Eve Online Economy Suffers 700 billion ISK Scam

Eve Intergalactic Bank - robbed in plain sight?

By on 24 Aug 2006, 13:05 GMT
The Eve Online sci-fi MMORPG is well known for its heavy, in-game, financial dynamics that can provide players with virtually unlimited opportunities, along with ways to get money out of the game. Eve Online's economy received a devastating blow when news of a 700 billion ISK scam was received via the official forum. In early 2006 player Cally starts the Eve Investment Bank. As time passes the concept gains more followers and a large amount of the game's currency in the process. In the mean time, a lot of drama goes on, as others think EIB is a scam. Cally's owner decides it's been long enough and cleans out the bank, netting around 700 billion ISK and another 100 in assets. But that's not all. In an attempt to cover it up, he also spreads rumors concerning his real life death, complicating the matter even more.

User Dentara Rast, the one responsible for it all posted on the EvE forum: "The only person involved was me. 1 Person. And that one character I used was Cally. Not one person who supported the EIB, worked for the EIB, or was involved in anyway with the EIB was aware of my intentions. I fooled everyone. I win EVE." He also added: "Think of me as a space Robin Hood - steals from the rich and gives to himself - with my merry band of alts."

Although he kept the ISK, Dentara shed some light on the whole affair. It seems more than 500 billion came from large investors and not from the EIB. Further more, he claims the bank still owns enough assets to allow directors to liquidate and reimburse all parties involved: current savings, high interest savings, and small corporate accounts. As he puts it: "Its only the fat cats that are gonna suffer here. "

One could use the ISK to buy up 5833 30-day game time codes (GTC) for 120 million each. The official going rate is $14 in real-life money as GTCs are a very good way to pay for the EvE Online services. Since there are better ways to use that kind of currency, it all sums up to over $100000, an incredible amount of cash considering they actually are all covered for, in-game. Such a huge amount of ISK is now residing in his wallet, which is enough to build more than 3 titans. Although this type of ship was implemented quite some time ago, it's so powerful and incredibly demanding that no-one ever managed to build it yet.

However, the inventive players of EvE are not on their first attempt to multiply the hard earned ISK. Dentara's most vocal opponent was himself responsible for a 30 billion ISK scam, which was believed to be the largest at the time. At least another lottery service is gaining popularity within the EvE universe so there's bound to be some follow-ups. Players have difficulty deciding if the idea should be embraced as a great opportunity or mercilessly dispatched as an affront to what EvE should be: a fictional world, with as little connections to reality as possible.

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