Dan.com
Namecheap
Impact
225
This post is to review the Epik's Escrow payout process, and to make users aware while transacting with them to avoid the kind of loss I encountered. I am not commenting anything on Epik as a registrar, but their shady and unethical payout process. Here goes the case:

I sold a domain for $3120 to a buyer and decided to use Epik's Escrow Service to facilitate the transaction, considering the good image of @Rob Monster in the industry his goodwill among domainers. I usually use DAN for my escrow transactions and well aware of their crypto payout process so I was "What can go wrong" and this is where I got wrong.

The payout amount after their escrow fee turned out to be $2962. The deal was completed and then the vicious cycle of torture started at the time of payout.

- First of all, they do not have any "direct" payout method to send you the funds. They first deposit it in something called "masterbucks", which appears to be their own currency (is it even legit?) and you have to separately login and request a withdrawal request at masterbucks.com. Alright, I was not aware of it - my fault.

- After requesting the payout via crypto (Bitcoin) - they did not initiate the transaction. I contacted Epik after waiting for 2 days and they mentioned it might take some time. I waited more and finally on 4th day, they informed that the original transaction did not take place and they will re-send it again.

- They finally initiated a new transaction but to my surprise, the BTC amount was WAY lower to match with the payout amount at current rates. Upon enquiring, they informed that the BTC amount was LOCKED 4 days back, when Bitcoin's price were all time high, even though they did not initiate the transaction that time.

- Finally when I received the Bitcoin, the amount was 0.05182611 which equals to $2400 as per the rates at the time of deposit, which is $562 less than my payout amount.

Now my question to Rob and Team Epik is: Whose fault is it that the payout team did not initiate the transaction 4 days back? Why did they calculate the price of Bitcoin as per 4 days back but initiated the final transaction today itself?

To me, it looks like they are leveraging the Bitcoin's price at the expense of users loss. They just "Lock" the amount when Bitcoin's price is high and process the payout in next few days when they see the prices are dropped. As a user, why should I face the loss of $562 which is more than 15% of the whole transaction??

I know that crypto is volatile, and I'm ready to absorb the volatility of few hours, which is the maximum time it takes to process a withdrawal (hence I immediately convert Crypto to USD upon receiving). However, this here is simply a fraud by team Epik with the users using Bitcoin's volatility. Any user at Epik, should be careful about using their Escrow services.

Here's the Bitcoin Transaction for anyone to confirm WHEN it was initiated and what's it value: d56fd09eec099db209ad2564b1c73539d1cab3bf051c4a4ef3805c3b5ff1b0d9
 
Last edited:
Impact
225
To avoid sky high network fees, we tend to use lower SATS than that and be a bit more strategic about when the BTC is paid out. The important thing is that the amount of BTC is fixed and known.

Just 2 questions Rob, Just 2 - Please don't play "If you can't convince them, confuse them".

1. Even with the the "Slow" run, it shows roughly 8 hours. What was the reason of it taking 4 days?

2. If you initiated the transaction on 22nd itself, please provide me the Blockchain transaction ID. If the delay was caused by BTC network, I'll assume it's blockchain's fault and would take back my accuses. If not, It's Epik's. Do we agree?
 
Impact
6,035
Before you withdraw in BTC, your dollar amount is converted into Masterbucks BTC without using the BTC blockchain, for internal accounting.
And then the exact number of BTC is sent to your wallet.
That is why you won't see the ledger,

It is just the way it works.

I sent some BTC to my account and somehow it could not be processed due to some error.
SO I paid BTC to Epik/Masterbucks, but I didn't get it.

And it took me 3 days and by the time I got my BTC, the value had increased and I got about 10% more in USD than I was supposed to get. I was funding my masterbucks dollars with BTC btw, exact opposite of what you did.

If Epik was to stiff me as you claimed, Epik could have funded my masterbucks wallet with the exact dollar amount as I funded.

I am not a biggggg fan of Epik because they refuse to settle with Godaddy for the sake of our afternic fast transfer, but their registrar and their escrow service is the best in class. and they will soon eat everybody's lunch

They are not a blockchain company but they make make usage of crypto easier. And they also eat the network feees which was a pleasant surprise.

And the CEO responds to your calls and emails if he can even for the smallest transaction.


