Story Of HashKing Scammer In 2012

HashKing wrote that he would be closing down his services, not offering interest on his 8 week lock in deposits which were locked into set rate and deposit scheduleband that he would be paying back people's coins over next three years or more. The issue here was that, his accounts :

1- Were insured yet he was providing no insurance 2- One percent 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. 3- He stated that ' Deposits could be returned at anytime ' Could being past tense of can, which they clearly cannot.

What HashKing was offering you may ask, his structure is as follow ( From his pov ) :

LOANS

' If you are in need of loan please pm me and we can discuss terms. After we agree I will post terms and cofirmations in this thread. I will also list my good borrowers and bad borrowers in this thread that way if anyone needs to check payment history with a previous borrower they can. If you want your information kept confidential please let me know '

ESCROW SERVICE

' If anyone is interested and needs to do an escrow for any type of transaction I will do this for no charge. '

DEPOSIT ACCOUNTS

' Lastly if anyone is interested in depositing any bitcoin with me to earn interest I will pay a one percent weekly interest rate ( No commitment required ). The funds for deposits will be used for lending out to other borrowers, investing in more mining equipment, bitcoin projects and other investments offered on the forum ( Yeah sure buddy let me just give you all of my hard earned money I trust you ???????? ) . If someone is in need to make withdrawl of bitcoins there is twenty four hour waiting period. Most withdrawls will be returned sooner as long as I am not sleeping ( Which will be all the time btw wink wink ????) . All my depositers funds are hundred percent guaranteed and will not lose any funds due to any defaults unless stated otherwise. Depositor may decided ( Yes decided ) to either receive weekly interest payments or rollover their interest. Deposits could be returned at anytime. ( Huh )

Current Rates

' One percent weekly guaranteed fully insured no lock in

1.25% Weekly fuaranteed fully insured 8 week lock in

3.30% Weekly direct btcst pass through fifty percent insurance 1 week lock in

4.91% Weekly direct btcst pass through 0% Insurance 1 week lock in

If you are interested in setting up an account please visit { Link to a scammy website ???? } '

Seriously? People were getting 1.25% while funds were exposed to pirate? Are you forking kidding me? They could've gotten 7% weekly on those same funds if they wanted, with exactly same risks.

He repeatedly claimed no pirate exposure, largely because 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 made vague claims about mining equipment that will be used to pay off investors ( either by mining or by selling equipment ), but didn't quantify this.

Therefore scam was given to HashKing, thoughts?

Source : CecilNiosaki on bitcointalk