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Business
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Written by Xavier Mohr
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Sunday, 25 November 2007 |
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L&L Bank and Trust has received L$3.2 million in stolen funds from Linden Lab, according to a post by CEO Lindsay Druart at the SL Capital Exchange. Per the announcement: Today, 05:10 LNL L&L Bank and Trust
by Lindsay Druart Funds Returned by Linden Labs I have new faith in Linden Labs along with God right now and I am thankful that funds have finally been returned to the bank. We will work diligently today to correct the issue with CDs in the system and will tie up lose ends as well. Prime will be reinstated at 1% and interest will continue starting tomorrow. I honestly did not expect LL to respond this quickly but they did. The current CDs will be ended and CDs reinstated at those rates up until December 1st so that CDs can be purchase. Operations will begin again within 24 hours hopefully, 72 hours at the most. As long as we can get the server migration done, there should not be a problem. Thank you all for your continued support and I will update the market as we get updates on the criminal charges being filed. Sincerely, Lindsay Druart
Stay tuned to SLReports.net for more information.
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Written by Xavier Mohr
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Sunday, 25 November 2007 |
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From an announcement at the Ancapistan Capital Exchange: Quanta Torok, founder of Andalusia Bank, who was introduced to the SL financial community two months ago with his plans for a bank with deposits 100% insured by gold boullion held in vaults in Zurich, has today signed a contract with BNT Holdings to develop his bank software and create a unique inworld precious metals exchange upon which investors can speculate on RL precious metals movements as well as hedge their investments. The deal comprising L$750,000 setup fees and L$25,000 per month hosting fees, for BNT to set up and host Andalusias sytem on BNTs own servers. The metals exchange will essentially create an IPO Fund for each precious metal being offered, allowing the exchange to sell 'shares' in ounces or grams of each precious metal. Andalusia will then arbitrage between this inworld exchange and RL metals exchanges to earn profits to pay interest to its depositors and dividends to its metals investors in each Fund. Later, metals futures will be traded as well once ACE's futures trading sytem comes online, this technology will be also applied to this metals market. Quanta Torok is already a significant investor in ACE's own IPO. This is the first of several banking contracts BNT is currently negotiating, the others being with RL banks from around the globe seeking an inworld presence. Those contracts will, when signed, be significantly larger than todays deal with Andalusia.
Stay tuned to SLReports.net for more information.
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Written by Xavier Mohr
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Saturday, 24 November 2007 |
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By Xavier Mohr, CEO
SLReports.net Just a quick update on what I plan to be looking into in the coming days. The Power Investment Group (CapEx: PSG) is currently experiencing drama at the SL Capital Exchange due to a sale of shares by former CEO Travis Ristow to Sky Hedge Fund manager SkyRanger Hammerer. Shareholders are upset due to the fact the Travis and Sky together only held a minority share (44.9%) of the company at the time the deal was struck and Sky was proclaimed CEO, yet no shareholder meeting or vote was called prior to the transaction. Accusations are flying that the sale and CEO switch was illegal, compounded by claims that SL Capital Exchange management has been silent on the issue. A shareholder meeting was held today at 2:00 P.M. SLT, though we have yet to receive information on its outcome. We've also seen a failed buy-out offer for the International Stock Exchange (ISE) by Bo Beck Group (CapEx: BBX). In an offer presented to ISE CEO Cocky Dagger, BBX and CapEx CEO Bogart Beck offered approximately L$755,000 cash and 435,000 shares of BBX to Dagger for majority control of the exchange. After investors reeled in anger at the deal in the ISE comments threads, the deal was declined by Cocky Dagger and the offer withdrawn by BBX. Finally, we've been getting rumors that PSG Financial Bank (not affiliated with the previously-mentioned Power Investment Group) ATMs have been offline for a significant amount of time, with their website having disappeared. We'll be investigating these allegations, as well, and keep you updated. Happy Holidays to everyone, and if you're still celebrating Thanksgiving, put down the wine bottle... the weekend is in full swing and reality is just around the corner awating your return. Stay tuned to SLReports.net for more information.
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Last Updated ( Saturday, 24 November 2007 )
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Written by Xavier Mohr
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Tuesday, 20 November 2007 |
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From an announcement at the L&L Bank and Trust website: Update on Bank Yesterday, 23:17 system announcement
by Lindsay Druart We have found out how the issue happened and this was clear negligence on the host of the banks server. The security package that was supposed to be on the box was not installed and a brut force attack cracked the database within a few hours. As a result, fraudulent transactions to create a balance were made in the database and then withdrawals attempted. The BetaTester avatar tried to withdraw via the ATM and hit the withdrawal limit. After that failed and the account disabled, the system was bypassed to withdraw automatically without going through the ATM transactions.
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Written by Xavier Mohr
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Monday, 19 November 2007 |
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[NOTE: The following is a press release, posted unedited, as provided by
Cadence Juran, CEO - Crescendo Corporation.] FOR IMMEDIATE RELEASE - Second Life, Second World (185,130, 41) November 19, 2007; In a deal brokered by merger & acquisitions firm Allegro Acquisitions, the public relations powerhouse of Second Life, Crescendo Corporation purchased SkyCOM Communications, a new media & technology boutique. The sale totaling 725,000L$ (Lindens) also included a web design & development firm called Quantum, which was a wholly owned subsidiary of SkyCOM Communications.
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Last Updated ( Monday, 19 November 2007 )
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Written by Xavier Mohr
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Monday, 19 November 2007 |
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From an announcement at the SL Capital Exchange: Today, 10:15 TNW Tnw Designs and Real Estate
by lex Fitzcarraldo At approx 4am Central time, the tnw mall, nightclub and residential areas were attacked, either by a disgrunteled employee, or someone hacking into her account. the result was 90% of the mall was destroyed, 30% of the club was damaged, and 10% of the residential area was damaged. work crews are on the scene rebuilding a new mall and nightclub, and the residental area is being repaired.
long term consequences to this attack as far as i can see are as follows
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Business 
