26/05/2013. The Demise of LibertyReserve and Daily News from the Industry

Hi everyone! Normally right about now I’d be giving you my best regards for the weekend, and perhaps commenting on what a slow couple of days it’s been for HYIP related news stories. Unfortunately we all know that’s not really the case anymore as the main HYIP discussion forums become flooded with the angry and desperate pleas of LibertyReserve users who regrettably find themselves no longer able to access their accounts there, or indeed their money. The reason for that as we also all know by now has been the recent and not entirely unexpected arrest of the LibertyReserve owner (not for the first time I might add) and I suppose for want of a better word the “impounding” of the entire LibertyReserve network by the US federal authorities. In a nutshell, LibertyReserve is dead now by being shut down by the authorities and we must all come to terms with it.

So let’s take a step back in time for a moment and see what put this whole chain of events in motion. LibertyReserve was established by a man called Arthur Budovsky, who was already shall we say “known to the police” for his other activities. My first awareness of him actually predates the establishment of LibertyReserve itself. Back in those days as any long time HYIP industry player will tell you, the prominent player was a processor called e-Gold. One of the biggest e-currency exchangers in operation at the time was called GoldAge. In the course of their investigations into e-Gold the original owners of GoldAge also came under increasingly close scrutiny from agents at that time working under the guise of the United States Department of the Treasury, though sometime later would come under the Department of Homeland Security. The GoldAge owners would later claim that they suffered constant harassment by these agents whose only real agenda was to seize control of e-Gold, and in the process basically threaten and intimidate GoldAge into implicating e-Gold with money laundering, credit card fraud, and so on. While I’m not aware of those original owners themselves ever having been convicted of anything, the message was clear – Uncle Sam doesn’t understand exactly what you are doing, but we don’t like it anyway. Obviously frustrated, the owners gave up on the whole thing and sold GoldAge as a working business. And that is where our friend Arthur Budovsky comes into the picture as he was the one (albeit in partnership) that continued the GoldAge business.

Now, I have to say that the logic behind buying a business with such obvious baggage attached to it was questionable. I mean granted that the entire internet economy was a relatively new phenomena at the time, and many legislators simply didn’t understand the basic concepts around it enough to regulate it, but if you have Homeland Security officers calling you in for a chat then you have to be aware that they will eventually write the law that makes what you are doing illegal. That’s precisely what happened a number of years later when Budovsky and his partner were convicted of money laundering offenses, having gotten rich on the commissions paid to them by some serious criminals for helping them launder and hide their money. Budovsky as we know from his later venture LibertyReserve has a strong policy of “no questions asked or answered”, which of course will not serve you particularly well when the courts get involved. He received a five year jail sentence for his troubles but bizarrely this sentence was suspended. So in other words he has the criminal record and conviction, just never had to see the inside of a prison cell.

So now we skip ahead again, but not by too far. Arthur Budovsky clearly didn’t learn much from his experiences with the courts, except one suspects “try harder not to get caught next time”. His time in the US was at an end, and he concluded that if he was to live out his dream of getting rich on poor people’s money he wasn’t going to do it within US borders. So a move to Costa Rica was on the cards where he established LibertyReserve. Why exactly he was allowed to do this by the Costa Rican authorities given his penchant for financial crime and recent felony conviction I really have no idea. I can only speculate that all sorts of shell companies were established to hide it all, and the appropriate mid level bureaucrats paid to not look too closely. Whatever the real circumstances it doesn’t really matter now, because with the US government finally turning the screw on first e-Gold and shortly afterwards e-Bullion (another of the big HYIP currencies at the time) Budovsky and LibertyReserve were now in prime position to rule the market.

Through good luck, fate, arguably inside knowledge, or at least a very educated guess, LibertyReserve were in the right place at the right time. You see, the closure of e-currencies like e-Gold and e-Bullion by the US government did absolutely nothing to halt the expanding demand for the services those companies were providing. Putting the rights and the wrongs of the situation to one side for a moment, these guys were after all only providing a service. And anyone with even the most basic grasp of business and economics will tell you that where there is demand there will be supply. For whatever their personal reasons – either good or bad – people want to be able to transfer their money around the world without having to pay extortionate fees to greedy banks or answer intrusive questions from people for whom this is none of their business. Now, I don’t want to sound like an apologist for LibertyReserve here, in fact most of my longer term readers will know that the truth is I didn’t think very highly of them at all, but as a business model/concept I can’t really fault the theory behind it. A very simple user friendly interface that allows private individuals a cost effective way of moving their own money from one place to another with relative privacy and no accusations of criminality. Of course, that’s not exactly how it worked out, but I can’t help but like the concept behind it.

