Topic: POSWALLET'S MILLION DOLLAR FRAUD (Read 2056 times)

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again, its not the value per se as the actual incident itself, the casual disregard to security and other people fundss that is the biggest concern.  yes, presently the assumable value of the coins in the wallet held by poswallet represents an incredible sized loss, but that size of loss is treated as any other stock fraud investigation. even 40BTC return against that loss would be a start for Mr. Lawin, but presently, he's sitting with a loss-value that equals what it does, as simple as that, regardless of market depth.

if you review the threads the GAYcoin developer presented upon launch, he was clear that he had future plans, but was met even then with prejudice and bigotry in the same vein as you present here. he abandoned trying to market the project to the cryptocurrency community, but maintained developing it, making sure it had market representation, purchasing domain names and making plans to rebuild the project for awhile. you may not understand the need for a cryptocurrency with a social consciousness, but with your derogatory remarks, i cant see how explaining it to you would do any good. you seem hyper-focused on the nature of the currency and not the act of fraud. you are almost CHEERING for the act itself, presented through your enmity.

its rather incredulous to state that poswallets actions to delist the majority of altcoins they supported can be traced to the fact they got caught with their hands in the cookie jar performing very unconventional and likely criminal actions behind the scenes. forensically, theres little other explanation other than the funds that have gone missing from Mr. Lawin;s wallet (and others who have complained regarding suddenly missing funds from the exchange, in various other currencies) other than it was done from within inside the exchange itself.

i understand you may have a bias against the LGBT community, for whatever reason, and are letting that completely colour your reaction, but this is not the sort of forum in which such  language of discrimination is appreciated as a general rule. go troll the politics and society section with your neanderthalic logic if you need to vent in that sort of way, but try to keep your comments civil here, if you dont mind. ANYONE'S SEXUAL ORIENTATION has ZERO RELEVANCE to this conversation. for what its worth, im what my wife calls "meat and potatoes straight", but my orientation has nothing to do with why i have come to work with the GAYmoney developer, and isnt something that has ever come up in conversation between myself and him. but i admit to being a liberal minded individual, who as a half-breed Indian faced prejudice of my own growing up, so i appreciate any project that battles racism or sexism or any -ism that seeks to set one individual above another by virtue of some condition. im a hyper-equalist, and thats why im even wasting my time replying to you in the first place...

you have your valid counter-points to the situation, but remain focusing on the currency's social stance rather than looking at the situation from a broader perspective. the politics of the currency have absolutely nothing to do with the nature of the situation at hand. what if this had been a 2.4 mln unit wallet of HONEY, or BLK, or MUE, or any OTHER currency? that being said, i do welcome your contribution to this discussion, BUT....

if you cannot keep your conversation civil and not resort to denigrating homophobic slurs in order to make yourself feel special, you can also choose not to reply to this thread altogether and not make a bigger tool out of yourself than you already have with your comments. i support the freedom of discourse, and this discussion, which is truly about the perils of anonymous centralized exchanges and the safety of your deposited assets in such an ecosystem, id be more than willing to continue discussing this with you, but if you feel your only contribution is to speak in slanderous tones then theres absolutely no reason to continue communicating with you.

this is not about "turning shit into gold" this is about ensuring that exchange operators become accountable for their responsibilities with other peoples assets. GAYmoney is moving forward with our rebranding regardless of this situation, and we will monitor the wallet to catch any future movement of funds from that account, but presently musts consider the funds burned without present compensation. the bigger picture will involve responding to North Carolina's FinSEC offices and the representatives of that states SecState regarding the situation, and MAYBE it will lead, alongside other issues, to spur proper legislation be enacted, that proper regulations be enforced, that there be clear cut registration and rules for cryptocurrency exchanges.

When he's asking 445btc instead of a theoretical 40btc for a coin with 0.25466027 BTC total buy orders? When he's saying that he had huge plans for the coin after not doing shit for 3 years? This is an obvious attempt to turn shit into gold, but he only managed to alienate poswallet's staff into delisting all shitcoins. Good job, fags!

exactly.

the sad thing is that the sort of service poswallet.com has provided.... community aggregate staking... is something that the cryptocurrency community NEEDS. but a service like that has to also be held to the highest standards, there has to be a shunning of "anonymous developers" both in the currency but also in the exchange ecosystems. regulation has to be brought in to protect any other client from having funds manipulated by exchange staff in this way with no recourse, no matter the client, no matter the currency, no matter the exchange.

the very thing holding crypto back from absolute integration are incidents like this... the lack of regulation that holds cryptocurrency from being viewed as a legitimate form of value transfer, an equalization between stocks and crypto in terms of regulation and protection.. and sure, thats a long way away, bureaucracy moves slowly and this industry is expanding exponentially in every direction... but events such as this have to be kept in the thread of discussions if nothing more than as a warning against trusting any centralized service to control the private keys to your funds.

