alert The fund can't be withdrawal from Epik.com via Masterbucks wallet

[enamebroker]

It happened on 23rd Aug 2022 and this matter lasted almost one month without any process. Masterbucks.com declined my fund withdrawal and disabled the button of fund withdrawal. And I contacted Epik.com and got no further action even if Rob Monster got involved in it for two weeks. All the time I was told in email by management review.

What is wrong with Epik.com? Do you think it is normal to disable fund withdrawal? How can I get back my fund from Epik.com? Thanks for your suggestion.

 

[Derek Peterson]

Igor, I am not a lawyer and English is not my native language, so I'd refrain from editing both texts you posted, but... the second one (about check or cash) is not practical. They have no $$$ in any form, so it would not work because of this reason alone. In order to pay by check, Epik needs to have $$$ in the bank...
Imo, your letter to lawyers does not look like commonly acceptable "Business English" initial email from a potential customer of a law firm. As an alternative, you may probably call some UA- or RU- speaking (if it is OK for you to communicate in Russian at this time) lawyers located in Washington, as per quick G search:

Ukrainian American Bar Association
https://www.uaba.org

RULG-Ukrainian Legal Group, P.A.

https://www.martindale.com/organiza...072/washington-district-of-columbia-368523-f/

A natural person:
https://www.jonesday.com/en/lawyers/k/viktoriia-korynevych?tab=overview

Yeah, phone calls sometimes work better.

This is a good idea Igor. Washington State has very many RU speaking people, probably the most of any state in US.

 

[Igor Gabrielan]

And in general, there are many lawyers. But I still can't reach anyone. There is also a Ukrainian society, but the impression is that they are exclusively engaged in national dances and singing.

 

[D Haynes]

The elusive Mr Royce seen in the wild!

 

[bmugford]

Looks like Epik should be sold. It would be strange if there are no buyers.

What is the market value of a company involved in a massive data breach, spreading conspiracy theories, platforming questionable content, and unable to pay existing debts?

Brad

 

[Igor Gabrielan]

What is the market value of a company involved in a massive data breach, spreading conspiracy theories, platforming questionable content, and unable to pay existing debts?

Brad

Let them buy for one dollar

 

[Derek Peterson]

The elusive Mr Royce seen in the wild!

Show attachment 226861

Is it under new ownership? Nope. If it's not under new ownership it's not under new management. These guys are all just so gross.

 

[akats]

Hello, We recently got a sale from Epik but we were not able to withdraw the fund. It is still in a pending status. I contacted support and they said they are still working on it. I am not sure if Epik still works or if it is a scam site now

 

[Gabriel360]

Hello, We recently got a sale from Epik but we were not able to withdraw the fund. It is still in a pending status. I contacted support and they said they are still working on it. I am not sure if Epik still works or if it is a scam site now

How much is transaction?

You could get lucky if it's $500 or less.

 

[akats]

How much is transaction?

You could get lucky if it's $500 or less.

It is above $600. Is there anything l can do ?

 

[domainthiscom]

anyone as been payed? I have 5k not executed since 1 month

 

[Igor Mironyuk]

Hi guys.

What is situation now with Epik?

Thinking place domain on NameLiquidate.

 

[jideofor]

It is above $600. Is there anything l can do ?

You will have to wait for 2 months to get that money because you just came in to join a long queue of people who have been waiting to get paid since September.

 

[D Haynes]

Hi guys.

What is situation now with Epik?

Thinking place domain on NameLiquidate.

I wouldn't

 

[tonyk2000]

Will the check be unable to be redeemed if Epik doesn't have enough money in the bank?

I do not understand how checks work

Indeed. If a company pays you with a check, you are supposed to deposit it to your bank. After this, $$$ will be taken from the payers bank account. If said account does not have sufficient funds - you will not receive the money. Google "NSF check" for details. An exception would be "cashiers check" or "money order" - the funds are guaranteed in these cases. Unsure about Ukraine, but nowadays a lot of non-US banks do not provide the check cashing service for foreign (American) checks, as it is somewhat outdated payment method. In any case, since Epik does not appear to have enough money - requesting a check from them would not change this unfortunate situation. As for cash, since you expect 5 figures payment, imo it is dangerous due to AML concerns, and potential "suspicious activity" reports...

I speak Ukrainian and Russian equally well

This is fine, more opportunities to find a lawyer then. I limited my initial search to UA-speaking lawyers just in case. And, to be honest, you actually need a lawyer. Epik pays small amounts to some folks it seems, but elected not to pay your 50K so far. Most likely because you are not in U.S., so hiring a lawyer looks to be the only practical option...

 

[william]

Got two payments pending for a month. Wanted to withdraw earlier, but obviously couldn't because of "maintenance".

