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New perspective on EVE Online's latest bank embezzlement part two
We read about these things happening periodically, an EVE player pulls a runner with some huge amount of ISK and all sorts of drama ensues. It makes me wonder, what has the real life impact of this theft been on those of you involved with EBANK?If you are to trust the forum trolls, EVE is JUST a game. But having spent 2 years on this project, real-life money and a lot of sweat and tears, it hurts to see EBANK's name being dragged through the mud, and putting up with the drama. It of course causes a huge amount of real-life stress, and makes you wonder about a few things. I even almost managed to miss 2 exams, due to having to deal with this. But it also gave us the opportunity to realize just how many people EBANK have helped.2% of EVE's playerbase has an EBANK account, and we came to be the biggest investment venture in EVE, peaking at 2.5 TRILLION ISK. That, to me, is a pretty big thing, which I'm proud to take part in. But I can't answer this question on my own, hence here's my new CEO's take on it:
New perspective on EVE Online's latest bank embezzlement
EVE Online is a deep sandbox game with the most complex player-driven economy found in any massively multiplayer title. There's enough depth, in fact, that players can establish their own financial ventures in-game, in the forms of bonds and IPOs, and even institutions like banks. However, EVE Online is a game where some players create while others undermine or outright destroy. Trust is a valuable and rare commodity in EVE's setting of New Eden; there are always risks of deception and betrayal. But those willing to take risks are generally the ones who are most successful. Of the player-run banks presently operating in the game, EBANK has billed itself as "the largest financial entity ever seen in EVE."The secrets of its success? A solid Board of Directors and knowledgeable staff, various safeguards preventing any one individual from accessing all bank assets and, yes, some of that rare commodity called trust.That trust was damaged recently though, when EBANK's (now-former) CEO Ricdic, well-known to the game's playerbase, embezzled the virtual funds he was entrusted with. Although this is permissible by EVE's developers CCP Games, selling in-game currency for real-world cash is not. Ricdic has been banned from the game but his actions triggered a run on the virtual bank, and have shaken the faith many players have in EBANK. Massively spoke about the incident with LaVista Vista, a former member of the game's Council of Stellar Management who sits on the Board of Directors of this virtual bank in EVE; he also provides commentary and analysis of virtual worlds and EVE on the Eveconomics blog. LaVista told us about the parallels that can be drawn between a banking crisis in the virtual galaxy of New Eden and that of the real world, and how what happens in a game can impact real lives.
EVE Online's largest player-run bank rocked by embezzlement
We've just gotten word that EBANK, a player-run bank in EVE Online self-described as "the largest financial entity ever seen in EVE" has been rocked by embezzlement from its own CEO, Ricdic. The former CEO stole roughly 200 billion ISK from EBANK, which is roughly 8.6% of the entire 2.3 trillion ISK that EVE's playerbase has deposited. EBANK chairman Hexxx has issued a statement on the game's official forums, stating that Ricdic has been banned by CCP Games for engaging in RMT, also adding that the former CEO "has scammed." The loss of nearly 9% of EBANK's deposits is a serious blow to the player-run institution, perhaps as much to investor confidence in the bank as it is to their funds, but Hexxx says their liquidity is still between 400 billion and 500 billion ISK. A June 6th news item on the EBANK site written by bank auditor LaVista Vista states, "We are currently experiencing some technical problems. Therefore, we ask that people do not deposit any ISK, until we have solved the problem." EBANK's director and head teller Athre has now assumed the role of interim CEO, as the EBANK staff determines the best way forward from here.
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.
Establishing trust in EVE's player-run financial institutions
The player-driven economy of EVE Online is very much a playground for those interested in being financiers, traders, or whatever variant of corporate tycoon their greedy little hearts desire in the virtual space. EVE is a far cry from most MMOs in that its market isn't manned by NPC vendors, it's almost entirely player driven and remains dynamic due to the fact that EVE is a single-world game, where all player interactions can conceivably affect the game's economy. For some players, EVE's economics is where they immerse themselves. Indeed, in some cases it's even where they PvP with their rivals in price wars and market manipulations. To them, the market is where they live and breathe, just as much as lowsec is the ideal environment for many pirates, and lawless 0.0 space is where players interested in large-scale alliance warfare feel at home. While EVE doesn't officially support a stock market or banking institutions, the sandbox approach CCP Games took to the game has allowed players to establish their own financial ventures in-game. However, without safeguards put in place by CCP Games, and with New Eden being a place where players can act as they wish, there's always the risk of embezzlement in any large-scale, player-driven financial institution. While it doesn't happen as often as most assume, there have been incidents like the EVE Intergalactic Bank (EIB) scam that have eroded investor confidence in such ventures. Fortunately, not all players are daunted by this, both in terms of those with a vision to establish a financial venture and the investors they rely upon. One such visionary in New Eden is "Ricdic", Founder and Managing Director of EBANK.