But as a business if you’re going to operate on a strict no refunds, no chargebacks, no questions asked or answered policy, you immediately become an attractive option for both online and offline criminals to wash and hide their money. Given Budovsky’s prior record I can’t really say this wouldn’t have been his intention. Aside from that being your operating policy however, there’s the more obvious issue of a complete and utter lack of transparency surrounding their accounting and source of funding, and that’s eventually going to get the police fraud squad involved no matter what country you operate in. As we all know, LibertyReserve simply by itself is useless. Like any household tool, it does nothing until you pick it up.

Account holders, and I guess most of you either are or have been, are not allowed to place money directly into or out of their own accounts. You all know this. You have to give your money to a third party exchange provider, they put it in your LR account for you, you transfer it to another LR account, but in order to withdraw again the member must once again use a third party exchanger. So the money goes around in a circle, several different people handle it, no one knows anyone else, no one knows where it comes from, and no one knows where it eventually gets withdrawn. Not even LibertyReserve themselves can know this. This allows one individual the ability to move money between as many accounts as he’s prepared to pay the transfer fees on before eventually withdrawing clean, untraceable cash. And that my dear readers is a simple definition of money laundering and a simple explanation as to why LibertyReserve have been closed and its owner arrested. No doubt if convicted he’ll face a lengthy stretch inside. However I would expect the LibertyReserve website is currently being dismantled by the most ruthless and thorough team of forensic accountants and Homeland Security technicians, so I wouldn’t be surprised if a couple more doors are being knocked on in the early hours of the coming days.

I really don’t think what’s happening now can be a subject of much debate anymore by the way. It’s just that I see on some forums there are some people in complete disbelief over what’s happening and simply refuse to come to terms with the obvious. I’m guessing many of these people had substantial sums of money tucked away there (an unmercifully bad idea by the way) so now human nature kicks in and they try to deny what’s going on. It’s almost as if they convince everyone else to believe that LibertyReserve is only down for routine weekend maintenance work and that they’ll be back on Monday then it will actually happen. Well, with all due respect to the innocent members caught in the crossfire here who now lost access to their money, that’s not going to happen. Arthur Budovsky’s arrest doesn’t really warrant international news from the likes of CNN or the BBC, but the fact that it took a co-ordinated effort on the part of law enforcement officers in several different countries (he was actually picked up in Spain) meant that it was worthy of being reported on in certain regional media sources. A couple of national Costa Rican newspapers have carried the story in both English (http://www.ticotimes.net/More-news/News-Briefs/Digital-currency-site-Liberty-Reserve-shut-down-after-arrest-of-Costa-Rican-owner-in-Spain-_Saturday-May-25-2013) and Spanish (here‘s a translated version for you) on their websites, plus you can see a brief TV news clip relayed on YouTube (https://www.youtube.com/watch?v=UH1ryOM-iyk). The YouTube clip will allow you to switch on subtitles and translate them into any language for you by the way. Considering that this is a holiday weekend in the US (which explains the silence there) I wouldn’t really expect to see many announcements from investigating officials there until later in the week. However I do believe the case has been well enough documented in the mainstream media to establish the fact that this is not just a rumor. There are no hackers, and there is no weekend maintenance. LibertyReserve, its assets and the accounts of its members have been seized, and it’s owner is unlikely to see daylight again for some time.

Incidentally, if the media reports aren’t good enough for you, you can do a little further research yourself. For starters you can just do a quick search on the “whois” website, which for anyone who doesn’t know is a free resource giving some of the technical details for any website. Type in the LibertyReserve address and you will see that it now points to “ns1.sinkhole.shadowserver.org”. To put this into the simplest terms possible, a sinkhole (in this case) is basically a government controlled DNS server that prevents anyone from accessing the websites hosted there, though still being able to monitor the traffic. Yes, there are other uses for this but in the present circumstances that’s more or less what is happening. It captures the traffic, analyses it, but doesn’t let you through to the site itself. Only the one in control of the sinkhole server has any access to the sites contained there, and in this case it’s the US federal authorities.