There are methods of retrieving ones funds thru the courts, which must be investigated and acted upon. I am a firm believer in the future of cryptocurrency, I see a thousand ways every day that greater efficiency can be achieved using blockchain technology, and I believe we truly are on the the threshold of a revolution in global wealth generation. I have no stake in George's funds, other than the desire to ensure that his funds are returned to him because it is not just the right thing to do, but because it is the legal responsibility of POSW Holdings to do so. I have a stake in how exchanges operate in the future becuase i am a developer who has to deal with these exchanges and hope that they treat my community base with fairness and hold an imperitiveness towards the security of their funds theyve invested in my project and held on their exchange; I am also a cryptocurrency trader who has to put trust in these exchanges when i am beginning to invest in a currency and hold it on their platform.

I will continue to work thru whatever channels available to help Mr. Lawin retrieve his funds, and to help other clients avoid this sort of thing happening to their assets in the future.

tl;dr don't use a centralized third party exchange/staking wallet

recursivity of the blockchain is not a concept that GAYmoney embraces. the importance of the blockchain is that transaction history in inviolate, a ledger that cannot be altered. thats the sales pitch behind the blockchain, the most elementary reason why cryptocurrency has value.

this isnt an issue where GAYmoney should be placed in a position to put itself into a situation similar to Ethereum last year: the perpetrator of the theft here is known and nameable. forking GAYcoin to fix an issue caused by external failures and wrongdoings is not the answer. holding Colin Blakely and the executives of POSW Holdings LLC responsible and accountable is whats necessary. this is an exchange that remains in business, remains accepting deposits of other peoples assets. they have the chance to correct this problem, regain public trust from not only THIS issue but the numerous other complaints that have been surfacing.

 im not advocating the end of poswallet.com, it serves a wonderful purpose, an online pooled-staking community is a needed aspect to help introduce people to cryptocurrency, and the variety of projects that exist. i discovered a lot of currencies on poswallet.com that i wouldve otherwise ignored, ones that i remain invested in on my desktop wallets. i think the public should be cautious and only hold small amounts of currency at poswallet.com for the purpose of staking, and with their current plan to delist the majority of currencies they supported, i fear theyve set course against the cryptocurrency developer community that will resonate for a long time. and thats very unfortunate. i *DO* hope that they can fix this problem, return the value of funds they have "lost' or "misplaced" due to their inexperience, and move on from this.

the funds on that address are now purportedly unaccessible, if one believes POSW Holdings' assertion that the wallet is an off-exchange address to which they do not possess the private key to. in which case, the balance could be considered "BURNED". but that again requires trust that Mr. Blakely is telling the truth regarding this. trust is a thing earned, and when broken, cannot be expected to be given again so casually. even in that case, Mr. Lawin is now at a loss due to his funds mismanagement at poswallet.com, and Mr. Blakely is, according to North Carolina legislation governing Limited Liability Companies, exactly where the buck stops in regards to who ultimately is responsible to compensate Mr. Lawin for the value of his losses.

When is a developer buying up against the sell wall something dishonest? especially as the currency has been steadily gaining and holding upward valuation over the last month, and none of the volume generated is coming from the premine you seemed to have a problem with. George remains, more than two years after genesis, an involved developer who is working to build an important social legacy with blockchain technology,  building something that will make a difference in the real world beyond the confines of cryptocurrency, to produce funding for HIV/AIDS research, LGBT advocacy, women's shelters...

again, this moves away for the core issue presented: POSW Holdings arbitrarily delisted his currency from their exchange and online staking wallet, with no warning to the developer, the GAYcoin community or the PoSWallet community. in doing so, they held onto a balance of George's *PERSONALLY OWNED ASSETS* which thru continued upward valuation, presently have a value in excess of one million dollars US. they have claimed that the funds mysteriously, and without transaction records, was transferrred to an account not controlled by poswallet, and have claimed there was a possible hack of the system.

