Over 80 billion ISK embezzled from player-run bank in EVE Online
by James Egan 
Jan 21st 2009 at 6:00PM
Filed under: Sci-fi, EVE Online, Economy, Events, in-game, News items
The player-driven economy of EVE Online is a major draw for gamers interested in virtual finance, although for very different reasons; some players enjoy managing vast funds in the game, others are primarily in it for a shot at a major heist. Sometimes, even those who start out with the best intentions succumb to temptation. Regardless of the motivations one has to build up (or tear down) something in the game, left up to their own devices, some EVE players aren't simply content with the existing game mechanics when it comes to financial instruments. As such, they've established their own banks, IPOs, and other types of investments.
The more reputable banks and funds have built-in safeguards that limit any one employee's access to the deposited ISK, as -- let's face it -- this is EVE and such contingencies are necessary. More than a few players eye that cache of billions of raw ISK, Blueprint Originals, and other assets, and simply want to pull a runner. This has been the case just this week, with the player-run Dynasty Banking, which was apparently taken for billions of ISK by Xabier, the former Dynasty Investments Manager who had access to funds invested by EVE's playerbase.
Massively contacted Xabier today, who stated that the value of assets taken from Dynasty Banking was 86 billion ISK, adding that the total value is now 106.2 billion ISK due to how it was invested. He also stressed to Massively that he's used some of this ISK to repay his friends who invested with Dynasty Banking. We also spoke with Manalapan, the Chairman of Dynasty Banking, who placed the embezzled amount at 82.5 billion ISK. Manalapan has released a statement in hopes of quelling rumors related to the theft, which comes in the wake of two senior members of Dynasty Banking stepping down from their roles.
Any player-run bank in EVE must consider embezzlement as an operational hazard, and plan accordingly by limiting access to a certain amount of ISK -- and having backup measures in place to cover the amounts lost. Manalapan said, "This ISK lost due to Xabier only effects Dynasty Banking's equity balance, so we still have more than enough assets to cover all deposits and will resume business per usual." His statement seems to indicate that the situation is under control, but there are other options to keep the bank afloat should investors panic and thus cause a further run on the bank.
EBANK, now the largest player-run bank in New Eden, has stated it's willing to assist in the event that this run on Dynasty Banking becomes serious. Ricdic, the Managing Director of EBANK, doesn't believe it will be necessary to provide this assistance, however. He stated earlier today, "From what I have seen after talking to Manalapan it's quite likely EBANK won't need to assist at all but it can't hurt to have that extra backup just in case." The run on the bank has hit 30 billion ISK thus far, but Manalapan remains confident that Dynasty Banking's reserves of roughly 100 billion ISK on hand should be adequate to handle this fallout caused by the theft.
[Thanks Terence]
Reader Comments (Page 1 of 1)
Jaerl said on 6:54PM 1-21-2009
Great - now THEY will want a bail out!
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Harlequin said on 3:28AM 1-26-2009
Isn't this sort of like crying about getting PK'ed and someone looting your body before you got back to it in UO? Or a better example are the player run 'banks' in secondlife that disappeared overnight along with the virtual money? Technicalities are different but the principal is the same.
If the server was hacked or the player used a exploit then that's one thing. But just like no one held a gun to a player in secondlife head to deposit their lindens with this 'bank', nor is their any guarantee your corpse will still have all your phat l00t in UO, same here. They gambled in game and lost. Suck it up and stop crying.
Harlequin
Admin of World of Darkness Online News
http://www.wodonlinenews.net
Mr Rodgers said on 7:06PM 1-21-2009
What's the conversion rate from ISK to US dollars again? I'd love to know the real-world value of something like this.
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Havohej said on 7:11PM 1-21-2009
Just google EVE Online ISK and see what the sites are charging :P
Anyways, this is why I love EVE and why I'll be returning to it within the year.
Mr Rodgers said on 7:20PM 1-21-2009
It looks like 80 billion ISK amounts to worth about $350, at least according to one website I saw.
Kalu said on 7:14PM 1-21-2009
Your looking at around $35 u.s dollars for about 600Mil isk.
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steve said on 10:36PM 1-21-2009
intresting so would that be consider a in game mech part of the world or not.
in other words would that be a Role called bank embezler?
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Firebreak said on 2:15AM 1-22-2009
Well as long as he does not sell it for real world money then it is all a game mechanic.
Now selling the isk breaks the EULA and can bring down a ban on his account.
Graill said on 2:26AM 1-22-2009
This is truly amazing.....that the ignorant still believe shit like this is any suprise in EVE. The last time i checked the penalty for embezzlement was jail and nearly 100% of those caught doing it are punished.
This person was caught doing it, like every other scheme in EVE, they were all named and caught, but the devs will do nothing and the players cant do anything but sniffle about it.
Now like anyone else, a new cc, a new sub and repeat, knowing nothing will ever happen to them.
EVE, no consequence, no punishment, the game for narcissist.
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michael, St E said on 8:25AM 1-22-2009
Graill - it's a game, and one of the commodities in it is trust.
That character, and any known mains, will be never be trusted again by any substantial organisation. The player has sacrificed their friendships and that earned trust for in game currency. Sure, they can go on to do the same thing again, but they'll have to build up a network of trust in complete isolation from all their previous in-game friends, or they'll be found out.
That might not be a public lynching, it's not zero-consequence. :)
Sobach said on 8:12PM 1-22-2009
You do know that scamming like this is deliberately allowed by the creator of the game right? The EVE world is a dark place, and you have no one but yourself to blame if you get scammed. Hell, they even tell you that in the TUTORIAL.
Everyone who choose to invest into a player run IPO or Bank understand (or should've) that there's always a risk of losing it all. Don't want to risk it? run your own operation then.
On the other hand, scams on GTC sale and character transfer are strictly forbidden. Just don't expect the Dev to hold your hand in the game.
Psychotic Storm said on 4:03AM 1-22-2009
its a nice sandbox game, it does sound surprising that there is no legal system though, player created or otherwise.
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lu5t said on 11:07AM 1-22-2009
There may not be an official legal system for players, but there are bounties placed on the heads of the wanted.
I'm also sure it took more than a year for this person to build up the trust-network needed to secure those kind of funds.
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cliff said on 12:23PM 1-22-2009
lu5t - The bounty system is a joke because there are no penalties for death. If his previous employers were to place a large enough bounty on his head to make it worth it, he'd just let a buddy whack him and they'd split the proceeds... which in the end would only result in him increasing the score of his heist.
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kitt said on 9:54AM 4-02-2009
I've heard much about such games, but didn't have a chance to give them a try. All the games I have ever played are downloaded from rapidshare ( http://rapidqueen.com ), but I think the games of such level won't be found there ((( Do you only buy them?
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