Sunday, July 5, 2009

CEO of Virtual EBank Embezzles 200 billion

A 27-year-old Australian tech worker and CEO of EBank, EVE Online's largest player-run financial institution which has thousands of depositors, embezzled about 200 billion of EVE Online's interstellar kredits, the game's virtual currency. EVE Online -- a massive multiplayer online roleplaying space game -- has more than 300,000 subscribers who pay $15 a month to play. The players earn money killing rivals (among other things) in a distant future where humans have colonized the stars in a game similar to World of Warcraft and Second Life. The CEO of EBank, who used the online name Ricdic, exchanged the embezzled virtual funds for $5,100 on the black market, according to Yahoo Tech's JaShong King.

"It was a very on the spot decision," said Ricdic, who's married and has two children. "I saw that as an avenue that could be taken, and I decided to skim off the top, you could say, to overcome real life (difficulties)."

"Basically this character was one of the people that had been running EBank for a while. He took a bunch of (virtual) money out of the bank, and traded it away for real money," said Ned Coker, of the Icelandic company CCP, which developed the game.

People are doing anything they can think of to survive. In the U.S. the average workweek hit 33.0 hours, a record low since the data were first collected 45 years ago. "At no time in the 1990 or 2001 recessions did we ever come close to seeing such a detonating jobs figure," said David Rosenberg from Glukin Sheff. "We have lost a record nine million full-time jobs this cycle." Ambrose Evans-Pritchard claims Sheriffs in Michigan & Illinois are quietly refusing to toss families on to the streets.

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