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.

 

[NYJimbo]

Seen on twitter:

https://twitter.com/x/status/1640733761091301381

 

[bmugford]

Seen on twitter:

https://twitter.com/x/status/1640733761091301381

Yet more instances of an ICANN accredited registrar not being able to carry out the basic functions of a registrar.

People in the same situation should file a complaint with ICANN -
https://www.icann.org/compliance/complaint

Choose the "Renewal/Redemption" section.

Brad

 

[bmugford]

Seen on twitter:

https://twitter.com/x/status/1640733761091301381

https://twitter.com/x/status/1640722174477565952

https://twitter.com/x/status/1640723790161117184

https://twitter.com/x/status/1640736821704290313

 

[Future Sensors]

It is sad but courageous that people who thought they were good friends with the man now dare to express themselves openly.

 

[GNP]

It is sad but courageous that people who thought they were good friends with the man now dare to express themselves openly.

NOT saying anything publicly about months-long issues UNTIL it directly affects their pocketbook is expected, but hardly counts as "courageous".

 

[Future Sensors]

@GNP It's never easy to https://www.wikihow.com/Leave-a-Cult

 

[topdom]

So, what do we expect to see at the end of these investigations. Epik doesn't have money, so will their improved home be sold by force? I think some financing solution should be found. Epik should survive as registrar+marketplace, together with its customer service, and other innocent people, criminal ones should be punished one way or other, but they should stay away from Epik, and not have internet access for a while.
Epik marketplace works, better than sedo offers, dan offers, afternic price requests. If only they didn't steal our profit, and increase their commission from 9 to 100 percent without notice.

 

[GNP]

[It's never easy to Leave-a-Cult]

Very sad and Very True.
However, I would NEVER consider this specific situation to be a "cult" to begin with and bristle at the suggestion.

But going with your analogy... it really was more about the charisma of Rob Monster, perhaps at best it could be considered a "Personality Cult". Regardless, once the "leader" disappears, the "cult" will naturally fall apart. This also means it is MUCH easier for individuals to "get out" than it would be in a real "stable" cult.

Rob was "kicked out" almost 7 months ago (that long already, wow), so the poster had plenty of time to say something earlier if they desired to. Based on their OWN admission (tweets), they STILL would be silent -- even today -- if they hadn't taken a BIG hit to their own pocketbook.

Courage is mental or moral strength to venture, persevere, and/or withstand danger, fear, or difficulty
merriam-webster. com/dictionary/courage

I stand by my statement that what the poster tweeted is NOT courageous in the slightest based on the above definition and my opinion. At BEST, "Timid" would be a more accurate descriptor and is probably STILL "too nice" a term considering the poster basically said: (Bad things happening to others is none of my concern, so I will keep silent, so long as nothing negatively affects me).

 

[bmugford]

So, what do we expect to see at the end of these investigations. Epik doesn't have money, so will their improved home be sold by force?

Sure, why not? If escrow funds were commingled and used for other things, which lead to an inability to pay debts, there are all kinds of regulatory and legal issues with that.

That would be textbook corporate abuse, and the liability should not just end with the company itself.

I think some financing solution should be found. Epik should survive as registrar+marketplace, together with its customer service, and other innocent people, criminal ones should be punished one way or other, but they should stay away from Epik, and not have internet access for a while.

Why should they survive? They are a complete financial clusterfuck due to their own actions.

They have had no problem screwing customers over. They continue to do it.

The abuses would have come from the top down, not be some random party.

There is no communication about what is going on.

They can't carry out the basic functions of a registrar when it comes to registrations and renewals.

The company now has some unqualified domain noob as CEO.

Epik marketplace works, better than sedo offers, dan offers, afternic price requests. If only they didn't steal our profit, and increase their commission from 9 to 100 percent without notice.

Maybe so, but it doesn't really matter how good a marketplace is when their finances are such a disaster.

I do like your "100 percent" commission comment. That is a funny way to phrase it, but accurate.

Brad

 

[bmugford]

Very sad and Very True.
However, I would NEVER consider this specific situation to be a "cult" to begin with and bristle at the suggestion.

But going with your analogy... it really was more about the charisma of Rob Monster, perhaps at best it could be considered a "Personality Cult". Regardless, once the "leader" disappears, the "cult" will naturally fall apart. This also means it is MUCH easier for individuals to "get out" than it would be in a real "stable" cult.

Rob was "kicked out" almost 7 months ago (that long already, wow), so the poster had plenty of time to say something earlier if they desired to. Based on their OWN admission (tweets), they STILL would be silent -- even today -- if they hadn't taken a BIG hit to their own pocketbook.

Courage is mental or moral strength to venture, persevere, and/or withstand danger, fear, or difficulty
merriam-webster. com/dictionary/courage

I stand by my statement that what the poster tweeted is NOT courageous in the slightest based on the above definition and my opinion. At BEST, "Timid" would be a more accurate descriptor and is probably STILL "too nice" a term considering the poster basically said: (Bad things happening to others is none of my concern, so I will keep silent, so long as nothing negatively affects me).

I agree with almost everything you posted, at the same time it's better late than never.

