for a bumpy ride as any programs heavily dependant on EgoPay begin to hit the rocks. The only thing that could possibly soften the blow is the fact that there are still not many investors participating in investment activities yet after the holidays. Anyway, I’ll keep you updated if I hear more info on the situation, but I suggest you at least be prepared for the worst for the moment.