discuss [Resolved] Domainer Loses $26k On A Stolen Domain!

[DaveX]

Darn! Another scam and this time it is an experienced domainer James Booth.

James must have thought he was making a sound acquisition as he transferred approximately 26k to escrow for CQD.com. Instead, after completing the escrow, the domain was taken from his account by the registrar without notification and returned to the "true" owner.

Turns out the person that sold him the domain CQD.com, may not have been the true owner.

Apparently this incident involves several parties including the registrar and the escrow.


Thanks to Theo over at DomainGang for the tip on this.

 

[D Haynes]

Brokerage wise it has been my best year yet. Already sold over $2.5M in domains in 2018.

Did you read the comments? This has nothing to do with Greed.

Just people jumping to conclusions... You should know how this works by now lol.

 

[frank-germany]

How fool he was?

First he tried to bought a 3L.com at 26K, another thing is why he don't used escrow service? I have seen people using escrow for $500 domain transfer. So no one should be blamed but only the buyer!

I had an escrow for $250 USD just now
( outbound sale )

 

[BoothDomains]

How fool he was?

First he tried to bought a 3L.com at 26K, another thing is why he don't used escrow service? I have seen people using escrow for $500 domain transfer. So no one should be blamed but only the buyer!

PLEASE READ the posts. I did use Escrow.com.

 

[kamcreation]

PLEASE READ the posts. I did use Escrow.com.

Well some people cant even taking the trouble to read the thread from start before passing comments unfortunately, really sorry for your loss and hoping that you get your funds back @BoothDomains

Just added this to my notes to self sheet

Avoid buying any domain name while it is with NetworkSolutions

 

[kamcreation]

I think the entire domaining community should boycott the use of NetSol.
Every other day there is a scam happening there.

Absolutely majority of the scams seems to happen at NS recently so its seems just a matter of time before people stop using them.

Anyone with even remotely valuable names should just move the names to a registrar that takes security of customer assets seriously.

 

[ntjedge]

Another greed story. You see how greed destroy people? This why I rarely feel pity for victims because you being greedy says a lot about you! It means you wanted to cheat by getting things cheaper without minding if the other man makes profit (of course you don't care if he makes profit or not) but all you care about is your own profit/gain and in the process, you get burned... and then try to play the victim card.

In some cases, if these men had gotten away with their plans such as getting the domain names cheaper than REAL price and value, they will brag to the world how they bought a 3Letter domain for cheap... I mean, shouldn't the mere fact that something is selling below market value raise red flag?

You clearly wanted to cheat the other person by underpaying them... It was this same reason I kicked a tenant out of our family property because he wanted to take advantage of us considering things were not being handled properly before my arrival... I kicked the idiot out to teach him a lesson.

Do away with greed and you will be safe and he didn't use escrow! oh lawd!

Guys, let's backup a minute. He said he did use Escrow.

 

[Crysis]

Another greed story. You see how greed destroy people? This why I rarely feel pity for victims because you being greedy says a lot about you! It means you wanted to cheat by getting things cheaper without minding if the other man makes profit (of course you don't care if he makes profit or not) but all you care about is your own profit/gain and in the process, you get burned... and then try to play the victim card.

In some cases, if these men had gotten away with their plans such as getting the domain names cheaper than REAL price and value, they will brag to the world how they bought a 3Letter domain for cheap... I mean, shouldn't the mere fact that something is selling below market value raise red flag?

You clearly wanted to cheat the other person by underpaying them... It was this same reason I kicked a tenant out of our family property because he wanted to take advantage of us considering things were not being handled properly before my arrival... I kicked the idiot out to teach him a lesson.

Do away with greed and you will be safe and he didn't use escrow! oh lawd!

Please read the thread before throwing baseless accusations. He used Escrow.com. He received the domain in his NetSol account. After few days, when he tried to transfer the domain name to another registrar, he realized that the domain name was no longer there and that it was returned to the seller.

In some cases, if these men had gotten away with their plans such as getting the domain names cheaper than REAL price and value

You clearly wanted to cheat the other person by underpaying them

Do you even know what are you talking about?
Bjn dot com sold for $29K
Knb dot com sold for $25.9K
Rmh dot com sold for $29K
Qrc dot com sold for $25.2K
Rtk dot com sold for around $24K
Qrf dot com sold for around $21K

These are all 3L.com domains which we were sold recently (Oct 2017 onwards) for approx. the same price range at NameJet and other auction houses. Where is the question of underpaying?

James purchased CQD dot com for $26K which IMO is a fair reseller price. Yes, if he had purchased the domain name for around $12-15K then we could have agreed he underpaid. But in this case, it was a competitive price.

 

[stewmath]

James is fortunate that losing 26k won't break the bank, advantages of being a millionaire. However its still loss of money and i wish you all the luck in getting the money back through the legal action.