And since this was an issue from their end, I am 100% sure they would have settled in your behalf even if you didn't post this. They maybe be controversial at times and love a good mud fight, this I can say, they don't do Petty business.

I am just giving credit where credit is due as a happy customer of escrow and masterbucks.
 
Last edited:

OmarVG

Top Contributor
Impact
4,142
considering the good image of @Rob Monster in the industry his goodwill among domainers.
LOL Actually his Image is TERRIBLE, you should read last years thread about his Scandals, BAD BAD Image...

Anyways, lets solve your Problem, you should filed a Complaint in the IC3.gov FBI Official Website about this FRAUD!

Lets STOP THE SCAMMERS!!! enough is enough!
 
Impact
225
Before you withdraw in BTC, your dollar amount is converted into Masterbucks BTC without using the BTC blockchain, for internal accounting.
And then the exact number of BTC is sent to your wallet.
That is why you won't see the ledger,

It is just the way it works.

I'd love to hear this same explanation from the official team because if it's true, that'd pose some entirely new questions. I don't think this is technically feasible what you're saying. I'd wait for the official response to confirm this.

And since this was an issue from their end, I am 100% sure they would have settled in your behalf even if you didn't post this. They maybe be controversial at times and love a good mud fight, this I can say, they don't do Petty business.

I am just giving credit where credit is due as a happy customer of escrow and masterbucks.
Unfortunately, I did what you're saying exactly - contacted them directly before posting but they just sent the reduced amount, ignore all my other requests.

And no, I'm not trying to dis-credit anything or anyone - what you're saying might be absolutely true and they could be good with all other things but it still doesn't changed the fact that how I got duped by more than $500 because of either a deliberate or a mistaken technical error.

BTW, at this time, these credits/discredits won't help. He can be god re-incarnated for all I care, but I lost my money due to an issue at Epik, which still is not resolved.
 
Impact
225
LOL Actually his Image is TERRIBLE, you should read last years thread about his Scandals, BAD BAD Image...

Anyways, lets solve your Problem, you should filed a Complaint in the IC3.gov FBI Official Website about this FRAUD!

Lets STOP THE SCAMMERS!!! enough is enough!

Lol no, while I understand you might have faced some other issues but this isn't an FBI level crime and I'm not going to file to IC3.

Honestly, at this point, I have started to feel that this might be a real technical error on their end that the BTC were not actually sent when they said "Sent" and actually sent 4 days later, but there is no reason for me to absorb the loss due to THEIR technical fault.

Even if their was a technical glitch, they should compensate the user for the loss because it was THEIR GLITCH which caused it. I have no personal vendetta against Epik or Rob, but my loss is still at it.
 

Chirag

ProNames.in
Impact
572
Original poster has all the rights to complain as he is the one at loss.

I would have loved to see more subtle way of handling this situation with the client. Saying that he is not even using is real name was totally irrelevant here and looked like an attempt to show him in bad light.

I still feel epik should try to solve it out privately, trying to bring out solution beneficial to both parties. And maybe take feedback from the user, regarding what went wrong according to him and what can be done to avoid it in future. (if at all it is avoidable).

Such cases might cause snowball effect and potential customers of Epik might get the bad impression as this forum has a large reach. Epik should resolve it amicably with the user.
 
Last edited:
Impact
225
I have talked with Rob on phone finally, and he indeed seems to be helpful and willing to support his users. I wish it wouldn't have come to this - but what's done is done.

I can confirm the issue is resolved and I'd like to request the mods to close/delete this thread. I have amended the thread's title till then.
 
Last edited:
Impact
3,899
No personal grudge? You started off by literally making libelous claims accusing Epik of near-criminal activity, utilizing your own limited scope and experience as the baseline to make ridiculous claims. Against one of the most accessible executive teams in the industry no less, that has a noted history of rising to every occasion it can to protect others. This is offensive given the reality of Epik's track record and history of support, and the priority placed upon every customer in our pathway. This world is becoming broken in its intentional creation of drama, deceptive narratives, and the apparent desire to take every perception and opportunity it can and smear it into the public spectrum for kicks. "Hey no offense, but I think you are duping every one by playing financial games to reduce customer incomes... but no offense meant!".