So what does all of this mean for the HYIP industry. Well, no doubt we are in for an interesting couple of months, that’s for sure, but I would see this as a change rather than an end. I mean there’s no point in denying the HYIP industry will be affected by this event to its very core and will influence everyone involved to some extent.

First off, investors who ignored the glaringly obvious warning signs about storing large amounts of money in LR can now say goodbye to any funds they were keeping there. LibertyReserve was well known for its ongoing practice of limiting the accounts of legitimate users for no reason, and did nothing to prevent the theft of funds from members accounts by the legion of hackers that were using it. Their stubbornness and inability to explain anything is now playing a major part in its demise when many investors and holders of LibertyReserve accounts still can’t believe the collapse and desperately cling to the hope that this is merely a failure to communicate. Reality will come to them eventually when they accept their losses. This will affect not only their personal finances but also their ability to invest in HYIPs, and the market could possibly shrink by 70% in the short term.

Second, what of the HYIP admins who were also ignorant and kept large funds in LibertyReserve. Of course it’s not their personal money we are talking about here as ultimately it all belonged to their members anyway, but without being able to pay via LibertyReserve and their unwillingness to change anything for the sake of these members, they will most definitely collapse within the next couple of weeks. Investors who lost funds in LibertyReserve itself will now gradually lose the trust in the programs which used to accept them and the admins who do not care about the consequences and therefore, lost the investors’ money by negligently keeping it in their LR accounts.

I believe therefore that due to a danger of imminent collapse all activity in the HYIP market is probably best kept at a minimum for at least for the next couple of weeks. If such admins are able to adjust their strategy and survive that period it means that their programs are in perfect financial state and they themselves didn’t lose too much of investors’ funds to continue payouts. While there is still a greater risk that such programs can collapse one by one despite the best efforts of their admins and lead to a domino. That will not apply to newly opened programs after May, 24th, when LibertyReserve’s servers were seized by the FBI. I don’t rule out the possibility though that some talented and experienced admins can not only survive, but with skilled management could even make their programs more popular within the next couple of weeks. However in order to do so they need some reserve funds which many of them will possibly lack (or rather be unwilling to spend, having already withdrawn it with the intention of keeping it). So even if their intentions are genuine they will most likely not be able to hold on. In my opinion, the best indicator of the viability and survivability of any program will be whether their admins are going to extend their advertising banners on MNO. Obviously the programs that have been hit hardest will have neither the finances nor the desire to keep their advertising spots which are pretty expensive in the first place. In any case, please watch out for a wave of closures within the next couple of weeks and be extremely careful if joining old HYIPs which used to accept LibertyReserve.

Other sides to the HYIP industry to be affected by the fallout include exchangers that will lose thousands (and in some cases, hundreds of thousands!) of dollars in real cash that will never be recovered. With those exchangers who dealt exclusively with LR funds that could effectively mean both their closure and huge losses for its owners. Monitors and blogs like MNO will also suffer as with so much money being eaten by the US authorities it will certainly take time for the HYIP admins to figure out what to do next.

These next couple of months will be a huge opportunity for every other payment processor to carve up the huge niche left behind by LibertyReserve which will definitely be needed again once the HYIP industry recovers. And recover it most certainly will! You remember the situation with e-Gold, the payment processor I mentioned above. They were perhaps and even bigger back then than LibertyReserve are today, and had problems of their own with the US government who eventually closed them down. The HYIP industry was hit for a couple of months until people regrouped, but of course it recovered surprisingly fast. Because at the core of the matter is peoples wish to play HYIPs, and the removal of one payment processor does nothing to quench people’s desire to gamble and make a profit. History will repeat itself once again, and the place of LR will be taken sooner than you might think. Most experts tend to believe PerfectMoney is the only real contender at the moment, as they have an existing and wide infrastructure already in place, including various exchange options in different countries, a variety of convenient deposits and withdrawals methods and the same anonymity that LR offered. Plus the fact that it’s already almost universally accepted throughout the HYIP world but is an infinitely safer option than LR ever was (in terms of hackers). I would say that PerfectMoney is poised therefore to replace LibertyReserve as the major payment processor in the HYIP industry and only the stubbornness of those who inexplicably trusted LR so blindly stopped this from happening earlier. Now that reason is gone nothing can stop them from taking over, assuming PerfectMoney still want to that is. The latest update from PM implies that the owners are a bit concerned themselves by the fate of LibertyReserve, so they took some precautions and are now prohibiting all US citizens from having an account there:

“Recent changes in Perfect Money Policy
Dear Perfect Money Customers,
We bring to your attention that due to changes in our policy we forbid new registrations from individuals or companies based in the United States of America. This includes US citizens residing overseas. If you fall under the above mentioned category, please do not register an account with us.
We apologize for inconvenience caused.”

