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Bad Day in FLOland

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Posted by: candy

Sounds like a really bad day for FLO.
Allegedly problems with EVO have caused major changes in the FLO program.
EVO has frozen FLO accounts.
Private Program on hold.
All ventures will be 6 weeks at 90%.
Out-exchanges suspended until futher notice.

EVO is offering an incentive to change e-gold into evos coupled with a fake email that drained some peoples accounts.

This could get very interesting.

Time will tell who is telling the truth on this FLO vs EVO mess.


Posted by: awty

Candy, just as a suggestion, you might read the Evocash user agreement, that might hold some information that you may find useful.
Just my opinion,
Jeff


Posted by: rixzta

Well I am sure that it is not too difficult to pick which of the two that instills the most confidence in this arena.....

X-Changers and Evocash have far too much at stake to start telling porkies now.....


Posted by: forwardone

This sounds like major news.

Geoff


Posted by: candy

Here is my problem with EVO. They have done bussiness with FLO for a few months and now they want ID. This strikes me as strange behavior. If you require ID then it should be asked for when you set up the account not months later when the funds have been put in the account.

You do not set up a checking account put money in the account and then get asked for ID when someone tries to cash a check.

I would not be as concerned if EVO was not offering the premium to change e-gold for evos.


Posted by: forwardone

Candy, you make a very valid point there concerning the timing of the request for I.D.

I don`t know this, obviously, but might it be that things that have happened since their opening the account has made Evo decide to start asking additional questions off FLO? Such things as volume of transactions, amounts involved and suchlike.

As I say, I don`t have any insight in to what`s going on. But it does seem strange that a company is prepared to cut back on it`s profits on handling transactions until the matter is satisfactorarily resolved, unless it felt it had just cause.

Geoff


Posted by: admin

Quote:
Subject: X-Changers Newsletter - FLO issues

Dear Loyal X-Changers customers:

We want to take this opportunity to set the record straight on

some rumors that may be surfacing on various forums and internet

chat rooms regarding our association with a company known as

Freeland Opps a.k.a. FLO. We know

that online forums and chat rooms are often times the breeding

grounds for lies and false accusations that do more harm than

anything else.

HISTORY:

X-Changers for the last several months has been the main

exchange maker for FLO out-exchange requests. FLO admin would

send us a payment via egold or evocash along with batch files as

to how the payments were to be distributed (i.e. egold, evocash,

check, wire, etc...). As FLO membership grew so did the FLO out- exchange requests and their internal problems.

For starters, FLO reported having many internal server issues

that were causing FLO out-exchange requests to be lost or not

processed. This caused many FLO members to think X-Changers had

received their out-exchange request, when in fact we did not

receive the file or even a

payment for the "lost" out-exchange request from FLO.

To add to the above technical issues, FLO informed their members

on or around the 10th August 2004 that they had a serious hacker

within their database that was causing many FLO member accounts

to be compromised. FLO at that time decided to suspend all out- exchange options except for bank wire requests until they could

find the source of their security breach.

To this date we are not sure if FLO has ever resolved this

security issue.

Due to the above security concern, X-Changers decided to stop

processing all bank wire out-exchange requests for FLO until the

matter could be resolved. We informed FLO of this decision on

or around the 15th August.

We then promptly returned ALL of the outstanding FLO funds and

batch files we were holding back to FLO admin so they could

refund their member's FLO accounts.

IN SUMMARY:

FLO has had reoccurring problems maintaining active accounts

with many of the major e-currency systems. First, they had

problems with e-gold and balance limits placed on their

accounts. Next it was Virtual Gold. And

now Evocash. For whatever reason, these three e-currency

systems have asked FLO to stop doing business with them. It is

obvious to us, that FLO is operating in a manner that is

unacceptable to these e-currency companies. Since we are a

major exchange maker for these e-currencies, we

must look after our own interests and do what is best for X- Changers and our customers. We have been in business for almost

5 years and feel we have earned a very good reputation in the e- currency exchange arena. We do not wish to tarnish this

reputation.

Thus, we have elected to terminate our services with respect to

processing FLO out-exchange requests. At this current time, X- Changers is no longer performing any FLO out-exchange requests.

Any and all inquires about a

FLO out-exchange request must be directed to FLO admin and not

to X-Changers.

We apologize for the length of this email but we felt it was

necessary.

Thank you for all your support and loyalty.

Sincerely,

X-Changers

P.S: Please do not respond to this email address, it is an automated email system. To contact us please visit our website.



Posted by: Dalriadan

When you consider that it is strongly rumoured that the owner of X-Changers and the owner of Evocash are one and the same person and that X-Changers recently said that they didn't have the facilities to deal with such a large organisation as FLO, then maybe, just maybe, the reason for Evocash's move becomes more apparent.
I was in the FLO chatroom yesterday when Graham Kelly, owner of Gold Now, was in there and he said that there are some very strange things going on with Eovocash at the moment. His considered opinion as to why Evocash was pulling this sudden stunt was that Evocash was "strapped for cash" (his words) and thus this was a "stall tactic".
IF, as is rumoured, Evocash is owned by the same person who owns X-Changers, then some sense could start to be made from all this.