 

[BoothDomains]

James is fortunate that losing 26k won't break the bank, advantages of being a millionaire. However its still loss of money and i wish you all the luck in getting the money back through the legal action.

I wish I was a millionaire. I am nowhere close. Sometimes I will do a deal for $100k and make $1k because a deal is a deal and $1k is better than $0.

 

[frank-germany]

I wish I was a millionaire. I am nowhere close. Sometimes I will do a deal for $100k and make $1k because a deal is a deal and $1k is better than $0.

si tacuisses

 

[stewmath]

I wish I was a millionaire. I am nowhere close. Sometimes I will do a deal for $100k and make $1k because a deal is a deal and $1k is better than $0.

My mistake, i honestly thought you were based on some of the success stories ive read etc. Well i was corrected on that one

But anyway all the best with whatever legal proceedings you persue.

 

[Embrand]

I wish I was a millionaire. I am nowhere close. Sometimes I will do a deal for $100k and make $1k because a deal is a deal and $1k is better than $0.

What? Could you please elaborate? Don't you get a fixed percentage.

Going off topic a bit, but this is interesting

 

[alcy]

What? Could you please elaborate? Don't you get a fixed percentage.

Going off topic a bit, but this is interesting

hmm i think he just said sometimes he sells domain he bought for 100k for 101k

which is probably a bad business model.. cause normally to make 1k profit you do not even buy domains aftermarket but rather handreg them..

but I know it can happen... sometimes we need money.. and breaking even or making min profit is the only option.. and even a wonderful option at such times!!

 

[BoothDomains]

Just saying sometimes I make a small profit on my flips.

 

[DaveX]

I'm trying to imagine what my next move would be. I've realized that I have 26k floating somewhere out there, and the domain I bought has been taken by a registrar with a bad reputation.

I've got a papertrail, but what to do now?

Makes me ill just thinking of how you must feel James.

 

[Marshall]

I'm trying to imagine what my next move would be. I've realized that I have 26k floating somewhere out there, and the domain I bought has been taken by a registrar with a bad reputation.

I've got a papertrail, but what to do now?

Makes me ill just thinking of how you must feel James.

Maybe we should try putting ourselves in his shoes and think of what should be done now? What could be the next move?

Probably the brainstorming can give out some genius ideas (not that he needs them) on how to proceed and more importantly can help us figuring out what to do in these kind of situations.

Peace.

 

[DaveX]

I would probably be all over NetworkSolutions. They seem to be at fault for not reaching out and instead allowing an employee to simply move the domain. People are spending thousands of dollars and a support level employee has the power to just move a valuable domain?

Thing about digital goods is that you can't just drive over to a location and make a stink, you are somewhat confined to digital communication.

 

[alcy]

I would probably be all over NetworkSolutions. They seem to be at fault for not reaching out and instead allowing an employee to simply move the domain. People are spending thousands of dollars and a support level employee has the power to just move a valuable domain?

Thing about digital goods is that you can't just drive over to a location and make a stink, you are somewhat confined to digital communication.

they've been doing this for long time. they probably had countless compalints.. icann or what not. and yet here they are.. not only still in biz, but continuing to be shady and greedy.

sure makes one wonder how many incidents and reports it does take.. or how many people losing how much money.

as for next steps... well.. there isn't clear answer to this imo.. because 25k means different things to different people.. just cause everyone bank account is different. to some this will be not even worth bother cause they own millions in bank... to others, it will mean finding a bridge near you and jumping from it... to others still it will mean going after netsol or resposible parties not even for money but for honor.. cause they hate getting screwed in life. even for $1 at grocery store.

so you see.. differnet solutions for different people.. putting their shoes on does not always work

imo

cheers

 

[xynames]

On the internet there is always this sort of risk. As a merchant it is akin to credit card chargebacks - where you’ve already shipped the good or provided the service and now the cardholder disputes the transaction.

In cases where the cardholder is playing games and merely trying to get away with not paying, I am an expert at winning the dispute. But when it’s actual fraud and some criminal used a stolen credit card without knowledge of the real cardholder and somehow got past my fraud screens (happens rarely to me - and only with sales of intangible goods such as services) there is really nothing you may do on card not present transactions to win the dispute.

Similarly here if this really was an out and out fraudulent transaction and the domain owner had no knowledge of it I’d cut right through the noise, make my complaint, but not spend too much time money or effort on it because it is a loser case.

 

[DaveX]

Some liken it to paying tax or the cost of learning. I wouldn't care too much about a dollar but I know many wealthy people and I do t know any that would just let someone walk away with that amount.

I guess it's like they say about expensive cars....if you buy one you better have a lot more money for when things go wrong.

Maybe there should be an optional insurance one can purchase for protection in case of problems. I would probably pay a couple hundred for complete coverage of 26k.