At the time of writing, I’m pretty sure that this message is of no importance to existing US citizens using PerfectMoney. As the vast majority of PerfectMoney accounts are anonymous there’s no way they can enforce this practice for current members without a verification procedure. Even IP-address tracking will not be an issue as otherwise it will affect the non-US citizens trying to access their PM account from US soil, or from US citizens residing in foreign countries. It looks to me that PM announced this just for the sake of showing the US authorities that they will curb any dubious activities carried out by its citizens trying to use PM services, and then hopefully deflect the spotlight away from themselves. The only real way to trace American transactions now will be to implement compulsory verification, which I doubt PerfectMoney is going to do. If they try, they will certainly lose a lot of HYIP investors and admins who choose anonymity as the main advantage. I’m sure PerfectMoney owners perfectly realize this and I’m sure that they won’t do anything to jeopardize their own chances of taking the place once occupied by LR.

Then we have EgoPay who also have good support and a lot of features including accounts that don’t require verification and can be used in total anonymity by its members. The only downside to EgoPay is higher fees and a stricter approach towards exchangers which require manual approval. Although stricter controls can be a blessing in disguise for many members of EgoPay, as it will certainly prevent the cases of anonymous stealth of funds that were undermined in LibertyReserve so often and that the administration didn’t really care about. With right management in mind EgoPay has good chances if not to become the leader in the HYIP industry, but at least significantly increase their share in the HYIP market.

Finally, we have SolidTrustPay which is already well established in the industry and second only in popularity to LibertyReserve, though outranking it in some of the bigger spending markets like the US and Canada. However, as SolidTrustPay requires compulsory verification from members making larger transactions, including exchanges and withdrawals, and asks higher commissions on any transaction, it is highly unlikely that it will take much of the LibertyReserve share of the market. They have their niche and they simply appeal to a totally different section of people, however I wouldn’t exclude the possibility STP capitalizing on that collapse and at least improving the share they have right now.

Of course we have some smaller currencies that could also compete for an improved market share, such as BitCoin, HDMoney, OkPay, etc. However for me its still highly unlikely that they would quite replace LibertyReserve in the near future if they don’t change their approach to a more aggressive advertising strategy, particularly though not only towards HYIP admins.

Moving on to my monitoring policies, please note that in the interest of fair monitoring and due to the closure of LibertyReserve I will be requiring from all the programs I monitor and which I have a deposit with LR to convert the funds into any other payment processor accepted by them and give them 24 hours to do so to avoid Problem status on MNO. Those admins that only accept LibertyReserve in their programs will be asked to add another payment processor and pay my interest there, otherwise, they will be listed on Problem status on MNO. I fully understand that most of them are still in a state of shock brought on by the LR news, but that can’t last forever, and they have to make a decision on how to start life without LibertyReserve. In any case, we all have to learn to live without LibertyReserve or die trying. And even though the immediate future of the whole industry look very blurred and undecided, I have a firm belief that the HYIP industry will recover and with a better alternative to LR. In fact, I’m pretty sure that the HYIP industry without LibertyReserve’s dominance as a corrupt and thieving payment processor will be a better place for everyone. For now we have to sit tight and see how things play out, and watch the better more experienced admin react and adapt fastest. Please stay with MNO, as in the near future I’m planning a series of articles on payment processors that might be a good alternative for your investment needs.

DAILY NEWS FROM THE INDUSTRY

Of course, over the last 48 hours the main news of the LibertyReserve collapse dominated the headlines in the HYIP industry. Reactions to the news was mixed, ranging from total disbelief and denial, to a willingness to accept and evolve. Let’s go through the updates one by one and see what the first admins have been saying.

TETRAFUNDS – PAYING FINE FOR NOW, WHAT NEXT?

