I've no longer access to their website, login no longer functions.. but this is the google translated text of their new main page:
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Consequently, the occurrence of unexpected situations and not plannable, we absolutely unintended and therefore independent of our intentions BISL temporarily suspending its activities. The over-mentioned reasons relate in particular the priority by our staff to solve the problems posed to us by Linden Lab's own initiative and arbitrarily proceeded to withdraw large amounts of Linden dollars by our avatar claiming justification at all matching truth, specifically purchases NEVER occurred lindens through online auction sites. This has been added to the suspension of some of our avatar from Second Life therefore now unusable because, we believe, reports of a third party. Pending resolve the incident Bisl will resistuzione manual part of the sum from us in committing deposit within a reasonable time, in case the problems with LL were extremely long, to move closer to 100% of the total hoping that Linden Lab allows us, if, to use our people at least to sell the land we owned. All this with the will to demonstrate once again our good faith even with the awareness not to be forced also, and above all according to what is expressed in, and used "notecard" present in our ATM at the acceptance of our services, Notecard here for completeness of information included in his "General": GENERAL • Bank of Italy SL allows users of Second Life to open current accounts with a daily interest that can earn on their savings rather than leave them to stop lying in their account. Bank of Italy SL takes the total deposit and reinveste or to various entities and persons in order to obtain the needed to pay interest daily. We always keep a reserve exist in "linden dollars" to allow customers to withdraw from their accounts most often instantly, sometimes after a few minutes per hour. We must clearly underscore that, as a result of interest payments per day, the Bank of Italy SL has the absolute need to capitalize on the "money" deposited. By virtue of the above, therefore, we can not guarantee that payments will be made in quickly, it being our absolute commitment to pursuing this goal. This type of activity is obviously subject to obvious risk. Those accounts are not insured in any way by any government, as in the case of many current accounts in real life, as we can not guarantee not to ever go into a bank route. Certainly Bank of Italy SL does not want this and we will strive to ensure an always solid and reliable, but is fair and honest to be aware of the risks described above. We apologize for any inconvenience hoping in more quickly as possible to resume our activities. Bisl Staff
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Unedited. Looks like my decision to contact Linden Labs regarding the vulnerability lead to some more research on the part of the Lab into how this institution operated with unexpected results. I don't know who's telling the truth, so I'm not going to step into the conflict as a banner carrier for the Lab or for Banca D Italia. What I will say is that extremely high returns on interest have to come from somewhere and usually it's not entirely legitimate.
Thursday, November 29, 2007
The Drama from italy continues.
Posted by Maelstrom at 1:24 PM
Labels: Market Snippet
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I've always wondered what might be behind some of the Second Life banks' amazingly high interest. In many cases, the rapid growth of the SL economy explains it, even without having to suspect a Ponzi scheme. However, for example, Ginko's lack of transparency and the later revelation of its CEO residing in Brasil definitely raised some red flags concerning what RL activities the bank invests in. Not to accuse anyone, including Mr. Portocarrero, but the thought that something rotten lies behind the bank cannot be easily dismissed.
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