Posted by: candy

I got the email from X-changers athough I have never used their services.

It contained the number for the EVO account I recently set up.


Posted by: forwardone

Quote:
FLO has had reoccurring problems maintaining active accounts
with many of the major e-currency systems. First, they had
problems with e-gold and balance limits placed on their
accounts. Next it was Virtual Gold. And
now Evocash. For whatever reason, these three e-currency
systems have asked FLO to stop doing business with them. It is
obvious to us, that FLO is operating in a manner that is
unacceptable to these e-currency companies

I t`d certainly be interesting to know the truth behind the final part of the above statement.

Geoff


Posted by: awty

Quote:
Originally Posted by forwardone
I t`d certainly be interesting to know the truth behind the final part of the above statement.

Geoff


Geoff, the reason is fairly clear. ID problems, or at least that's what's been stated. And, if you look at yesterday's update from Debra on TG, it's clear that 'this will not be accomodated'.
(Wasn't there something of setting up and IBC, and running it anonymously, that would seem to be the best way of dealing with something like this?)

Just my opinion,
Jeff


Posted by: forwardone

Which all comes down to a giant impasse which can only end in tears.

Unless, of course, some compromise can be worked out.

Geoff


Posted by: awty

Quote:
Originally Posted by forwardone
Which all comes down to a giant impasse which can only end in tears.


Unfortunately, that would appear to be the case...

Jeff


Posted by: forwardone

Xavier in FLO Chat responding to the Evocash issue.

http://www.talkgold.com/forum/index.php?showtopic=17313

Geoff


Posted by: candy

The egold I sent to FLO I sent to FLO of my own free will; no one forced anyone to be part of the hyip. EVO allowed FLO to operate for over 6 months with an increasing balance without questions suddenly they "freeze" not just the known FLO accounts but a whole lot of other accounts claiming to be "protecting" FLO's participants. Personally I never cared for butinskies and I am always susspcious of their motives.

Does anyone know if it is true that this is not the first time that EVO has "frozen" the accounts of a hyip? I have seen references to this in other places and wondered if it was true and what happened to the "frozen" funds.


Posted by: forwardone

Candy, please, explain this to a Brit.
Quote:
butinskies
Anyway, humour aside, no I don`t know of any that Evocash has frozen, although others might. The usual suspect for suddenly freezing accounts is of course PayPal, but we can`t blame this one on them.

Geoff


Posted by: candy

"butinskies"

someone who butts into the business of others; a busybody; someone who interfers with the affairs of others

As to paypal I believe they ended up on the losing end of a class action suit.


Posted by: forwardone

A few questions I have about this mess.

Everything seemed to be going ok with FLO, good returns, timely payouts, secure site etc. So, why change a winning formula, or as the saying goes, "Why fix what ain`t broke?" Why make all the plans to go private? What was the point behind it? Did the idea make money exchangers overly concerned?

Evocash suspended the account. How many HYIP`s has Evocash done this with over the years? I suspect very few. So, why was FLO so different to these other programs? Was it because it made such a song and dance about secrecy, privacy, security, Metropipe and the like? Everywhere you went there was talk of the need for secrecy, members having to buy this or that to stay in when FLO went private.

Perhaps the levels of cashflow were partly to blame, making Evocash nervous in handling such high transactions. Why didn`t FLO have an upper limit on any investments? If it`s true what has been reported, that would have hopefully prevented some people from risking everything by selling their cars and other property to somehow get in and make their fortune.

Why was much of what was being discussed done through `Chat` which was almost made out to be the `holy place` and if you weren`t there, you were somehow missing out. What on earth could there be to discuss that wasn`t already being posted in their forum? I`ve never known any program that put such emphasis on the use of chat.

I suppose what I`m really trying to say is that to a certain extent FLO has brought much of the troubles upon itself. All the psycho babble that came out of FLO has, in my opinion backfired, and the losers could end up being the members who put so much trust in X. At best they (FLO) were naive, at worst stupid.

Geoff


Posted by: candy

There was an upper limit on FLO but it was very high ($6000 per day for 28 days).

EVO's business decision to cut off FLO was one thing but making inaccurate statements about FLO was another issue. The whole thing was confusing enough EVO did not need to muddy the waters futher with inaccurate claims about FLO's activities.

Only went to the chat once as I do not care for chat rooms but all the information was posted to the forum so you did not need to go to chat. It was probalbly very helpful to use the chat if you had a problem and needed a mod's assistance to fix the problem. I prefer written information that I can print out and refer to but others may want to talk to someone.

If Mr X does get the private program working it will be a wonderful accomplishment after the set back from EVO's actions. Since ff-bank apparently did send out some wire transfers yesterday I am willing to be optimistic about everything today.



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