Ginko Financial was an alleged Ponzi scheme on the social networkingvideo gameSecond Life. It offered accounts denominated in Linden Dollars, which would be paid extremely high interest rates (at one point 0.145% per day or 69.7% per year[1]), ostensibly funded by undisclosed investments.[2]
Many of the bank's investments were believed to be in in-game casinos.[1] In 2007, after Linden Labs placed restrictions on in-world gambling, there was a run on the bank which caused it to collapse. All remaining accounts (by then worth 200 million Linden Dollars[2]) were compulsorily converted into perpetual bonds.[1]
After the collapse, Linden Labs introduced a rule that interest-paying accounts in Second Life could only be offered by organisations with real-life banking licenses.[3]
^Linden Labs, "New Policy Regarding Inworld Banks", January 2008
March 17, 2024
ginko, financial, alleged, ponzi, scheme, social, networking, video, game, second, life, offered, accounts, denominated, linden, dollars, which, would, paid, extremely, high, interest, rates, point, year, ostensibly, funded, undisclosed, investments, many, ban. Ginko Financial was an alleged Ponzi scheme on the social networking video game Second Life It offered accounts denominated in Linden Dollars which would be paid extremely high interest rates at one point 0 145 per day or 69 7 per year 1 ostensibly funded by undisclosed investments 2 Many of the bank s investments were believed to be in in game casinos 1 In 2007 after Linden Labs placed restrictions on in world gambling there was a run on the bank which caused it to collapse All remaining accounts by then worth 200 million Linden Dollars 2 were compulsorily converted into perpetual bonds 1 After the collapse Linden Labs introduced a rule that interest paying accounts in Second Life could only be offered by organisations with real life banking licenses 3 References edit a b c Ginko s Going Going a b The Alphaville Herald Ginko Financial s End Game August 6 2007 Linden Labs New Policy Regarding Inworld Banks January 2008 Retrieved from https en wikipedia org w index php title Ginko Financial amp oldid 1132398550, wikipedia, wiki, book, books, library,