I would say that TetraFunds (reviewed here) will most probably not survive the next weeks and their members are unlikely to see a profit. As we all know, the same admin also ran AlphaGains and he promised to return with a new program (possibly to use it as a feeder for TetraFunds). Now that LibertyReserve is gone such plans will be much more unlikely and therefore, in my opinion, TetraFunds which is paying 2.5% for 120 business days plan with no compounding and 3% for 100 business days plans with compulsory 100% compounding will not be able to last for too long. An unlikely promise from the admin promising LR withdrawals to be cleared by Monday and hailing the “awesome” support shown to TetraFunds is nothing more than bluff. I’ll watch TetraFunds closely for the next few days and will let you all know if the payments to PerfectMoney, SolidTrustPay, and EgoPay are still processed. For now I can confirm that TetraFunds is paying to all members and is on Paying status on all the major monitors including MNO. Below is the latest news from the admin:

“TetraFunds Update
Dear Members,
We are very happy to inform you that our investments and profits are always evergreen from the day-1.
In one word we can as ‘Awesome..’
Our growth is excellent and we will continue our hard-work to give financial freedom to the members..
Thank you for the promoters, monitors for continuously promoting Tetrafunds.
Just want to give you an update about libertyreserve. As we know that LR is down for the past few hours, we will clear all the LR withdrawals by Monday because our staff’s always want to have a party in weekends.
Remaining all payouts are cleared. As of now, over 1500 withdrawals are processed in TetraFunds.
Why HyipExplorer.com monitor is showing waiting status?
At least someone is asking me everyday in Skype, Even if you have the same question in your mind – this is the answer, ‘Because they have invested in Advanced Plan, 3% for 100 days.. So i believe that Hyipexplorer.com admin will pre-closure the plan in next couple of weeks and then he will show the site in paying status.. Do not worry about that..
Enjoy the profits from TetraFunds and Have an excellent weekend.”

JLBCO – WAITING FOR LR COLLAPSE CONFIRMATION

The admin of JLBCO Jacob awaits official confirmation of the fate of LibertyReserve which is accepted by his program along with five other payment processors – PerfectMoney, SolidTrustPay, EgoPay, PexPay, and OkPay. Due to the relative low returns of 3%-6% for 70 business days with principal return on expiry, a lot of payment options, and the willingness of the admin to offer an appropriate solution to everyone affected by the LR demise can really broaden the program’s chances for survival. Anyway, we’ll see what the admin does once he accepts LR is gone. Below is the latest newsletter from JLBCO (reviewed here):

“JLBCO – Regarding the issue with Liberty Reserve
Dear Investors of JLBCO,
I am Jacob Walter, the admin of JLBCO and I would like to take a moment to address the problems with Liberty Reserve that many members have brought to our attention.
We can only say that we do not know what is true or false, and we also do not know when Liberty Reserve will be back online, or if it ever will be. The only thing we know for certain is that Liberty Reserve is offline and we are unable to process any withdrawals to Liberty Reserve until it is back up.
If you have an investment with us using LR, all we can do is wait for the latest news and see what happens next. If it turns out that LR is not going to be back online, we will work with our investors in resolving the existing LR investment that they have with us.
For all other investments using other payment processors, please rest assured that this will not affect you in any way, and we are continuing to pay as usual.
We will keep our investors updated about any news regarding this issue.
Please feel free to contact our support in Live Chat is you have any questions or concerns. Thank you for your patience and understanding.
Sincerely, Jacob Walter
JLBCO Administrator”.

BLACKGOLD – LIBERTYRESERVE OFFICIALLY DROPPED

As I have an active deposit with BlackGold with PerfectMoney rather than LibertyReserve, I myself will not be affected by the fact that this program shut down all operations with LibertyReserve, and therefore was left with only two payment processors – EgoPay and PerfectMoney. Nothing was said by the admin about his ability to convert LR deposits into any other currencies, so I don’t believe it’s going to happen in the future. I remind you that BlackGold (reviewed here) was officially listed on MNO for about three weeks already and the site is offering investments into several plans all of which make instant payouts and return the original principal on expiry – 1% for 30 business days, 1.4% for 50 business days, 1.6% for 60 business days, 1.8% for 90 business days. An official update from BlackGold‘s administration regarding LibertyReserve can be read below:

“Site BlackGold news posting
Dear Investors!
Due to problems with Liberty Reserve, our site refuse this payment system and temporarily freezes the exchange and output to Liberty Reserve up to the moment of restoration of normal work of the site.
We apologize in advance and hope for your understanding.”