We need a reset alright, maybe starting with some humility, dignity, compassion, and personal truth. Hardship and fear is one thing. Orchestrated hit jobs for kicks though... no way to live a life that is worth remembering. Thank you for actively going out of your way to call Epik thieves! Going through your post history, it seems like the action comes very, very easy for you.

With all due respect, as a business owner, no matter how provocative a supposed customer is, try as much as possible to maintain a friendly tone. It helps the image of your company and possibly win your more customers. It also does not mean you are stupid.

Just saying.
 

Samer

Restricted (15-30%)
Impact
21,196
I have talked with Rob and he indeed seems to be helpful and willing to support his users. I wish it wouldn't have come to this - but what's done is done.

I can confirm the issue is resolved and I'd like to request the mods to close/delete this thread.
Thank you man!
So much. :) Cooler heads prevail!
“Just talk to the guy first!”
Always listens. Thanks again!

Samer
 
Last edited:

GoWebnames.com

Truth alone triumphs
Impact
3,719
@Rob Monster Not that I am blaming Epik but a processing time of 3-4 days can certainly be quite upsetting for anyone because the Crypto world can change very rapidly.

To avoid such a pitfall in the future, I had recommend that you actually keep some portion of your masterbucks in the USDC token (Ethereum ERC20 Stablecoin, the best one for USD) and, if the user so desires, pay him with it instead of the Bitcoin. USDC is maintained by VISA and a company Circle and is fully audited.
 
Last edited:
Impact
11,366
Epik gives clients a choice, people need to understand bitcoin can go up and down $10,000+ per coin in a day, you have to assume this risk if you want to accept it. Otherwise just take USD, if you don't want the risk. Bitcoin happend to tumble like $9K that day, nobody knows, most users assume this risk, if this seller took USD payout this thread would not even be open.
 
Impact
225
Epik gives clients a choice, people need to understand bitcoin can go up and down $10,000+ per coin in a day, you have to assume this risk if you want to accept it. Otherwise just take USD, if you don't want the risk. Bitcoin happend to tumble like $9K that day, nobody knows, most users assume this risk, if this seller took USD payout this thread would not even be open.

I, as a client, is always ready to absorb the risk of Bitcoin going up and down IN A DAY as I am pretty much confident of Bitcoin's ups and downs IN A DAY but not 4 DAYS which it took without any reason. This was the core of the issue.

With that being said, the issue is done for, and rob has resolved it in satisfactory manner so no point dragging this anymore (unless you wish to further know the details and fact about the original issue, in which case I'd be happy to continue the conversation).
 
Impact
11,093
Geez I just woke up and read this drama over coffee and corn flakes. Lol

This could all have been avoided. If I wanted to get BTC as quickly as possible to take advantage of ATH.

I would have done this if it was an option.

1. Get paid in Ripple XRP.
2. You get it instantly and fees are pennies.
3. Have XRP sent to your XRP wallet at the exchanges. Super fast.
4. Trade xrp to bitcoin or xrp to usd or usdt then buy btc.


Done and done.

I like the point someone made here that "would you complain if the delay meant bitcoin went up". This is a good point especially if you are the type to sell the bitcoin as soon as you get it from epik.

But the assumption here is your are the type to sell as soon as you get back.

Around the time you expected to receive btc it was at.

I myself have lost plenty due to FOMO. Holding on to a crypto. And then overnight lost plenty.
Can you honestly say you would have sold btc once you got btc from epik? I guess we'll never know.

I'm sure btc at ath would have maybe made you keep it in your bags. In which case you could have lost that amount all on your own.

I'm just saying if you deal with something like crypto you have to accept you are taking a big risk. I would have gotten paid in good old cash and wait for payment and then just buy bitcoin with it

Or

Send the cash via ach to your bank. And if you can't wait. Use current funds you have equivalent to your incoming funds and buy bitcoin. I mean you know the funds are coming and if it's your ultimate intention to buy btc then do that.

Btc transactions are known for being slow.

XRP is fast and cheap.

Only problem now is if you live in the USA. Xrp is not an option. Just realized now hehe lol sorry.

Basically sending money via BTC is like sending a heart or lung via USPS. Is it really worth the risk? Too many variables. It's not Epik. it's the BTC system clearly that's flawed.

I wish XRP can be traded again at the exchanges for USA users. So much faster and cheaper.
 
Top