Loan Default - theyoungmillionaire u=1180530

[DireWolfM14]

What happened::
theyoungmillionaire (u=1180530) has borrowed bitcoin from me, and agreed to adhere to a payment plan that consisted of 6 partial payments.  The whole of the loan plus interest was due to be completely payed off by June 4th, 2020.  In early January theyoungmillionaire contacted me via PM and informed me that he would be unable to make the payment due that month, but would instead make arrangements to pay off the whole loan by the end of the month of January.  As of this point in time I have not received any payments toward his loan.  theyoungmillionaire has not logged into the forum since January 6, and has not responded to any PMs (3) that I have sent since that date.

Scammers Profile Link:
theyoungmillionaire

Reference Link:
Loan Request 1 [Archive],
Loan Request 2 [Archive].

Amount Scammed:
Loan: 0.311825 BTC
Interest: 0.076399 BTC
Total: 0.388224 BTC

Payment Method:
BTC

Proof of Payment:
7f302a56a10fc57ce1bb15bcecb9aeaa868d5ba25eda6884191df10b36c7a796
bff0e1afd24cdbb2b627edd40feae6d63f3f7e880fc706efff5de29e55b3f1cd

PM/Chat Logs:

Hi, DireWolfM14,

As discussed via PM.

Code:

-----BEGIN BITCOIN SIGNED MESSAGE-----
Username: theyoungmillionaire
Loan Amount: 0.311825
Purpose: Trading
Collateral: None
Repayment date: 6 months
Repayment Amount: 0.388224 BTC
Funding Address: 35jR51b4MRoULgKwBD8sRXq8JnP4iG3vvz
-----BEGIN SIGNATURE-----
1young1tytJ9on6h3bSFTC9tAdBPg6P9i
G8zExD5bnQ+SX81WYP0svQ6GB2Vx6Uw5NUa4TrASzPbVXgxjII9tiq8qOW085CQBXWZ/dZNwDYA7yeowc7ijzek=
-----END BITCOIN SIGNED MESSAGE-----

Howdy TYM,
Per our discussion via PM, I've refinanced your loan, with an additional 0.08 btc sent today.

To summarize:

On September 19th I sent you a loan for 0.3 btc.
Tx: 7f302a56a10fc57ce1bb15bcecb9aeaa868d5ba25eda6884191df10b36c7a796

On October 19th you sent a partial payment of 0.096 btc (0.075 principal, 0.021 btc interest.)
Tx: 60d44b771d5bfd62e37b6298c9f0e0c3de5288fa16c02cb6a65fb3becf04ebe8

Today, November 4th I sent an additional 0.08 btc.
Tx: bff0e1afd24cdbb2b627edd40feae6d63f3f7e880fc706efff5de29e55b3f1cd

As of today, you still had 0.225 btc of principal outstanding.  With interest calculated up to today your obligation was 0.231825 btc.  With the additional 0.08 btc sent today, your total loan is now 0.311825, and per our agreement payments will be made according to the following plan:

||.Date	|| Loan	|| Principal	|| interest	|| payment	.||
||.4.DEC.2019	|| 0.311825	|| 0.051971	|| 0.021828	|| 0.073799	.||
||.4.JAN.2020	|| 0.259855	|| 0.051971	|| 0.01819	|| 0.070161	.||
||.4.FEB.2020	|| 0.207884	|| 0.051971	|| 0.014552	|| 0.066523	.||
||.4.MAR.2020	|| 0.155913	|| 0.051971	|| 0.010914	|| 0.062885	.||
||.4.APR.2020	|| 0.103942	|| 0.051971	|| 0.007276	|| 0.059247	.||
||.4.MAY.2020	|| 0.051971	|| 0.051971	|| 0.003638	|| 0.055609	.||

Please pay back to this address: 348XXjbpXwg37JYd8knLnHRSMajLbteSbJ

And once again, thank you for the opportunity to be your lender.