HYTEXAG – ALL WITHDRAWALS ON HOLD DUE TO LR CRISIS

Despite a pretty short update by the admin of HytexAG Ferdinand (interviewed here) regarding the current situation with LibertyReserve, I believe this statement was at least an honest one. He says that due to the crisis the payouts for the remaining three payment processors accepted by HytexAG – PerfectMoney, SolidTrustPay, and EgoPay – will be put on hold and will not be processed instantly as before. The admin needs time for future actions and I thoroughly understand his actions. However delaying withdrawals cannot continue forever and cannot be seen as a viable alternative. If it appears that the payments on any of the investment plans offered by HytexAG – 8% for 14 days (principal included), 1.5% for 25 days (principal back), 1.8% for 35 days (principal back), 2.2% for 50 days (principal back) – are pending for over 24 hours, I will have no other choice but to move the program to Problem status on MNO. Hopefully the admin will be able to figure out what is next for his project within the next 24 hours and we will see later if that decision is going to affect the status of his program on major monitors. I will keep you updated on MNO, so check out the status of HytexAG (reviewed here) tomorrow for further info:

“Dear friends
Because of the problems connected with Liberty Reserve we are to hold the payments and enrollments for each payment system before the state becomes clear. We do everything possible to make our partnership more confidential and long-lasting. We expect your comprehension.”

RONWARDS – LR DEMISE LEFT WITH THREE PAYMENT PROCESSORS ONLY

As the admin of Ron
Wards is going through some possible solutions to offer members’ who deposited via LibertyReserve in the near future, the program is currently operating with only three payment processors – SolidTrustPay, EgoPay, and PerfectMoney. For such a program as RonWards, in my opinion, it will be almost impossible to convert LR deposits into anything else, and the admin is pretty straight-forward about this in the latest newsletter dealing with the issue. However, I am not sure either how RonWards (reviewed here) will be able to survive for any longer while not accepting LR funds and paying on these multiple plans – 103%-125% after 1 day, 53.5%-70% for 2 days, 118%-300% after 5 days, 145%-500% after 10 days, 225%-1000% after 20 days, 400%-1500% after 30 days. Maybe if he has some secret up his sleeve – the same that allowed him to run a successful program for over two months already. There are limits to what one can do with such short-term programs when investments decline which is certain to happen over the next week or so. Therefore, you might be prompted to watch first how or if RonWards is strong enough to survive this huge blow. In fact I will be really impressed to see the program to be still paying to all the investors in a week from now. In any case, I will keep you all updated on the status of RonWards on MNO which is still a paying program, by the way. Here’s the latest newsletter explaining the situation with LibertyReserve deposits and withdrawals to a certain extent:

“RonWards workaround due to Liberty Reserve issues
This is a surprising turn of even with regards to Liberty Reserve being under serious situation right now. Please visit our facebook group and read more about it there, click this link to visit the group https://www.facebook.com/groups/245230505615705/ .
For those who already know what is happening with Liberty Reserve, I want to address the most asked question now that LR is having issues. What will happen to those who invested using LR at Ronwards?
The answer is pretty straight-forward. You will need to be patient, we will need to see what Liberty Reserve will do regarding their issues. Given the chance that we will be able to access our accounts again, then payments will resume to normal. If they do not come back. What we can offer our LR investors is that we will be buying your LR investments but with a certain fee (fee rate will be discussed over time and will not be an overnight process). This will not be an easy task and will not be a quick process as well.
Just like you, we have a large sum of Liberty Reserve funds stuck in their system until they are back or until we are given the opportunity to move those funds.
Withdrawal requests will be returned to your account balances. Liberty Reserve will temporarily be removed as an option until they are back. That is if they will be back to normal and resume operation as usual.
Please understand that we cannot convert your LR to other payment processors as of this time, but we will be working on making this possible very soon for your convenience. Because we are unable to invest the LR funds because they are not accessible at the moment, we will be disabling LR on our website. You cannot deposit from balance and you will not be able to make withdrawal requests via LR temporarily.
We are not happy with what is happening with LR right now but there is nothing we can do but think of a workaround as to how to make our investors satisfied.
Thank you for your understanding and cooperation. We appreciate this and please start using Solidtrustpay, Egopay or Perfectmoney today.
If you want to add your STP, Egopay and PerfectMoney accounts on your profile, please email us.
Regards, Ron Howards”.