Brad

 

[Future Sensors]

@GNP I certainly understand / agree with what you're saying, but one does not exclude the other. Epik is known for intimidating people, so in that sense it does take courage to go against the company. People have already been threatened and doxed when they got critical. Many examples can be pointed out. Let's hope that more people speak up and that they don't get into (more) trouble

 

[GNP]

...., at the same time it's better late than never.

Very true

 

[GNP]

So, what do we expect to see at the end of these investigations. Epik doesn't have money, so will their improved home be sold by force? I think some financing solution should be found. Epik should survive as registrar+marketplace, together with its customer service, and other innocent people, criminal ones should be punished one way or other, but they should stay away from Epik, and not have internet access for a while.
Epik marketplace works, better than sedo offers, dan offers, afternic price requests. If only they didn't steal our profit, and increase their commission from 9 to 100 percent without notice.

Considering private & business funds were allegedly mixed there is a very real possibility that some / most of their personal assets will be sold.

For the same reason, Epik should NOT survive, if anything it should be forced out of business, since they are not even TRYING to run it as a business.

I agree about the 100% commission, it sounds like a joke, but is actually just the tragic reality that is STILL going on.

 

[Future Sensors]

 

[bmugford]

Show attachment 234669

Considering that last sentence, it is pretty ironic that @Rob Monster got so butthurt when I simply reported how Epik screwed me over.

https://www.namepros.com/threads/ep...oved-from-account-without-permission.1282400/

 

[bhartzer]

Hello Bill. Were you 50/50 with Epik or Rob Monster in DNProtect? If they took all the revenue and you were the cofounder, would it be fair to characterize the situation by saying that they "stole" money from you? I think there might be something in the bible about that. A book that Monster seems to speak of often.

Just to clarify, I was 50/50 with Rob Monster. There was never any sort of agreement with Epik Inc., or Epik Holdings, Inc.

 

[Future Sensors]

Just to clarify, I was 50/50 with Rob Monster. There was never any sort of agreement with Epik Inc., or Epik Holdings, Inc.

That's all good Bill, don't worry.

What I wonder is: who paid the fine imposed by Kreidler, now that 50% of the DNProtect business was taken from you.

 

[Future Sensors]

No longer available on the Epik.com website, but here's an archived version of Epik's 2018 Year-end tax planning for owners of Domain Names and Websites.

https://web.archive.org/web/2019050...nning-for-owners-of-domains-and-websites.html

 

[bmugford]

No longer available on the Epik.com website, but here's an archived version of Epik's 2018 Year-end tax planning for owners of Domain Names and Websites.

https://web.archive.org/web/2019050...nning-for-owners-of-domains-and-websites.html

That is some questionable tax and accounting advice in my view.

For instance -

One of the unique features of Epik is that we are not only a registrar but also a domain name marketplace for selling and leasing domains. When you sell domains on Epik, your proceeds are initially deposited tax-free in a Masterbucks account. These proceeds can be held or spent tax-free. If you are redeeming your proceeds, that is generally considered a taxable event and possibly best timed for after the new year. If you are new to selling and leasing domains, read our helpful how-to guide here. For transactions larger than $10,000 use our escrow service.

I think that information is dubious. Generally when you sell something for a gain, that is a taxable event. Can I sell a domain for Bitcoin, gold, or anything else of value and avoid taxes?

When you consider that $1 in Masterbucks was supposed to equal $1 USD it is even more questionable.

This would allow you to be paid in some valuable asset other than USD, and essentially defer taxes in perpetuity. If this could be done with Masterbucks, it could be done with any other asset.

I can almost guarantee if you buy a domain for $10K, and exchange it for $30K in USD, Bitcoin, gold, Masterbucks, etc. that the IRS would consider that a $20K gain AND a taxable event.

The part about gifting domains, then taking the tax deduction, is questionable as well.

If you hold domain names that have appreciated in value, you may gift domain names to qualifying institutions such as 501(c)(3) non-profit organizations. To do this, you will want a 3rd party appraisal of the domain names being gifted, particularly if the size of the gift is more than $5,000. If you have a domain portfolio that would logically benefit a qualifying institution, that institution can in turn use or sell those domains. For a professional appraisal, visit our appraisal page here.

If you want to get audited, I would say go for it!

It reminds me of the tax avoidance advice that lead to Paypal dumping Epik.

https://domainnamewire.com/2020/10/...oidance-at-center-of-epik-paypal-controversy/

Brad

 

[topdom]

Epik registrar+marketplace should survive, but without toxic people in it. Once those criminal elements are removed, it will be a different company. New people can be added to make new Epik make money and pay old Epik's debt. Whoever built Epik, can come back and fix it. Some financing may be needed in early days. Epik can easily make money from domain registration, and marketplace. They have connections to cctld registries. No need to throw them all away.
If there is an evil guy in a house, there is no need to burn that house, just remove the evil guy.

One problem: legal system in US is totally corrupt. Almost everyone blackmailed with pedo stuff. Without white-hat military involvement, they may not be able to make correct decisions.