for these funds to be supposedly transferred "off the exchange" without transaction records this would have needed to be done from within the exchange itself, thus any "hack" would have been against the exchange and not the GAYcoin wallet. they claimed that the GAYcoin developer purposefully hardforked the GAYcoin wallet, although im still using a wallet from prior to the "hack" and it remains on the correct blockchain, so another excuse that doesnt stand up to scrutiny.

this is simply a warning. poswallets administrators have shown the desire to remain anonymous, although they are in charge of large amounts of other people's money. we are asked to simply trust that they are honest. George placed his trust in the poswallet platform when he deposited 2.4 mln GAYcoin onto poswallet.com and should have had no issue in withdrawing it, even in small portions to conform to the withdrawl limits imposed at the exchange. when they released the private keys to his on-exchange wallets, they presented him with one inaccurate key, and his request for the correct privkey went unanswered.

George's deposit and withdrawl history, screenshot from poswallet.com supports his side of the story. (note timestamp from his computer on bottom right)

WITHDRAWLS: https://postimg.org/image/k85f57ubf/

DEPOSITS: https://postimg.org/image/3mucub19x/

CURRENT BALANCE: https://postimg.org/image/eoa96gy99/

George still requests the return of his funds, either the release of the wallet in GAYmoney itself, or the equivalence in another currency, preferably BTC.  POSW Holdings LLC needs to come clean with their identities and to explain how these funds were transferred internally, and if there was a "hack" which targeted only ONE wallet in ONE currency, why this information was not shared to the community as would be responsible for any company to do, considering their position as an FSB, and this violation of security on the exchange side of operations puts EVERYONE'S FUNDS AT RISK, no matter the denomination of currency they trust poswallet.com to hold on their behalf.

Can the dev and community not roll back the chain a bit? Or fork that address out of existence and credit GeorgL ?

If the gaycoin dev is so honest, why pump the coin exactly on 23 April?

https://preview.ibb.co/nQO8ha/Screen_Shot_2017_05_28_at_14_53_48.png

no, they lost 2.5 million of his personally held coins that he has purchased on exchange and staked with his own project.

the 5 bln premine has remained entirely untouched and intact from the genesis, and has nothing to do with the loss. those funds are set for funding LGBT and HIV/AIDS advocacy, research and awareness, and have noting to do with any developers reserve. even funds supplied to myself have been sent from the developers personal holdings. the fact that the premine has remained absolutely untouched for years should show that this isnt some shitcoin, they werent dumped on the exchange when listing was established a long time back. there is a plan for them, and there will be public input on how those funds are allocated, those details will be part of GAYmoney's new [ANN], and is immaterial towards the crux of the issue presented....

this is an issue regarding the theft of someone's funds, the lack of security FROM interference by an exchange against one's own wallet, regardless if they are the the developer of the project, or if the person experiencing the loss was a minor shareholder like myself at that point in time, we as customers must have the security that the funds we deposit on exchanges are safe. and when there IS an issue, that the exchange would be forthright and honest regarding the issue and not engage in evasive tactics.

the IDEA behind poswallet.com is a great one. but the developers needed to remain more connected and communicating with coin devs and communities, the massive delistings can only serve to lessen confidence in this exchange, but the idea... POOLED STAKING... is an important one and i sincerely hope that the administrators behind poswallet can deal with this problem in a transparent manner and find the impetus to continue their services as recognized individuals, and hopefully make sure that the number one priority is customer support. i hope poswallet can survive this, but they do have the responsibility to run their business in very specific ways to protect client (member) investments. if they cannot be counted on to do that, then hopefully a more responsible site will appear to take poswallets place.

the time for unregulated cryptocurrency exchanges is over

I've been working with poswallett for more than a year and I have never had a problem with them without mentioning that their support has always met me very well and very fast and the Brazilian community supports this project, all exchange and cryptomoeda have their risks and those who invest In these markets you might know this

OMG they lost 2.5 millions out of his 50 billions premine. What a theft!!!



This is why shitcoins should stay off PoSWallet. Good luck and good riddance.

Im sure you will be able to solve your situation. I only have had but good experiences with poswallet, they always pay dividends on time. The project has had a lot of FUD because the slack admins are subpar, they should be fired and they should get some native english speakers because trying to argue with staff that speaks broken english is frustrating.