MONEYINSPORTS – NO DEPOSITS VIA LR ACCEPTED WITH PENDING DECISION ON THE MATTER

It looks like the issue with LibertyReserve might also affect such a smoothly running program as MoneyInSports whose admin Justin (interviewed here) asked members today for patience while he tries to figure out the damage done to his program and evaluate an appropriate response. So for now now both deposit and withdrawal options via LibertyReserve have been removed from the script, thus leaving the members of MoneyInSports (reviewed here) with SolidTrustPay, EgoPay, PerfectMoney, and PexPay which are all still accepted starting from a $5 minimum into the only investment plan on offer – 2% for 80 calendar days. As my personal investment with MoneyInSports was made via LR I will be asking the admin to transfer it to any other e-currency accepted by MNO, and you might see the program’s status change on my monitor by tomorrow if nothing is done to rectify the issue. I find it fair because without an active investment in any program I cannot monitor it properly, so all LR deposits for me must be replaced by the admins to any other currency to stay on Paying on status on MNO. Of course with the current unclear situation I cannot say anything definite about the chances of MoneyInSports surviving the crisis. I just hope that by tomorrow we will all have a clearer picture about what’s going to happen to this program. For now, please read the latest from Justin:

“Liberty Reserve Issue
Hello Everyone,
With the recent and ongoing news on LR we thought it would be a good idea to give a quick update. We are not sure what is going to happen with LR at this point, but I can tell you that we have already seen one of the books we use to place bets drop all processors due to this news with LR so I am sure there will be much more activity/news in the coming days from many different sources that use/used LR.
At this time we have removed LR from the funding and withdraw options. We will be talking in great detail over the next couple days with regards to what we are going to do moving forward with our LR customers. Without having the funds that we had in LR and also with a couple books that used LR we need to evaluate everything before we can give an answer on the LR issue.
We want to let everyone know that we will still be paying like normal to STP, PM, Ego Pay, and Pex Pay.
Once we have more information we will be sure to update everyone.
Regards. Justin. MoneyInSports.”

AUSTRALIANBUSINESSGROUP – WITHDRAWAL REQUESTS TO LR CANCELLED

A very brief update was posted for members of AustralianBusinessGroup and the admin reported that all the withdrawal requests to LibertyReserve had to be cancelled and returned to members’ balances:

“Liberty Reserve news
Withdrawal requests Liberty Reserve will be cancelled up to restore operability Liberty Reserve. All profits while idle Liberty Reserve will be deleted.”

I believe that soon everything will be clear to the admin regarding the latest bad news regarding LibertyReserve collapse and he will have to remove this payment system from the ones accepted by AustralianBusinessGroup along with still operational PerfectMoney and SolidTrustPay. I remind that AustralianBusinessGroup (reviewed here) is going to celebrate the first year online in a couple of days, provided it will be able to survive this disastrous LR crisis. The currently open investment plans start with $1 minimum and include four variants with the original principal return on all of them – 1% for 15 business days, 1.4% for 30 business days, 1.8% for 55 business days, 2.2% for 80 business days.

GET PAID REPORT FOR 26/05/2013

Here is the list of the programs from my monitor that paid me for the last 48 hours:
From MNO Sticky list: -.
From MNO Premium list: MalaysianINC, BriscoFund, RonWards, EuroStar, RFIGroup, EarningAlliance, JLBCO, SilverOz, WeltexTrust, TetraFunds, FXII, BlackGold.
From MNO Standard list:  PureIncome.
From MNO Basic list: FiamaCorp, TheInvestmentBank, BigRichGroup, ProfitWealthClub, TradeAsiaPro, GreenTen (the first instant payments received).

To finish I would like to specifically say that the demise of LR doesn’t mean the end of the line for the HYIP industry, indeed possibly it will even be even for the betterment of the industry in the long run. As usual, you will be able to find the latest news from the industry on MNO next week as well. However considering the situation with LR and the general slow down with new programs launching I will most probably post less often than usual. In any case, I try to provide you with the most up-to-date status of all programs monitored on MNO, so therefore do not hesitate to complain if you were not paid by any program listed on my monitor, especially now that a wave of closures could be expected any time. See you next week and enjoy what’s left of your Sunday, guys!MoneyInSports