 

[bmugford]

Epik registrar+marketplace should survive, but without toxic people in it. Once those criminal elements are removed, it will be a different company. New people can be added to make new Epik make money and pay old Epik's debt. Whoever built Epik, can come back and fix it. Some financing may be needed in early days. Epik can easily make money from domain registration, and marketplace. They have connections to cctld registries. No need to throw them all away.
If there is an evil guy in a house, there is no need to burn that house, just remove the evil guy.

There is really no point even having that discussion right now.

IF all the debts are paid, especially the ones to customers.
IF there is accountability for what happened.
IF they can get competent leadership.
IF they can overcome the damage done to their brand.

Really only after all that can you have the discussion.

At this point we are at the stage where Epik is not paying their debts, not providing any communication, and not able to carry out the basic functions of a registrar.

Brad

 

[topdom]

Steps for fixing Epik (not sure if possible, but with some force, and negotiation skills , it can be done).

Disconnect Epik as registrar+marketplace, from everything else: current owners, criminal people, their other assets, debts,..

Finance Epik as registrar+marketplace by making a deal with some investors. For example they would pay the money owed to masterbucks victims. In return they would get their money back from new Epik's profit.
I would continue using Epik if it worked as it did a few years ago.

Let legal events happen outside Epik.

You can find competent leaders. new owners, among previous employees.

 

[GNP]

Once those criminal elements are removed, it will be a different company. New people can be added to make new Epik make money and pay old Epik's debt. Whoever built Epik, can come back and fix it.

Those are mutually exclusive conditions. You can't have it both ways.
Do you want NEW NON-criminal elements added OR do you want "whoever built Epik" to come back and fix it??? Rob founded/built Epik and as the head of Epik he is ultimately primarily responsible for most of the failures of the company (both financially & legally).

Finance Epik as registrar+marketplace by making a deal with some investors. For example they would pay the money owed to masterbucks victims. In return they would get their money back from new Epik's profit.

If you are talking about NEW investors (your statement is unclear)...
Why in the world would ANY investor CHOOSE to invest in a company where they have to assume liabilities (paying back people is NOT an actual investment, since you will NOT turn a profit on that money) PLUS invest (fund) the revived company in a hypercompetitive and relatively low margin business PLUS deal with the negative prior history of said company. That is NOT a financially prudent investment strategy (the first part will negate any "profit" the latter business MAY or may not make for YEARS).

If an investor thinks a domain registrar is a good, LONG term investment, they would just invest in a registrar that is a "going concern" or a "place holder" registrar (already formed, but not doing business yet), instead of assuming the liabilities of an Epikily failed one.

If you are talking about EXISTING investors (your statement is unclear)...
Remember IF a company goes bankrupt, the investors in the company typically lose their entire investment with NO ability to recover any of it. If the company is NOT bankrupt, then there is no need for the investors to pay the company's liabilities in the first place. That being said....

You just asked for the "criminal elements" to be removed, but now you want the investors to get their money back from future Epik profit. How many Epik INVESTORS have you heard PUBLICLY warning people about the predatory business practices Epik has been doing for MONTHS and potentially for a year or more (none, yet)??? How many Epik Investors forced Epik to fix the terrible security flaws that allowed Epik to get hacked some time back (obviously none, since the hack happened)??? How many Epik Investors publicly told the truth in the early days of the Epik hack discovery, that YES we were hacked and almost everything was stolen, instead of nothing to see here...fake news, move on (like Rob was saying).

Even if the above is arbitrarily excluded, If ANY of those investor's have been receiving ANY compensation from Epik in the recent past, they are opening themselves up to financial and potentially criminal liability too. Why should investors that ONLY cared about THEIR financial situation and were/are willing to overlook predatory / illegal business practices that benefitted them be allowed to have ANY part in any "future version" of Epik???

 

[GNP]

Let legal events happen outside Epik.

Again, you are trying to have it both ways which are impossible.

The COMPANY -- as an entity -- has violated the law multiple times in addition to the violations committed by Rob, etc. If a company does ILLEGAL activity (ie arbitrarily keeping payments due to others and exchanging real money for worthless "money"), the COMPANY is just as guilty as the people running it. For that reason alone, Epik shouldn't be ALLOWED to continue as a company, period.

You can find competent leaders. new owners, among previous employees.

Running a registrar is a complicated business (just look at how unprepared a job Brian is doing)?
Registrar employees don't have the overall registrar business experience, capital, etc., to be new owner(s) of the business.

Previous employees ALSO means they:
#1. Worked at Epik while customer funds and/or domains were disappearing from customer accounts (and didn't warn the public or work with the authorities to stop the illegal activity).
and/or
#2. Worked at Epik during the Epik Hack (and didn't catch it).
and/or
#3.
Worked at Epik before the Epik Hack (and didn't prevent it).

So unless the employees only worked at Epik years & years ago, I don't know how they would qualify for "Competent Leadership" in any revived Epik. (And if they only worked at Epik a LONG time ago, realistically why would they even consider coming back to this mess???)

 

[GNP]

In closing, I am sure there are many Epik customers that WISHED they could turn back the clock and go back to the Epik they used to know and love that worked. However, that doesn't change the recent/current Epik situation which is a train heading nowhere.