StormPay Strikes Back

StormPay finally issued an official announcement on their website.

Rumors put to rest

05-Feb-2006 08:38
Recently StormPay.com closed the accounts of what appear to be some major ponzi schemes. These account closures came as the early results of investigations into those businesses by outside investigational organizations as well as our own internal investigations.

As a result, possible victims of these businesses are attempting to retaliate against StormPay.com by spreading false rumors and performing DDOS attacks against StormPay's servers. The rumors include such things as "StormPay.com has gone out of business", "Their building has been burned down", and other falsehoods. The DDOS attacks are "Denial of Service" attacks where massive amounts of traffic is sent to the website whereby disallowing legitimate web traffic to reach the website. These attacks only prevent legitimate traffic from reaching the website and pose absolutely no threat to the security of your StormPay account.

StormPay will CONTINUE to cooperate with authoritative investigations into these businesses which very heavily appear to be nothing more than illegal ponzi or pyramid schemes. Our hopes are to get these investigations completed as early as possible so that victims can quickly be refunded monies that have been captured in those account closures. However, we must warn that those who are impeding the investigation are only slowing the process for everyone involved.

StormPay Inc.

Sounds very official-like, right? Strangely enough, their previous announcement dated 31-Jan-2006 is missing from their site. Thank goodness for the miracle of blogging. I kept a copy, and so did many others. Perhaps they didn't want the authorities to see that they were openly supporting blatant ponzis (not the autosurfs, but those standardised Goldcoders HYIP ponzis).

In any case, Stormpay is not operating as a reputable company should be. Are Stormpay willing to refund the millions they made in transaction fees from these ponzi schemes? I seriously doubt that. If they want to talk about ponzi schemes, what about their NetIBA verification? Many still question the authenticity of NetIBA verification. So, if there is no actual service provided, doesn't that make NetIBA a ponzi? :) Talk about a double standard. Do as we say, not as we Do.

As far as we know, no authorities have been in contact with Stormpay and refunds are being made arbitrarily. This is not their first transgression. And it probably won't be their last.

I have never trusted Stormpay myself, as I found their business practices shady and unethical. If 12DailyPro is guilty (together with other autosurfs), then Stormpay is liable as well for letting it go on for as long as it did.


Related links:
Google BlogSearch for Stormpay
Does Stormpay owe you money?
http://9planetreviews.com/team/radiant/blog.shtml
Another news article from the Leaf Chronicle