My hope that this delay is because they are re-doing their masterbucks system, setting up separate bank accounts for all the funds, and fixing their any other financial fuck ups from the past.

However, it may very well be that they don't have the funds.

 

[GoKaizen]

The customer list and registered domains are still worth something to another company.

Buy, fold Epik, and migrate those accounts.

What is the market value of a company involved in a massive data breach, spreading conspiracy theories, platforming questionable content, and unable to pay existing debts?

Brad

 

[bmugford]

The customer list and registered domains are still worth something to another company.

Buy, fold Epik, and migrate those accounts.

Didn't everyone get the customer list for free in the data breach?

On a serious note, that is probably about the only thing of value.

It is not like Epik has some sterling reputation with all the nonsense that has gone on.

Brad

 

[topdom]

So, why is Epik in debt now. Legal problems? I think the main reason is crypto collapse. How much is their debt? Can RM sell his house and pay that debt? If so he should, for ethical reasons, and because home prices may drop, and better to sell than lose by legal force.

 

[cooljub]

Asimov's story "The Feeling of Power"

A good read, thankyou

 

[bmugford]

So, why is Epik in debt now. Legal problems? I think the main reason is crypto collapse. How much is their debt? Can RM sell his house and pay that debt? If so he should, for ethical reasons, and because home prices may drop, and better to sell than lose by legal force.

Well, to start with Epik CEO Brian Royce said under Rob's leadership that the funds were "commingled" and that "the separation of operations wasn't there".

So to start with, you have escrow funds being commingled with other funds, which is a massive no-no.

If the funds were not commingled, there should be no problem making payments.

On top of that who knows where else funds might have gone.

That is aside from possible regulatory, licensing, or other legal issues.

This entire debacle shows why escrow services are a heavily regulated field.

Brad

 

[Igor Gabrielan]

Warren Buffett once famously said: "Only when the tide goes out do you discover who's been swimming naked."

 

[topdom]

They shouldn't have mixed funds, but they did already. And reversing it may not be easy for them.
Another option can be, offering interest on masterbucks. This way they would be borrowing money from people,
until fixing things. Many people may not be comfortable with this idea and still prefer to withdraw, but masterbucks balance can be used to purchase domains, so many people would keep thousands there and bring liquidity (or solvency) to this system.

 

[bmugford]

They shouldn't have mixed funds, but they did already. And reversing it may not be easy for them.
Another option can be, offering interest on masterbucks. This way they would be borrowing money from people,
until fixing things. Many people may not be comfortable with this idea and still prefer to withdraw, but masterbucks balance can be used to purchase domains, so many people would keep thousands there and bring liquidity (or solvency) to this system.

Seriously, knowing what we know now, who would use Masterbucks at this point for any serious transaction?

How can they pay interest on debts when they are not even able to pay the actual debts?

At some point the money is actually going to have to leave the system whether it goes to the party it is owed to, or a third party like Verisign or other registries for registations/renewals.

Imagine when closing on a house, you wire the funds to the escrow company and they were like "Sorry, we will pay the other party at some unknown point in the future"....after the system goes down for over a month for "maintenence".

Well, that doesn't happen because actual escrow companies are properly licensed, regulated, and keep the funds in a separate account.

Brad

 

[topdom]

Using masterbucks for serious transaction?: It works for domain registration/renewal. Buyers (endusers) don't need masterbucks. Their domains would be safe because they can be transferred out. Their money is safe because they can do chargeback. Only sellers need to worry if they plan to withdraw money.
Using masterbucks to buy domains on Epik marketplace: buyers don't need to worry, Epik can't say, you can't use this money to purchase domains on Epik marketplace. At worst there will be a temporary technical problem. Sellers may need to worry, but sellers don't know where that money is coming from (and it shouldn't matter), and they can't say, I'm not selling if the buyer is paying with his masterbucks money (and there is no point of saying so).

They can pay interest using profit from their business. Currently they need to reestablish their credibility.
They improved some stuff, for example parked domains resolve fast (faster than they did 2 years ago). For example at Dan, parking is extremely slow.

They should do whatever and get money from somewhere, and allow masterbucks withdrawals and pay interest if there is a delay. (1M would be enough?) . They can show their house or car as collateral and get loan from a bank. They can sell their Epik shares Once their business runs smoothly, and get positive ratings then they can push their debt into future for a while and pay them all in a few years.

Offer 10 percent/year interest for delayed MB withdrawals, and 2 percent for the rest. Since keeping money earns 2 percent in a year, and withdrawing costs 5 percent, many people would prefer to keep their money, if they know they can withdrawy anytime.

 

[cooljub]

Currently they need to reestablish their credibility.

You hit the nail on the head here.