Other than that project is still a good hold, it will pump sooner or later.

Agreed.
They need to operate in a similar fashion for the end user though (not sure how that would be done)

I also have only ever seen some ICO coin twisted into one of sorts.
Merging a coin into it will not be the solution !

don't worry DEX's are on the way this kind of thing will be a thing of the past this can happen with any centralised exchange

time for this arena to update to full trustless decentralisation.

(TL/DR version: POSW Holdings LLC,, the owners of poswallet.com, thru intent or accident, have defrauded the developer of GAYcoin to the tune of nearly ONE MILLION DOLLARS USD.)

Id like to preface this by stating that I was an early adopter and booster of poswallet.com. With the push towards the more environmentally conscious Proof-of-Stake type currencies available, it was a great place to be able to start looking into a number of different alt-currencies I wouldve otherwise ignored, being able to stake them in a pooled setting. I began staking a little bit in a whole lot of different coins, POS wasnt a very comfortable concept to me, my experience being working with the EVM as one of the developers of SOILcoin. I used poswallet.com for months, not a single problem. I became an unpaid promoter, talking up the project online, to my friends, etc.

Fast forward to April 23rd of this year, and the events that have now led to the reason behind this open message to the cryptocurrency community. Without warning to the poswallet community, during a spate of announcements related to currency delistings scheduled for a few weeks down the road, one currency was simply completely and suddenly delisted from the exchange and the online staking wallet, without explanation. This was the currency GAYmoney.

Owing to the fact I had about 500 GAYcoins in my possession on poswallet.com, I wrote to the poswallet_admin on the slack channel to ask what had happened. I was informed that they had decided to delist the currency, and that they had credited user accounts with POSWcoin as a form of compensation. 500 GAY coins may not have been much, but Im not a rich investor, im on a small disability pension and cryptocurrency, even thru my own project's development, its never been something that was going to make me rich, but there is a principle involved in the matter which Ive been very vocal about in the past. I mentioned that there wasn't any record of POSW being credited to my account, and was informed it had been done "internally", so there was no transaction record per se.

Cryptocurrency exchanges NEED to be held to a higher standard, we the public have to put trust in them in order to hold our funds. When we place our digital assets on an online exchange, or pooled staking service like poswallet.com, you are placing trust in a group of people, in this case - a directorship that has publicly chosen to remain anonymous  - to hold your funds and not to misplace them, or do whatever they want with them.

I communicated this to the developer and admin of poswallet on their slack channel, and he agreed, finding a way to make sure that in the future, with currency delistings that could not be withdrawn in a typical fashion by whatever reason, that compensation would be verifiable and with transparent transactions. They agreed that open and honest communication between the exchange administrators and both supported currency developers and the community of users that use the service was a fundemental aspect going forward. poswallet_admin even commented that the exchange could use someone like me on board, working for them, and that they were going to be looking at their staffing needs going forward very soon.

All seemed fine, I even began reaching out to the developers and communities of the currencies that were on the delisting chopping block, to see if there was any way to save those currencies. For some, it seemed, poswallet had become a last refuge other than yobit, which has become notorious for its poor customer service. For others, they were abandoned by the developer, and didnt have a sustainable community - theyll be listed only in the necronomnicon threads going forward unfortunately, but still - i believe in supporting a healthy cryptocurrency ecosystem, and every project CAN have its merits.

I also got in touch with the developer of GAYmoney, GeorgeL. I just wanted to understand what the problem had been and to offer a bit of compassion, as a developer who has found the road to getting listed on reputable exchanges to be an arduous one, and having been delisted (due to volume) from the only exchange we were on... I understood the frustration from a personal level. I wound up having a great conversation with him. We talked about his plans giong forward for his project, how he wanted to rebrand it and start making good on the locked reserves he set aside during luanch years ago - to provide a philanthropic legacy for LGBT and HIV/AIDS advocacy and research as those funds became available. He had very ambitious plans going forward and a deep passion for his project. After talking with him over a few days I agreed to come on board to help build a community base for the project on the cryptocurrency side of the equation, and was also presented with a problem....

