Over 80 billion ISK embezzled from player-run bank in EVE Online

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]