10 December 2016
Visit aciworldwide.com

Virtual world banker steals customers' interstellar kredits to pay off real debt

03 July 2009  |  9688 views  |  0 anonymous figure in front of stock exchange

The CEO of a bank in virtual world Eve Online has stolen in-game currency worth thousands of real dollars from his customers and traded it in for proper cash on the black market.

According to a Reuters report, the 27 year-old Australian tech worker, identified only as Richard, stole 200 billion interstellar kredits from his Ebank customers.

Richard, known online as Ricdic, then traded the embezzled virtual money with other gamers for A$6,300 on a black market site to help ease real world debts.

Word of the theft quickly spread throughout the virtual world, leading to a run on the bank as desperate customers attempted to save the interstellar kredits they had earned.

By stealing the currency Ricdic didn't actually break the rules of the game, which has a reputation for skulduggery, with players regularly carrying out heists and murder.

Eyjolfur Gudmundsson, an economics advisor to the game's creator, CPP, told Reuters: "We have never seen ourselves as gods who make the rules of social interaction."

However, it is against the rules to sell the virtual currency for real cash because, says Gudmundsson, it "unbalances the game".

The banned Richard told Reuters: "I'm not proud of it at all, that's why I didn't brag about it. But you know, if I had to do it again, I probably would've chosen the same path based on the same situation."

Virtual currency has become big business, with annual real-money sales of virtual goods estimated at around EUR1.5 billion worldwide, according to a recent a recent report from the European Network and Information Security Agency.

China has just banned the use of virtual money in the trade of real goods and services in a bid to limit its possible impact on the financial system.

Gamer steals from virtual world to pay real debts - Reuters

KeywordsSOCIAL MEDIA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

China bans use of virtual cash for trade in the wider economy

China bans use of virtual cash for trade in the wider economy

30 June 2009  |  7423 views  |  0 comments
Facebook begins testing virtual payments system

Facebook begins testing virtual payments system

01 June 2009  |  12355 views  |  1 comments
Virtual world assets are 'soft target' for cybercriminals - ENSIA

Virtual world assets are 'soft target' for cybercriminals - ENSIA

20 November 2008  |  8789 views  |  0 comments
Second Life introduces euro currency exchange for virtual residents

Second Life introduces euro currency exchange for virtual residents

17 November 2008  |  8794 views  |  0 comments
Cybercriminals targeting virtual worlds - McAfee

Cybercriminals targeting virtual worlds - McAfee

29 August 2008  |  9281 views  |  0 comments
Second Life cracks down on unregulated banks

Second Life cracks down on unregulated banks

10 January 2008  |  7737 views  |  0 comments
Virtual universe Second Life suffers real world security breach

Virtual universe Second Life suffers real world security breach

11 September 2006  |  9101 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
16 July 2009
Find out moreVisit aciworldwide.comVisit capgemini.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8617 views comments | 39 tweets | 31 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8260 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8050 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7209 views comments | 24 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6869 views comments | 20 tweets | 24 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job