George had requested the funds he had deposited into poswallet.com in GAYmoney be returned to him, and the admin at PoSWallet returned a pair of private keys to him, one of which was connected to his account, the other one to was an empty, unused account. The private key to the GAY wallet he owned on poswallet, to which he requested the funds from, contains 2,483,738 GAY, a large part of his personal holdings, was not included. George sent me the private keys they had sent so that i could verify, and his problem was very accurate.

As he explained the situation, he had begun to withraw his large stake on the website, and very suddenly, the exchange simply deleted its listings for GAYmoney on its dashboard and on its exchange (although they left the market running for days afterward, via the link at coinmarketcap). He was accused of "forking the wallet" by the admin, and then was offered 30,000 POSWcoins in compensation for the currency that was now unaccessible. George sent me screen captures of his few deposits onto poswallet.com, as well as his withdrawals (and tx hashes) and current balances. There was record of his own deposits, but no record of the POSWcoin deposit. There was NO RECORD of him withdrawing the bulk of his wallet, although there were two confirmed withdrawals of a smaller amount of GAY. There was no current balance of POSWcoins in his current balance to support his having received any POSWcoins in compensation for the 2.4 mln GAY account.

He gave me permission to speak with poswallet.com's support and administration staff on his behalf regarding this, and while i have provided both entities with the transaction record of the initial deposits made by Gaymoney's dev onto poswallet.com AND the private keys they had sent to George as well as links to the wallets they own AND provided them George's email to contact him with the correct private key or to do the proper thing, rebuild their GAY wallet with the backup data that any responsible exchange would keep, and simply send a verifiable transactin from the wallet they have control of to a wallet address that we have provided.

A week of consistent contact on my part has been completely ignored by the admin of poswallet, and the support staff member on the slack channel assured me days ago that this problem would be taken care of right away but then maintained no further communication. When I finally mentioned a likely complaint to the Financial Crimes Enforcement Network, a subsiduary of the US Treasury Department, I got a response from the administrator on the slack channel. I was informed that they didn't own the GAY wallet the coins were in, that they were "somehow sent to an external wallet - either via a technical bug or via hacking". When I pointed out that it was his exchanges responsibility to maintain security, and if there had been a hack, they were duty bound to have reported it to the userbase rather than trying to cover it up. I insisted that GeorgeL be returned his funds, and was finally told "I think PoSWallet.com will have to shut down because of this.  We only have 1.2 BTC in funding (this project was a labor of love) - we can not afford to fight something that we have already settled."

I need a moment to put this problem into a monetary perspective, regardless of anyone's political beliefs regarding the currency itself. Currently the 7-day average price for GAYcoin has maintained a valuation between 16.000 and 22.000 satoshi... between USD$0.35-$0.45. The assumable value of the currency, based on the last transaction in BTC on the markets is 17.128 satoshi (approximately USD$0.39 based on a $2260 USD bitcoin at the time of writing) Presented as a value in bitcoin, the wallet being held by poswallet.com is worth 425.4 BTC. In US dollar value, this represents an assumable value, using the same unit price above for BTC, of USD $961,404. JUST UNDER A MILLION DOLLARS U.S.

George has been very upset about this, he has proof of deposit thru the blockchain, he has the public address to the wallet poswallet stored his funds on, supposedly securely, and has provided everything they would need to ensure that his assets, deposited in good faith, would be returned to him after the exchange arbitrarily and without notice, removed the currency from the exchange and dashboard, preventing him from retrieving the assets as would be his right, as would be ANYONES rights we should assume, in dealing with a supposedly reputable cryptocurrency exchange. Again, the spectres of Mt.Gox and Cryptsy rear their heads, and should we be surprised, dealing with an administration staff that chooses to remain anonymous. This is a stark reminder that the only coins you OWN are the ones you maintain the private keys to the wallet for. You can exercise evidenciary channels to prove ownership, but when dealing with a dishonest entity who maintains those keys, you have NO CONTROL over your own funds.

I have communicated the urgency and the value of this problem to both poswallet's admin and support staff on the slack channel and can provide saved copies of what has been sent to them, as well as the links thru the GAYmoney block explorer to the deposits made, and LEFT in stasis, I can provide screenshots of the GAYcoin developers poswallet.com account showing his deposits, his withdrawls and his balance, all of which can be independently verified thru the blockchain. PoSWallet has yet to provide any documentation to support their claims.

