Epik can't pay any of its users right now (11.Viewing)

NewsBot · Nov 10, 2022

The far-right hosting platform Epik can’t pay any of its users right now

For several weeks, users on NamePros, an online community for domain name investors, have been up in arms about their inability to withdraw funds from Masterbucks. Masterbucks is a payment platform operated by Epik, the controversial domain name provider and web host whose customers include social media sites like Parler and Gab as well as far-right forum TheDonald. Epik’s new CEO Brian Royce says he has big aspirations for the company and wants to see it become a competitor to PayPal and CashApp. But with only two months on the job, it’s been a rocky start.

The earliest post complaining of withdrawal troubles dates back to Sept. 8, just six days after Royce’s appointment to CEO was announced. The real avalanche of complaints started with a post on Sept, 20.

“It happened on 23 Aug 2022 and this matter lasted almost one month without any process,” the user wrote. “Masterbucks.com declined my fund withdrawal and disabled the button of fund withdrawal….What is wrong with Epik.com?”

Read more: Epik's Masterbucks is a massive cluster f*ck as far-right web host blocks withdrawals, freezes users' funds

MapleDots · Nov 10, 2022

So much for them becoming a PayPal competitor!

New Epik CEO wants Masterbucks to become a paypal competitor

silentg · Nov 10, 2022

NamePros has a long thread:
Some have
5 figures balance
6 figures

List of investors waiting for payment is growing.

Esdiel · Nov 10, 2022

Is all money earned from Epik's marketplace/landers, including Nameliquidate, held in masterbucks before being released to their clients? Or is masterbucks optional and their escrow is something separate? Is another separate account needed for masterbucks? The article doesn't quite clarify either:

In that same podcast, Royce was asked about escrow funds and whether they were kept separate from operational funds at Epik. Royce said that when he took over as CEO of Epik, “there was kind of a lot of commingling and the separation of operations wasn’t there.”

An escrow account is an account that is designed to hold funds temporarily in safekeeping for a client. Commingling escrow funds and operational funds not only poses regulatory problems but potentially liquidity problems if too many clients try to withdraw funds at the same time.

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Royce told Daily Dot he didn’t want to comment on the accounting practices of the past leadership under Monster, who is now serving in a non-executive function as chairman of the board. When asked directly about the statements regarding commingled funds, he responded obliquely.

“To be very clear on that, anyone that did business through Masterbucks will be paid in turn,” Royce said. “Any transactions that happened once I took the reins, those are all sacrosanct and I can speak to those very carefully and say there’s no problems with those. But previous transactions before I took over this position, we’re still figuring those out. I’ve got to be honest.”

silentg · Nov 10, 2022

All their products are accessed using one login called Federated Identity

If you make a sale or get a refund:
It goes into your masterbucks account. Money is converted as masterbucks. From there you can request the payout.

There's a long thread on NamePros
alert - The fund can't be withdrawal from Epik.com via Masterbucks wallet

Here's a review by a domain investor who has been trying to get his funds out:
Epik.com is rated "Average" with 3.3 / 5 on Trustpilot

rlm · Nov 11, 2022

silentg said:
All their products are accessed using one login called Federated Identity

If you make a sale or get a refund:
It goes into your masterbucks account. Money is converted as masterbucks. From there you can request the payout.

There's a long thread on NamePros
alert - The fund can't be withdrawal from Epik.com via Masterbucks wallet

Here's a review by a domain investor who has been trying to get his funds out:
Epik.com is rated "Average" with 3.3 / 5 on Trustpilot

whoa, that's pretty effed up. I can't imagine what Epik would have to do now to ever get my business.

MapleDots · Nov 11, 2022

MapleDots | MapleDots | MapleDots

Nafti · Nov 11, 2022