Evocash
The Evocash website was originally set up to facilitate transference of e-currency. Thousands of accounts were set up with this website. It became so big that it was dealing with international banks. The website thrived for a few years, but it was constantly under attack by hackers, both financially and physically. After a few years of holding off these attacks, they suddenly shut down, causing some people to think that Evocash was a scam company. This article will explain what Evocash was and why people think it was a scam.
Originally Evocash was made to help out people in transferring money electronically. It worked for a few years, even stretching to international banks and made cash management online easier. The Evocash company was well underway in becoming another major online currency website like E-gold and others. Then it came under attack by people who wanted to use the website for their scams.
One of the major scams that brought the Evocash company down was FreeLandOpps, or FLO for short. FLO was using proxies to access the Evocash website and accounts, which was against the website's security regulations. After a few months, FLO announced that they were limiting their out-exchange requests to only $1000 a week. When the Evocash found out that there were a few out-exchange requests for several tens of thousands of dollars all going to one person, they tried to get FLO to operate the accounts legitimately according to their security regulations.
This failed, and ultimately Evocash had to shut down the accounts. FLO countered this by claiming that Evocash was poor all along and could not afford to pay the out-exchange requests. This caused a lot of people to panic, and they all pulled their money out of Evocash as quickly as possible.
The quick pullout of money caused Evocash to rapidly spiral downwards. Rumors that Evocash was a scam website quickly circulated online, causing even more people to panic. After the final attack by FLO and people pulling their money out of their accounts, Evocash had to shut down the website. According to some people, this proved that Evocash was a scam website, and other people online believed them.
The entire fiasco with Evocash proves that people would believe anything online. The company was legitimate, and even operated internationally, but because of the actions by the FLO scam company, they had to shut down. This made people believe that Evocash was a scam website all along.