- Nov 6, 2020
I’ve done business with Luigi on many occasions over the years and he’s a real straight shooter. I hope he doesn’t get shafted here.
If I were you, that's what I'd do. Transfer in some domains you plan to hold long term, renew them for 8 years, then transfer them back out asap. At least you get something out of it that way.They owe me three thousand and told me to use it up as a credit for services. Yeah right, like that's gonna happen
So you can’t use masterbucks to initiate a transfer in? I would have assumed that masterbucks are like in-house credit, and could be used for renewals or transfers in, no? What can you use them for then?It was a sale, I don't have anything registered at epik. I would have to transfer in at a cost, then transfer out again. Just give me my money and be done with it. Fucking masterbucks are the biggest scam ever!!
I believe masterbucks can be used for anything they offer, including transfers and renewals. Never heard otherwise anyway.So you can’t use masterbucks to initiate a transfer in? I would have assumed that masterbucks are like in-house credit, and could be used for renewals or transfers in, no? What can you use them for then?
I have dozens of emails from people (even members here who have never posted) that asked me to take their masterbucks in exchange for a discount. Some of the amounts were pretty staggering and now I know why. I think the writing has been on the wall for mastebucks quite a while now.
I started cautioning and posting about it back in Jan 2021
See the topic in Hushed Topics
It was a sale, I don't have anything registered at epik. I would have to transfer in at a cost, then transfer out again. Just give me my money and be done with it. Fucking masterbucks are the biggest scam ever!!
I doubt there's much risk because the domains would be moved to another registrar if they go bankrupt and cease to exist, but your money won't and will vanish. It may be a bit of hassle but probably better than losing all your money.
Epik continues to dig out from financial mess
Andrew Allemann1 CommentDecember 1, 2022
But creditors aren’t happy with the pace as they are still owed money.
Domain name registrar Epik continues to dig itself out of a financial hole, but new problems continue to pop up.
The registrar offers a type of store credit called Masterbucks along with an in-house escrow service. Epik was using money from both of these to fund its operations rather than keeping the funds in separate bank accounts. The company also didn’t have an escrow license.
It wasn’t apparent that the money was being used to fund operations (or otherwise unavailable) until customers became spooked that they wouldn’t be able to get their money back. That created what amounted to a run on the bank — and Epik didn’t have the funds to pay back all of its customers.
Epik brought in new management in September that is chipping away at these debts, but it doesn’t have the cash on hand to fund operations and make everyone whole today. It’s in triage mode, taking any new profits that come in and paying them out as available.
Recently, the company sent an email to some customers stating:
But last week, a representative of domain seller DomainEmpire posted a review on TrustPilot saying it has a balance of $1.5 million in Masterbucks that it has not been able to withdraw. It accrued this money from domain sales, it stated.When new management took over Masterbucks, the balance was approximately 4.5 million dollars. Through our dedicated and expeditious efforts, the new management team has brought that number down to just over $800k and change.
According to DomainEmpire, former Epik CEO Rob Monster offered it 6% annual interest if it kept its money in Masterbucks.
I asked new CEO Brian Royce yesterday via email about DomainEmpire’s $1.5 million debt. He said the number was news to him. He also said that the $800k quoted in the email was no longer correct even without the DomainEmpire number, because he just became aware of another debt of over $300,000 that wasn’t in Masterbucks, bringing the total (without DomainEmpire) to $1.1 million.
It seems that there is no clear record-keeping for the new management, which adds to the challenge.
More details about the blowup at Epik this year are starting to trickle out. A former contract EVP of Operations for Epik sued the company this year, saying he has not been paid. The case was settled. In a court filing (pdf), an attorney for Epik wrote:
Monster had previously said the company received a $32 million investment. That investment didn’t fully come to fruition.While working for Epik, the Plaintiff began working with one of Epik’s chief customers–JJE. JJE offered and invested into a plan for ownership in Epik. Within a few months, however, JJE changed its position and asked Epik if JJE could divest from their investment in Epik. As an agreement and negotiations between Epik and JJE progressed, JJE broke off from their original offer to Epik and negotiated for a settlement.
They're removed any reference to Masterbucks from Epik.com website.
They're still lying