Just in case you don’t know, but I’m sure most of us know, payza frozen a lot of online business account, including the largest coingeration.com enormous amount of millions of dollars, it has been over a month and coingeneration.com still struggling to sort things out and have not been paying any members which now has negative impact to the business for those that don’t understand it’s all because of payza, kind of:).
Now the latest, based on the email below, you see that this new website lionbux.com now have same problem with payza, initially lionbux said it’s a small problem will resolve soon, but a few days later, today, they admit that the problem appears to be big, bigger than they have anticipated initially. Basically now lionbux is on the same boat as coingeneration and many many many other online business.
So what’s the problem? you can read the detail below. To summarize it up, basically there people or hackers out there creating fake payza account, making deposit and spend it, and then the real person notice their money has been stolen so they contacted payza and payza frozen the account, and many reports same problem, most likely the business accepting payza account will get frozen as well. So who win? the hackers obviously, what they do is they spend the money from payza to buy investment but when they cash out, they cash out on another processing methods such as paypal paxum solidtrustpay and so on.
All these High Yield Investment Programs are very dangerous, I don’t think in most cases it’s their fault but just have to be unlucky so many hackers found loop holes and began stealing people’s money. I think it’s the job of payza to screen their users, why would they frozen the business accepting payza? if that’s what really is happening.
From: Lionbux LTD <firstname.lastname@example.org>
Sent: Friday, August 16, 2013 4:06 AM
Subject: Lionbux Update
Dear Friends and Partners of Lionbux,
It’s no good news today, I cannot say much as I deeply feel the pain like every other member who have joined and supported Lionbux from start. We appreciated your time and support for our program, we saw how members joined the program from start and we were pleased with the trust of funding and buying AD share too bad, we couldn’t handle some important factors and this has resulted in the collapse of Lionbux.
We have processed refunds and withdrawals in our payment processor accounts and we have exhausted all funds, off course some of the funds deposited were used to pay ref commission, we bought adverts etc so in real sense some members lost but not all. We made sure members got refunds in both STP, Payza and Egopay until the account was zero. Payza have placed holds on some funds, hopefully they can refund to members because we dropped a note to explain and let them know members which should get some refunds at least.
Now the big question is what really happened? The plan was right the execution wasn’t very bad but there were fake accounts that found their way into the system and stole way too much funds. We didn’t noticed it on time as we had closed to five thousand withdrawal request to process daily and we wanted to be fast in processing all. I could go on how hard I tried to keep this sorted out on time but all effort was to no avail.
Thanks for your supports and remain blessed.
Admin of Lionbux.