I have remained professional and looked for ANY SORT of constructive communication with the staff at poswallet in finding out, firstly: what went wrong, and secondly: how to fix it. This is a million dollar mistake on their part, and one might assume, something they would devote some time to soving and some constructive communication both to myself as the authorized representative for GAYmoney's developer or to GeorgeL, who held the account on poswallet.com in the first place.

They have failed to answer any question, they have failed to provide any documentation, they have failed to send any logfile requested showing the investigation they supposedly did to find out how George's funds were transferred to "an outside wallet" withough any transaction record (something that could only be done through an internal transaction, which admin already showed a capability of in supposedly sending POSWcoin compensation to currency holders in compensation without any transaction record), they have failed to send the private key to George's GAYmoney wallet that was removed from his ability to access by poswallets injudicious delisting and deletion of GAYmoney from their services without any prior notice. This is THEFT.

poswallet.com is registered as PoSWallet Holdings LLC in Youngsville, NC; and thus subject to the financial regulations enforced within the United States, and complaints regarding this situation will be filed with the Financial Crimes Enforcement Network (FinCEN). A lawsuit against PoSWallet Holdings LLC and its directors (Colin Blakely, Nathan Faust, Michail Douranos, and Petros Anagnostou) may be launched.

poswallet's terms and conditions state "PoSWallet makes no representation and does not warrant the safety of the Platform and is not liable for any lost value or stolen property, whether or not PoSWallet was negligent in providing the proper security." Yet, when poswallet ITSELF is behind the problem by deslisting the currency without warning, trapping every users funds originally placed into their care - when they misrepresent the private keys sent to the owners of those wallets - this isnt an issue of negligence in security, it begins to look like a case of actionable and possible criminal neglect on the part of the staff employed by poswallet, if not outright criminal enterprise. This contumacious action should be a simple fix. The adress in question: http://104.236.2.124:3001/address/gNWMUpHjwEvDEGZ2z56FdotCc4HgPQNfo6 must have its funds released by PoSWallet Holdings LLC back to the rightful owner, George Lawin. If these funds have been made unavailable because poswallet's staff irresponisbly did not maintain proper backups, they are responsible to rectify the situation by fully reimbursing the owner in another currency that is agreeable to that developer. (In this case - 425 BTC)

In fairness to the other side of the story, a short history of GAYmoney is helpful. It is a long extant cryptocurrency project, launched in 2014 by "GeorgeL", the developer. He set aside in the genesis block, and then locked up, a premine of 5 billion GAY coins that would be released in the future to LGBT and HIV/AIDS awareness, advocacy and ativism groups and individuals, with the plan of sustained philanthropic funding that will last decades. He has referred to this as his "legacy" and wants to help address social issues related to his currency's target market. This is less a simple  cloned altcoin and more of a social endowment coupled with a specialized digital currency targeting one of the most diverse markets on the planet. That reserve account remains locked and untouched in the GAY.foundation wallet (which is non-participatory in the staking consensus). link:http://104.236.2.124:3001/address/gLsrjEbo31wmXZQssAeGyrw4CwBZgxafev

While the project has remained under-the-radar for a long time - George faced initial resistance and bigotry when he made his original [ANN], a new one will be set out soon - there is a great deal of development underway for a sort of re-launch with new website, wallets, storefront partnerships, and a large scale philanthropic movement via the assosciated GAY.foundation to be ready by 3rd quarter of this year. A GAYmoney dedicated gateway for fiat and major cryptocurrency exchange markets is being investigated, which will eventually maintain an altcoin exchange dedicated to a strong sense of community with both developers and users and a focus on showcasing cryptocurrencies with socially consicious agendas. We will focus on building connections between the cryptocurrency community and the LGBT and HIV/AIDS aweness communities worldwide.

GAYmoney remains a tradable asset on Cryptopia, against BTC, LTC, DOGE and UNO and George is interested in pursuing further exchange integrations, although he wants to set the bar high for the reputation of the exchange, and has expressed great interest in co-operation on decentralized "atomic-trading" exchanges. We are presently taking the first steps in setting up an active community network on both sides of the digital divide to help make GAYmoney a stable and long-term humanitarian cryptocurrency with well established usage in the real world. If anyone wants to get involved with GAYmoney, and in helping build a decentralized, globally social-conscious network, please dont hesitate to contact me here on bitcointalk or via email at [email protected]. The lead dev, George, can be reached at [email protected] as well.