Today, November 4th I sent an additional 0.08 btc.
Tx: bff0e1afd24cdbb2b627edd40feae6d63f3f7e880fc706efff5de29e55b3f1cd

Confirming receipt.

As of today, you still had 0.225 btc of principal outstanding.  With interest calculated up to today your obligation was 0.231825 btc.  With the additional 0.08 btc sent today, your total loan is now 0.311825, and per our agreement payments will be made according to the following plan:

||.Date	|| Loan	|| Principal	|| interest	|| payment	.||
||.4.DEC.2019	|| 0.311825	|| 0.051971	|| 0.021828	|| 0.073799	.||
||.4.JAN.2020	|| 0.259855	|| 0.051971	|| 0.01819	|| 0.070161	.||
||.4.FEB.2020	|| 0.207884	|| 0.051971	|| 0.014552	|| 0.066523	.||
||.4.MAR.2020	|| 0.155913	|| 0.051971	|| 0.010914	|| 0.062885	.||
||.4.APR.2020	|| 0.103942	|| 0.051971	|| 0.007276	|| 0.059247	.||
||.4.MAY.2020	|| 0.051971	|| 0.051971	|| 0.003638	|| 0.055609	.||

Please pay back to this address: 348XXjbpXwg37JYd8knLnHRSMajLbteSbJ

And once again, thank you for the opportunity to be your lender.

Agreed.

Thank you, DireWolfM14.

https://archive.md/8UiTM#selection-8135.0-8135.6

Additional Notes:
Type 3 flag created:
https://bitcointalk.org/index.php?action=trust;flag=1470

[BitcoinGirl.Club]

The user seemed very promising and was doing great job for the community especially in their local community. There must be something wrong with him, possibly any physical condition or something? It's hard to believe that they are not responding and ran away with the money but till this point it's seems that's the truth.

I will tag the user and will follow this topic and I really hope that they come back and make the full repayment.

[shasan]

Sorry for your loss. Flag supported.

There must be something wrong with him, possibly any physical condition or something?

I think the loan has been taken about 6months ago. So, s/he is avoiding as s/he does not want to repay. It was a great chance to repay as bitcoin price dropped too much.

[DireWolfM14]

The user seemed very promising and was doing great job for the community especially in their local community. There must be something wrong with him, possibly any physical condition or something? It's hard to believe that they are not responding and ran away with the money but till this point it's seems that's the truth.

I will tag the user and will follow this topic and I really hope that they come back and make the full repayment.

I hope all is well with him, he really seemed like a good guy.  He mentioned that he was starting a physical bitcoin business in the Philippines, and that he was working on getting a fiat loan.  He was supposed to pay me back with the money he got for his business loan.  I hope he's healthy and turned scammer as opposed to the opposite, lol.  I do wish him the best, I just wish he wouldn't take advantage of my generosity to get there.
 

[LoyceV]

The user seemed very promising and was doing great job for the community especially in their local community. There must be something wrong with him, possibly any physical condition or something? It's hard to believe that they are not responding and ran away with the money but till this point it's seems that's the truth.

It won't be the first time a promising user took the opportunity to steal when it presented itself. He was barely active the months before taking the loan, and stopped posting right after he received the loan. That doesn't seem like physical problems to me.

Flag supported. Let me know if this gets resolved, I'll gladly withdraw support.

[The Sceptical Chymist]

theyoungmillionaire has not logged into the forum since January 6, and has not responded to any PMs (3) that I have sent since that date.

Yeah, that's never a good sign when there's an outstanding loan.  I supported the flag and tagged him subject to revision if he makes good on his loan to your satisfaction.  There's not much else you or anyone can do, unfortunately, and it's a situation that sucks.  I got scammed for a very similar amount of BTC a few years ago when the price was much lower, and I know the feeling--but it's got to sting even more since the fiat amount of the loan was much higher than mine was.

I hope all is well with him, he really seemed like a good guy. 

