James Iles

Blockchain Company Monkey Acquires Monkey.com for $500,000

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By James Iles, Aug 21, 2017
  1. tobiasr

    tobiasr Established Member ★★★★★★★★★★

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    I was the buyer's broker on this deal and can verify it. I can also confirm the deal is underway at escrow.com with the first instalment received.
     
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  2. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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    How many installments?
     
  3. tobiasr

    tobiasr Established Member ★★★★★★★★★★

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    Hehe can't comment on more, buyer and seller shared untypically many details already :)
     
  4. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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    The reason is this: given the unsavory coverage of the buyer's activities, an installment plan does not ensure they won't default sometime during the payment plan. I hope your commission was paid already.
     
  5. tobiasr

    tobiasr Established Member ★★★★★★★★★★

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    Well of course, that's the risk on all instalment plans. That's why they are done through escrow.com. And thanks for your concern about my commission :).
     
  6. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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    So technically the domain hasn't changed hands and won't be considered a done deal, until it's paid off. Which might take months. I would not be concerned, if it weren't for the public background info on the buyer.
     
  7. Donnyd

    Donnyd Business Member Business Account

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    Should of also picked up Monkeycapital.com for $5500.00. Sometimes a one word generic is to generic.

    The name really does not imply anything about ICO.
    I guess if seller is going to take tokens then it was a good deal for the buyer regardless of what happens.
     
  8. James Rayers

    James Rayers Top Member VIP ★★★★★★★★★★

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    I wouldn't be surprised if this falls through. Installments and cryptocurrency fluctuations sounds like a bad combination.

    That said it's strong negotiating from the buyer to get such a deal.
     
  9. James Rayers

    James Rayers Top Member VIP ★★★★★★★★★★

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    I agree to some extent. Depends on how bullish the seller is on cryptocurrency. But good luck to the seller when trying to liquidate $100K of a new currency like this. Will crash the currency instantly.
     
  10. James Iles

    James Iles NamePros Writer PRO Business Account VIP Trusted Blogger

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    Update: the Monkey.com domain now resolves to a coming soon page for Monkey Capital's new site.

    According to the page, it should be live in a couple of days
     
  11. 55Domains

    55Domains Established Member

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    If this really turns into something, then undoublty Monkey Capital will be holding the best domain in the crypto space so far.

    Atleast as far as im aware, or is there any cryptocurrency using a stronger Brand name then Monkey.com?
     
  12. biggie

    biggie Top Member VIP ★★★★★★★★★★

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    if one invest money in a monkey brand, it's possible they may get "cheetah'ed", out of it.


    at least that's what tarzan said to jane and boy


    whole thing sound bananas to me

    imo....
     
  13. 55Domains

    55Domains Established Member

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    Ive been cheated before, on things that stood much less of a chance... so why not try with a few hundred :ROFL::ROFL:
     
  14. deez007

    deez007 The More I Learn The Less I "Know" VIP

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    All ICO's are not game money... some of them are solid industry distrupters.
    Even Ethereum (ETH) itself was a ICO funded model.

    The model is still in it's infancy and it will evolve to a point where ICO's will need to have more transparency and adhere to certain criteria if they want to secure funding from the masses.
     
  15. BigBoyDog

    BigBoyDog Established Member

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    Dang I inquired about Monkey.com like 2 years ago and they wanted 100K shucks
     
  16. James Iles

    James Iles NamePros Writer PRO Business Account VIP Trusted Blogger

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  17. forge

    forge NOT VIP

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    Does anyone else think the domain was sold too cheap? Anyway, sounds like a cluster... thing.
     
  18. Acroplex

    Acroplex Top Member DomainGang.com PRO VIP ★★★★★★★★★★

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    In other words, the Monkey ICO defaulted on Escrow payments.
     
  19. offthehandle

    offthehandle Business Member Business Account VIP

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    So @tobiasr did you get a fair settlement from the seller in spite of the deal falling through? I hope you did.
     
  20. James Iles

    James Iles NamePros Writer PRO Business Account VIP Trusted Blogger

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    That is confirmed in our interview with the original owner.


    I did reach out to both buyer & broker for information but I had no response.
     
  21. DomainVP

    DomainVP Domain Expert Business Account VIP

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    Looks like it was a pump-and-dump scam:

    How did the scam happen?

    1. Creators of Monkey Capital bought Coveal sh*tcoin at very cheap price
    2. Announced that each COEVAL token entitles the holder to 10,000 MNY during the ICO.
    3. People started buying Coveal sh*tcoin and pumped the price to $1400.
    4. Monkey Capital sells/dumps their Coveal tokens
    5. Price of Coveal falls to below $100
     
  22. DomainVP

    DomainVP Domain Expert Business Account VIP

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    The thing Monkey Capital got right was this; if you want the look of legitimacy you go and 'acquire' the best .COM domain that you can pay for.

    They spend a small amount to lease/own Monkey.com for a few months and then defaulted when they were done with their scheme. Who knows how much money was made, probably enough to warrant the initial payment.

    A lesson for both buyers and sellers for sure.
     
  23. Casey L.

    Casey L. Active Member VIP

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    Exactly why i have no plans on participating in any cryptocurrency
     
  24. offthehandle

    offthehandle Business Member Business Account VIP

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    And the Seller risks tarnishing the image of the domain name. As a potential new buyer(s) who comes along in the future and discovers this scam may have reservations in buying it. Like domains that were once used for porn.
    It’s too bad.
     

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