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Evocash Closing, anyone else have news on this?
post Oct 18 2004, 11:41 PM
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Hi All

Its been mentioned that many updates have gone out from exchangers close to evocash, that evocash is closing.
And is in the process of refunding all with accounts

The info started in the pips forum and after some searching from some quite reputable gold exchangers starting the same

Anyone else have the email update ?? could they post it?



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post Oct 19 2004, 01:26 AM
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Rumors of this started back in august. You can see my post about it here


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post Oct 19 2004, 06:40 PM
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From: Reality
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Here is the email from EvoCash:

Posted: October 19th 2004, 02:53 PM

Dear Account Holder,

It is with great deal of sadness and regret that we have to inform
you of the closure of Evocash. After nearly five years of trading the
owners have reluctantly decided that they cannot carry on running a
business that is permanently under attack both financially and
physically and by continuing they are just prolonging the inevitable.
The reasons for the closure are many and varied but just a few of the
main reasons we will list below. In the last two years server and
hacking attacks had increased to between 25-40 attacks each day.
Although we have managed to deal with most attacks what is becoming
unmanageable are the frequent DDoS attacks that are happening to many
websites on a daily basis. The last big attack that took Evocash off
line for days was so big that it took up all of our lines and even
started to affect services in other countries. The daily cost of
dealing with hacking and DDoS attacks is way out of proportion to the
amount of profits that can be made from this type of business.

Many of our account holders probably know of the problems we have had
with a business called Freelandopps during the last few months and
this ongoing problem has had a very serious affect on not only
Evocash but other exchange businesses that deal with us on a daily
basis. There have been so many lies and rumours posted on forums and
talked about in chat rooms that even some of our own exchangers have
started to attack us and give us problems. This has become so bad
that our main exchanger X-Changers has told us that they will no
longer service our daily funding and redeems after the 14th October.
They have made it clear that the exchange service for Evocash will
not resume again until we have reached an amicable agreement with
Freelandopps. Any agreement, if in fact one could be reached with
Freelandopps, would be months in to the future, there is absolutely
no possibility of a quick solution.

The final reasons that made the owners decide to close the business
are the problems that exchangers are experiencing on a daily basis.
Over the years we have lost track of how many of the exchangers bank
accounts have been closed down for no apparent reason and in some
cases funds have not even been returned to the exchanger. Within the
last two weeks one of our main exchangers CashChange were ordered by
their National bank to cease operations immediately and were told
they could not operate as an exchanger in Europe. This came almost at
the same time that we were informed that Australian exchangers have
been advised that they have to apply for a licence to act as an
exchanger, which in our opinion will never happen. To add to that we
know of two cases where other exchangers have been told they have to
produce records of transactions. Evocash does not and never has
operated a system that allowed direct funding by an account holder to
their Evocash accounts and all account funding must go through an
If it is the intention of most governments to close down e-currency
exchangers, and we think it probably is because that is the only way
they can control the flow of money, then Evocash would not be able to
survive without the services of our exchangers.

All of the existing Evocash accounts and account transactions will
have to be thoroughly audited to compile a list of account refunds
that need to be issued. This auditing of the whole system is a
mammoth task and although we cannot give an exact date for its
completion, we will of course endeavour to get this completed as
quickly as possible. Once the auditing has been completed Evocash
will be sending you a check for your account balance. We are sorry
but there will not be any other payment options.

Your contact details
On the application form above we need you to fill the name that is to
go on the check and the address it is to be mailed to. This is
extremely important because without that we will have to mail the
check to the name and address that is listed as your current account
information. Please do not use this address panel to send Evocash a
message because only contact names and addresses will be dealt with
and any message you send will be filtered out.

During the auditing of all accounts we will not be accepting any
emails. We know this will be very frustrating for everyone but if we
leave staff answering emails it will not be very productive because
they will not be in a position to answer your questions.
All future news and updates will be posted within the account area;
please login periodically and check for these updates as this will be
your only means of checking progress. Messages that are posted in the
account area will be the only official messages that come from
Evocash. We would appreciate it if you would ignore anything you read
on forums or hear in chat rooms as most of these are people's
opinions and usually contain not one grain of truth.

No further account funding is being accepted and X-Changers have
informed us that any funds that they have received after Wednesday
13th October will be returned to the sender. If you have sent funds
to any other exchanger then you need to contact them and request a
return of the funds.

Redeems/Payment requests
Any redeems that have not been completed by an exchanger will be
rejected and sent back to your account and will form part of your
refund balance.

Purchase of Evocash
In the last three months Evocash has received four offers to buy the
entire Evocash system and take over all of the existing accounts.
Although two of these offers had no substance at all the other two do
have and were worth considering. The owners are still negotiating
with one of the companies at this time. We cannot say at this stage
if anything will materialise from these negotiations but please be
assured we will keep you up to date with any progress.

We sincerely apologize for the inconvenience this closure may cause
to our account holders.


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