Master-P seemed like a good guy as well as far as I know, but look at the massive scam he pulled off a while back.  You just never know who you're really dealing with on the internet.

[suchmoon]

I hope that's not the case but the amount seems to be large enough to move on to another account and run another long con.

[LFC_Bitcoin]

Surprised about this, I’ve seen him around the forum & he seemed OK. The amount doesn’t seem enough to pull a scam, 0.3BTC is nothing! What a piece of shit

[BitcoinGirl.Club]

Surprised about this, I’ve seen him around the forum & he seemed OK. The amount doesn’t seem enough to pull a scam, 0.3BTC is nothing! What a piece of shit

Indeed that 0.3 amount is very small amount. The user could join a good signature campaign [Looking at his post quality and previous activity] and could make more than this scammed amount in a legitimate way. But for this nothing amount he made the choice to scam was bit shocking for me.

I hope all is well with him, he really seemed like a good guy.  He mentioned that he was starting a physical bitcoin business in the Philippines, and that he was working on getting a fiat loan.  He was supposed to pay me back with the money he got for his business loan.  I hope he's healthy and turned scammer as opposed to the opposite, lol.  I do wish him the best, I just wish he wouldn't take advantage of my generosity to get there.
 

I feel bad for you brother. You really do not deserve it.

[DireWolfM14]

Surprised about this, I’ve seen him around the forum & he seemed OK. The amount doesn’t seem enough to pull a scam, 0.3BTC is nothing! What a piece of shit

Indeed that 0.3 amount is very small amount. The user could join a good signature campaign [Looking at his post quality and previous activity] and could make more than this scammed amount in a legitimate way. But for this nothing amount he made the choice to scam was bit shocking for me.

That's what I was thinking.  Not long ago DarkStar_ mentioned he was looking for a quality poster who's active in the Philippine local, and TYM could have been one of the top candidates if he applied.  He could have earned what he owed me in about 10 weeks.

[Indymoney]

Surprised about this, I’ve seen him around the forum & he seemed OK. The amount doesn’t seem enough to pull a scam, 0.3BTC is nothing! What a piece of shit

Indeed that 0.3 amount is very small amount. The user could join a good signature campaign [Looking at his post quality and previous activity] and could make more than this scammed amount in a legitimate way. But for this nothing amount he made the choice to scam was bit shocking for me.

That's what I was thinking.  Not long ago DarkStar_ mentioned he was looking for a quality poster who's active in the Philippine local, and TYM could have been one of the top candidates if he applied.  He could have earned what he owed me in about 10 weeks.

Feeling sad for your lost but as suddenly he disappear right now we have to just pray for him may be in near future he came here and give back your all funds because its really frustraded to lost funds in this way.

[AB de Royse777]

Damn DWM!
I have no word to show the simpathey bud. It's sad that this happened with a co-lender. We are in the same business makes me think that this high amounts really need colletaral regarding whatever quality they have in their posts.

The defaulter really made a bad decision imho.

Sorry for your loss bud.

Edit: Left him a red and flag supported.
This guy seemed well respected in his local community. Very strange return of the earned respect. Really people can do such things, amazed me the most. I had similar bad experience by the way but still awaiting though before doing anything.

[Baofeng]

[..snip..]
This guy seemed well respected in his local community. Very strange return of the earned respect. Really people can do such things, amazed me the most. I had similar bad experience by the way but still awaiting though before doing anything.

Not just in our local community, but the whole forum. So I'm really saddened to hear this news, and I can't say what had happened to him IRL. Will try to bring this message to our local to see if someone knew him personally.

[cabalism13]

I just happened to see this issue on our Local.

And Sorry for your loss @DireWolfM14, that is indeed a huge amount of money - in our currency. AFAIK he also had some kind of transaction just like that, same amount, back then. And from what I know he doesn't seem to have any problem.
And also just to add some details, maybe the user is currently having financial problem, because the last time I talked to him during the last dump he lost too much.

