Bitspend

[Mr. Coinman]

There are no updates to post.

It would basically be saying.

"Yep, Bank still has our funds."


"Still waiting on the bank."

...

Etc.

Of course there are updates to post. The last update from Bitspend was this, posted one month ago, which claimed paid orders would be processed the following week. That never happened. You don't think we deserve an update explaining why this never happened, and more importantly, what the current situation is? All we know is that their funds were allegedly frozen by Chase. And of that claim, we were presented no proof by Bitspend. There absolutely are updates that should be posted by Bitspend. You have so far said some reasonable things (we shouldn't start a witch-hunt, we shouldn't be too quick to draw conclusions, etc.), but to say that we are not owed an explanation is ridiculous.

[1713307572]

1713307572

[1713307572]

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[1713307572]

1713307572

[Mr. Coinman]

It is also possible that BitSpend employees have been arrested for "money laundering" charges for appearing as a currency conversion service to the authorities, in a similar situation to what happened with MtGox initially.

If they have been arrested for frivolous money laundering charges, it may take much longer, as their equipment may have been ceased as well(?).

No arrest records for Bitspend employees have been found.

User notforlackoftrying commented the following on this post to /r/Bitspend on reddit:

Based on a full pastie I just saw with full dox, and almost hoping that all of the above is true and not that they just up and walked away, I decided to do a search of all arrests in Broward County. I found 0... zilch on the last name Whelchel, Welchel, ect. Based on that, Im going with your option 3. I dont think theyd put themselves in harms way on option 2 with kids in their house. Option 1 yields no results. They have NOT been arrested according to Broward County Public Arrest Records: http://sheriff.org/apps/arrest/results.cfm

I then checked Dade County.. same results 0 https://www2.miami-dadeclerk.com/Public-Records/Search.aspx

I checked all of Broward County, which is a HUGE chunk of south florida. Then I checked Dade/Monroe. That about covers all of so fl., all the way through to Key West. So, unless Whelchel is an alias, which I dont think so, because Eric J. Whelchel has a previous record, was something insignificant. It is definitely him, same d.o.b., everything. Whelchel IS his legal last name. I even checked federal prisons on a hunch that FiCEN guidelines might have resulted in a federal arrest. Nothing. We now have a few possibilities.

1) They are in hiding thinking they may be subject to arrest in the near future.

2) They are embarrassed and do not want to come forward without having worked out the kinks. There is nothing new to report on because the banks still have frozen funds.

3) They simply walked away, was more than they bargained for. Not enough employees to carry the workload, ect.

4) They had every intention of a scam.

[ReCat]

I could investigate, but time and gas is money. of which I don't have to spare.

[bomboclat77]

I have talked to the owner of bitspend through reddit. He agreed to post an update tonight. He says he has refunded about 15%

[ReCat]

I have talked to the owner of bitspend through reddit. He agreed to post an update tonight. He says he has refunded about 15%

Well ain't he such an evil scammer.

[bbit]

All have been arrested.

[bitspill]

All have been arrested.

Evidence or is this a theory?

[Mr. Coinman]

I have talked to the owner of bitspend through reddit. He agreed to post an update tonight. He says he has refunded about 15%

Where's that update?

[ReCat]

All have been arrested.

Care to link to the public police records? In what state have they been arrested? None of this is found in florida public records for all the names we could find associated with BitSpend.

[bomboclat77]

I have talked to the owner of bitspend through reddit. He agreed to post an update tonight. He says he has refunded about 15%

Where's that update?

He said
"I wanted to have more concrete dates before I posted. I'll be posting soon with that info."

[ReCat]

So, he's not intending to scam us then? Can you clarify that for us?

[bomboclat77]

So, he's not intending to scam us then? Can you clarify that for us?

I am not a mind reader.

[ReCat]

So, he's not intending to scam us then? Can you clarify that for us?

I am not a mind reader.

I was asking for your opinion on the subject, as you are the one who communicated with him directly.

[passo]

May 31 I ordered some tshirts and i got a email that the package was sent to my adress with the a screenshot of the order notice and the adderss was wrong, it stood i lived in Florida instead of Netherlands. I know that i gave the right address as i had ordered things from Bitspend before. As soon as i got their email i responded that it was wrong. The package has not arrived of course and i havent gotten any response from them since. The same day i ordered some other things from a different homepage and that package has arrived.  I see the money as lost but i just wanted a response from them or at least a email saying their sorry.  Im more angry of the lack of response then the money/package getting lost.

[ReCat]

As far as I am aware bitspend has been unable to operate in any fashion for a good long while. I think your first order got lost and then they went out of business and were unable to respond later on.

[bomboclat77]

new message on http://bitspend.net/

[ReCat]

I was right all along. Knew it. Nobody ever believes me.

[useful_idiot]

I was right all along. Knew it. Nobody ever believes me.

Except you aren't. Nothing from this scumbag still.

[ReCat]

I was right all along. Knew it. Nobody ever believes me.

Except you aren't. Nothing from this scumbag still.

I'm afraid you just might be right... Quite sad. Scam or not BitSpend could have made /so much/ honest money, throwing away that opportunity to steal user funds is just dumb.

[Bitcoin Scammer]

Just watch, now that the price dropped they can cover. I have seen this with all the sites. I wouldn't be shocked is an apology came out.