Honestly, I don't play MMOs, but that's not what interested me in this story. I just find it really sad that these gamers at least have the excuse of not being in the banking business for years before they let this get out of hand.

EVE Online's largest player-run bank freezes accounts due to massive deficit

Stick with us, because this could get confusing: EVE Online has a long and storied history of in-game corruption, chock-full of enough political and social drama to make Ron Moore's head spin. The latest -- and actually, ongoing since June -- problem comes in the form of financial woes. On August 26, EBANK -- EVE Online's largest player-run financial entity -- revealed it currently has a (roughly) 1.2 trillion InterStellar Kredits (ISK) deficit and would freeze all player and organization accounts that were investing with the bank.

As with other MMOs, EVE Online's economy is completely player-driven. Users can adopt various play styles which affect the world's economic machine, allowing players to create and topple empires within the fictional world of New Eden. Where EVE Online differs is how users have expanded the tools given to them by developer CCP Games. Using the game's developer-provided API to create tools that can monitor various pieces of data, players have developed their own financial organizations, complete with standards and rules, like real world banks.

Sadly, EVE Online's largest player-operated bank mimicked real world financial institutions too closely.
In June, former EBANK CEO "Ricdic" embezzled over 200 billion ISK from the bank and later sold it in real life, triggering the complete destruction of trust built by the organization. While safeguards were in place to halt any corporate malfeasance, EBANK was rocked by the embezzlement and over 380 billion in defaulted loans on top of the corruption have pulled the organization deeper into the red.

According to EBANK's newly appointed Chairman Ray McCormack the bank has been poorly managed; so much so that it took bank administrators weeks to discover how deep the financial hole was. The decision to freeze accounts means players will not be allowed to withdraw funds, and accounts will no longer accrue interest. While 1.2 trillion ISK in losses was enough to rock EVE Online's economy, McCormack says further losses may be not accounted for, "Such as operational losses, additional theft and reporting errors."

whoa. I need to check out eve online. Didn't know it went so deep.

lol, that's pretty epic.

It would be cool, if it was only happening in games, and not a reflection of the recession.

I ... don't know what to think, don't we play games to get away from this? >

lol, I should have done that. Steal everyone's virtual money, and then sell it back to them over e-bay. Has to be the best scheme ever

I remember when EVE just came out. I wasn't aware it was an MMO (I have NO fucking clue how that happened) and I couldn't afford it, so I just sent it back. My mistake it seems (2 years later I was playing WoW....).