But still he didn't want to join any campaign here.
From what I know he is a Business person, I wasn't able to meet the user personally back then. I will try to contact him on telegram but it seems he was away for a long time.
This the second time so I think this must be his reason but I don't think a lack of communication is excusable.
Will support the flag.

What a waste for an account.

[The Cryptovator]

Supported flag and left feedback as well.

It's quite surprising to me, as far as I knew he was a good contributor on the forum. We had talked each other via PM at the beginning. To be honest I wouldn't imagine that he will be turned into scammer here. Hope he will back and will repaid your lent amount. But problem is amount is quite big (when you lent) and easily he can skip with it and he is able to build another account easily. But should think positive. Really sorry for your loss. It's become very difficult to trust even any trusted users with money. Money could change mind, day by day we are losing humanity.

[sheenshane]

What a waste for an account.

Tsk, just because of 0.3 BTC he just has thrown away his account, what a mess. Probably if he paid his defaulted loan maybe it will back to normal. As far as I knew him, he was a crypto trader. I suspect that he might lose and not recover on that business.

To be honest I admire that user back then (when he was very active) because he was a good poster/contributor in our local, but now I supported the flag and leaving neg tag as well.

Sorry for your loss @DireWolfM14, even though that user received neg tag, the defaulted loan is still huge and probably it takes time for you to recover it by that business. I hope he will still pay and might have a personal problem with the reason for long inactivity and lack of communication.

I will try to contact him in the telegram and in discord.

[TheUltraElite]

Even if a thousand "Sorry for your loss" messages are posted here only the lender knows how sad and painful this process is.

Having to message your borrower once a while every week to remind that person of the repayment date and amount and slowly seeing the signs of life go away from their contact source is painful deep down. I know this because I was once a lender on another forum.

You cannot trust anybody on any site regardless of how well known or well trusted they are. You can only trust on collateral, though my intention is not to demean the lenders giving out non collateral loans because I know that people rarely come up with collateral and you have keep your business running.

It takes a few seconds for them to change their nature and whatever problem the borrower may have fallen into does not change the fact that they ghosted their lender. This is tough for a lender who is also has to do an internal conflict of being a stern loan shark and being compassionate to their borrower because they are the customer.
Flag supported.

[cabalism13]

Even if a thousand "Sorry for your loss" messages are posted here only the lender knows how sad and painful this process is.

"Sorry for your loss"  left the group thread.
I don't know but have you checked the history of the user? Too many posts has been deleted from what I notice... It really seems that the user tends/plans to do this (Just a mere guess based on what we've been talking about on our local & TG Group) User just been trying to reloan and reloan until someone trust him for a big amount (also a guess from another user on our Group)

[LoyceV]

I don't know but have you checked the history of the user? Too many posts has been deleted from what I notice...

I have archived 16 of his posts since July 2019. None of those have been deleted.

He mentioned that he was starting a physical bitcoin business in the Philippines, and that he was working on getting a fiat loan.  He was supposed to pay me back with the money he got for his business loan.

In retrospect, paying back a loan by taking another loan should have been a big red flag.

[LogitechMouse]

Even if a thousand "Sorry for your loss" messages are posted here only the lender knows how sad and painful this process is.

I will not say "Sorry for your loss" right now because of this post but will say...... can't think of it
Anyway, I know how that feels because I also experienced being defaulted on a loan. The only difference is that the amount of the loan that is defaulted to you is very huge. 0.388224 BTC is around 116,753 PHP here in our country right now (base on CMC converter). We can build a business already with that amount of money or franchise a business.

This user is very helpful in our local section and he sometimes shares some of his sMerits with some of our posts but there is a time where we didn't hear anything on him and we didn't expect that he will do this. He is very trustworthy and a respectable user here . This is a proof that "you shouldn't trust anybody in the internet world at all". Lending has risks though like this and this is unexpected TBH.

Flag supported. No "sorry for your loss" but I do hope that this will not happen to you again.