Im hoping that in making this issue public that poswallet will be pressured into releasing George's funds to him in a timely and responsible manner, as any exchange would do given the unique circumstances of this situation, one that they themselves set into motion with their own actions. Please share it widely, and if you agree, please write to poswallet_admin and poswallet_support on the poswallet.slack.org channel, as well as on their website.

I dont know the full reasons behind the delisting of GAYmoney by poswallet, despite asking the admin why and not getting a response, and I wont put any political motivation behind those decisions without evidence. I wont engage in FUD because this situation could simply be a glitch on their part that they are trying to solve, but hoping to preserve pulic trust by remaining somewhat elusive while they put things back together. I can hope thats whats happening.

Beyond writing this, and informing the cryptocurrency community as a whole about the distressing lack of real support and also regarding the possible criminal behaviour by the administrators of poswallet.com and executives at PoSWallet Holdings LLC, I hope this impels the public to remove their funds held  on or trading on a service that shows a consistent trait of financial irresponsibility and a failure to live up to its promises until such time as the executives come clean regarding the missing funds in GAYmoney that they have thus far refused to release to its RIGHTFUL LEGAL OWNER.

I will be forwarding a complaint to FinCEN (Financial Crimes Enforcement Network), an agency of the US Department of the Treasury, to whom poswallet.com has applied for certification to operate as a MSB (Money Services Business). In this PoSWallet Holdings must, as both a virtual currency exchange and the administrators thereof are considered money transmitters, and must comply with rules to prevent money laundering/terrorist financing and other forms of financial crime, by verifiable record-keeping, accurate reporting and mandatory registerion. A Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) will be made, as the transactions by PoSWallet Holdings, and its exchange are very unusual for this particular sort of business, and appear to be done only for the purpose of hiding or obfuscating transactions or in-house negligence. By rights, the support staff should have ALREADY submitted an SAR as the transaction in question is aggregated to above $25.000, which is applicable to values of stocks, mutual funds, etc... and inclusive by definition with digital or virtual currencies.

PoSWallet has failed to provide any documentation regarding the deposits they supposedly made, or the log files for debugging the issue that would have been done. These funds were entrusted to them, and as operators of an exchange, they have failed in their fiduciary duties to safeguard them, and have acting grossly negligent and with criminal irresponsibility. A "constructive fraud claim", as defined by statutes in North Carolina is being investigated, as a cause of action exists, PoSWallet Holdings LLC and GeorgeL were in:
 (1) a relationship of trust and confidence,
 (2) that the defendant took advantage of that position of trust in order to benefit himself, and
 (3) that plaintiff was, as a result, injured.

Owing to it's registration as an LLC (Limited Liability Company) in North Carolina, PoSWallet Holdings is governed by the "North Carolina Limited Liability Company Act", as well as the Articles of Organization governing all LLCs in North Carolina. Colin Blakely, the registerer of POSW Holdings LLC (http://www.sosnc.gov/Search/filings/12639858) as manager and controlling shareholder, legally owes a fiduciary duty to minority shareholders. This fiduciary duty by a majority shareholder manager of an LLC is defined in North Carolina as the contract "to exercise reasonable care, skill, and diligence in the transaction of business entrusted to him, and he will be responsible to his principal for any loss resulting from his negligence in failing to do so."

Its time for exchanges to be held accountable, for the registered agents to be held responsible for their actions and neglect when acting as financial agents, and should not be allowed the comfort of anonymity. Ive also experienced smaller disappearances on poswallet.com, not for any amount approaching the theft of the GAYcoin wallet in question, but in the eyes of an exchange operator each single investment whould be equal as each represents the actual funds of a user placing trust in them. Im sure theres a thousand more tales of mismanagement at poswallet, from what ive seen on the troll box in the last few days, things are unravelling there in a hurry. Me, im taking every coin i can off that exchange before it closes its doors. And then, Ill be investigating the mechanisms required to begin actions, criminal and civil, against Colin Blakely and any other named manager of POSW Holdings LLC, on behalf of George Lawin, the lead developer of GAYmoney.

Sorry for the lengthy post, folks, but in cases like this, the facts must be presented in total to defer the oncoming FUD and insanity. Ive spent weeks trying to solve this issue with poswallet.com's staff, only to be gven excuses that might mollify someone new to cryptocurrency, but sound a whole lot like the first steps of an exit strategy to someone seasoned.