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Topic: Scammer - HashKing - page 5. (Read 10069 times)

hero member
Activity: 686
Merit: 500
Bitbuy
September 10, 2012, 01:37:03 PM
#6
What did u believe a Pirate Pass Throu was for?




His Pirate Pass Through was a separate program, but the money which was invested in his "low-risk" program is gone as well due to Pirate's default.
Here's the quote showing the options he offered:

Current Rates:

1.00% Weekly -- Guaranteed Fully Insured no lock in
 
1.25% Weekly -- Guaranteed Fully Insured 8 week lock in

3.30% Weekly -- Direct BTCST Pass Through 50% Insurance 1 week lock in (CLOSED)
Thread: https://bitcointalksearch.org/topic/m.1068849
 
4.91% Weekly -- Direct BTCST Pass Through 0% Insurance 1 week lock in  New rate will be effective 8/20/12.  Existing accounts will be switched over to the new rate on 8/19/12.
Thread: https://bitcointalksearch.org/topic/hashkings-491-weekly-deposit-btcst-trust-account-closed-82574.   (CLOSED AS OF 8/19/12.) 
hero member
Activity: 784
Merit: 500
September 10, 2012, 01:27:38 PM
#5
What did u believe a Pirate Pass Throu was for?


legendary
Activity: 1134
Merit: 1005
September 10, 2012, 01:10:50 PM
#4
I'm pissed off. Seriously, I was getting 1,25% while my funds were exposed to pirate? Are you fucking kidding me? I could have gotten 7% weekly on those same funds if I wanted, with exactly the same risks. And here I thought I was diversifying my investments...

how does that make you feel? This scum bag was using your money which was supposed to be for a low risk investment, turning around and putting it into an extremely high risk investment and making 5.5% interest off of you. That right there my friend is a blatant flat out scam.


hes a scumbag, a liar and a scammer - now where is the tag?



Totally agree.
Scam tag needs to be given to hashking.
hero member
Activity: 686
Merit: 500
Bitbuy
September 10, 2012, 11:18:05 AM
#3
I'm pissed off. Seriously, I was getting 1,25% while my funds were exposed to pirate? Are you fucking kidding me? I could have gotten 7% weekly on those same funds if I wanted, with exactly the same risks. And here I thought I was diversifying my investments...
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
September 10, 2012, 10:15:49 AM
#2
He repeatedly claimed no Pirate exposure, largely because the fund was backed by his personal funds. But we now know that much of his personal funds were in fact "invested" with Pirate. This is what we know for sure because this is what he has said. He has made vague claims about mining equipment that will be used to pay off investors (either by mining or by selling the equipment), but has not quantified this yet.

I do not believe it is known what his total obligations are or what his total equity is that will be used to pay them back.

But the crux of the argument behind those calling him a "scammer" is that he claimed no Pirate exposure but clearly had significant funds held with Pirate such that losing those funds impacted his investors. There's no way he couldn't have known that Pirate being unable to pay back would impact his investors, yet he continued to collect deposits with the promise of zero Pirate exposure. Those investors are now left with an uncertain payback schedule that may well never materialize.
full member
Activity: 210
Merit: 100
September 10, 2012, 10:00:48 AM
#1
As of a few days ago, HashKing wrote that he would be closing down his services, not offering the interest on his 8-week lock-in deposits which were locked into a set rate and deposit schedule, and that he would be paying back people's coins over the next three years or more. The issue here is that his accounts:

A. Are insured, and he is providing no insurance
B. The 1% accounts were supposed to have no funds with Pirate, yet he lost the majority of investors funds there, as well as using investor's funds to buy mining equipment so they were illiquid.
C. He stated that "Deposits could be returned at anytime." - Could being the past tense of can, which they clearly cannot.

See his lending thread more info: https://bitcointalksearch.org/topic/hashkings-lendingdeposit-125-insured-all-ppt-accounts-closing-on-819-66802

Feel free to add more information as you see fit, anyone else.
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