t'jelle Bankruptcy Notice: ERX & t'jelle Bank Closed
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by AidenAstrup
It is with regret that I address you all today. A couple of months ago, ERX suffered from a combination of severe processing errors from handling thousands of deposits/withdrawals a day and from various small bugs - causing large amounts of Gold to be lost, in addition the US Government's closing of the Federal Reserve and subsequent denial of thousands of Gold in loans from t'jelle.
Since the API was opened up, our reserves have inched back to stability and while we weren't 100% healthy, we had no fears of not being operational. We were in talks to receive financial backing from various people and groups, and our revenue was rising as well.
Over the course of a few days, everything changed. While we were healthy so long as no more than 10% of depositors withdrew their money, anything past that would wipe us out, and indeed, we were unfortunate enough to have many more withdrawals than on average for two days in a row - wiping our reserves clean.
I take responsibility for not being able to handle the processing system well enough, and for allowing us to remain in operation after our reserves began to decline.
I have attempted to reach US Government officials, with no success and as such, ERX is forced to shut down as it has nowhere to turn. 7,400 Gold is still inside of ERX in the form of deposits, but 0 Gold is left inside of our vaults. A month ago, we had over 13,000 Gold in deposits and a few thousand Gold in reserves. t'jelle Bank will be the hardest hit, as it has over 14,400 Gold in deposits.
We will maintain depositor information and should we manage to find the gold necessary to open either up for business or to repay depositors, we will do so.
Understand that I am hurt as much as my depositors. t'jelle was around for nearly 3 years, amassed over 30,000 Gold at one point, became the largest bank and exchange and became known internationally. t'jelle had thousands of depositors, and loaned to governments across eRepublik. It was my greatest pride and it truly hurts to see it go like this.
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Well thats depressing
Sorry to hear this as I'm once more starting up companies.
Best of luck to you.
Godspeed to you.
I'm sorry to here about the loss Aiden. It's a sad day for all of us really.
Godspeed to you. x2
Well this does make sense of things... Hopefully the bank can get the gold to help out the people involved
o.o
The FED cause it?
or the ERX itself?
It was only a matter of time.
So, what happens to the people who had money in there? Is it lost?
Is it lost?
Of course!
@Zqym - Yes, it is all gone.
I say force the eUS Government to pay up.
It's a tragedy that you had to close.
Even if they paid back the Gold I had in the Federal Reserve, it wouldn't be enough to bring everything back...
But could it not provide a stable launching point?
Why dont you ask the Admins for it? After all, it was probably their idiotic game changes that made people scared and decide to pull out.
(Im joking about asking the Admins for gold....we all know youll get nowhere with them)
[removed]
FUUUUUUUUUUUUUUUUUUUUUUUUUU
While I expected this of ERX, I'm very surprised that the bank is bust.
That's a sad thing to hear. Sorry to hear about it, I really did like the project.
Oh My God...
I figured.
One big scam.
I want to know why the banks deposits are not secured, they were not turned over to your care to be co-mingled with the risky ERX.
Damn, It was the one financial organisation one could really trust in eRrepublik.
Damn. Well, only invested what I knew I was comfortable on losing.
Many apologies, Aiden. The ERX added something special to this game. If you ever have a chance to lift it off the ground again, somehow, someway, let us know.
Salute. O7
As a "certified" stock we were supposed to be protected from losing our money. Yayy for losing the small amount of savings I had.
I guess it's 1929 in eRepublik.
I figured.
One big scam. x2
If it were in RL, you would know your cellmate very well by now...better than you'd want to.
ALL HAIL t'jelle bank.
-500g, is that right?
50g in tjelle, 100g in MBSB, 350g in BBBI... What happens now?
Sorry for your loss guys... I am in the same boat as Bia as well... Bye bye money..
Well, nothing can account for the vicious crooks and thieves that operate the eUSA government. No doubt, this is just another wrinkle of MM2's plot together with the Frost regime to bring down capitalism as well as democracy. That said, average citizens do have a choice. We can reorganize the economy on the basis of worker capitalism, where the laborers have a stake in the companies they work for, and benefit directly when those companies succeed. That is the basis I ran Olive Tree Enterprises, and that is the basis we are reorganizing the SFP communes, starting with Civil Food. We don't have a bank, and we won't have a bank until we need liquidity. No ponzi schemes, no ridiculous rates of return or silly interest rates. Straight dealing based on sound financial principles.
Is this like Madoff but in eRepublik? 500 losers and one 'winner'?
Why bankruptcy all of a sudden? Look at your previous post, there wasn't even a hint of anything untoward happening! Was t'jelle and ERX trading whilest knowingly insolvant?? If so, that is the crime and casts a monsterous suspicious shadow over the entire episode. Very sad.
Sad, playing ERX was more fun than... Well anyhow, how about the companies that received the benefit of our investment, no one mentions that. It would be nice if they would donate some gold to their poor investors when they are able.
A sad day for all, indeed.
Well, there goes that 16 gold I invested in tjelle a month or 2 ago on the ERX. Ironymaxx.
THIEVES!!!
A noble but doomed experiment. My favorite line: "I have attempted to reach US Government officials, with no success."
Somewhere the corpse of Milton Friedman is twitching. Free markets are a fraud.
Hats off to you Aiden for trying. Now run for your life before your investors catch you. XD
Lehman Brothers= t'jelle
This was a great project Aiden - if Erep was a better run and stable game ERX would have been as great as it should have been
"I have attempted to reach US Government officials, with no success" Who exactly in the e-USA have you attempted to contact and would not discuss this with you???
Your own employee is on the EC!
ERX was a known risk, however, I asked many questions and was reassured many times over that my bank deposits were secured. Therefore, I have been lied to and the loss of my bank money have been by unjust means.
AidenAstrup and other senior staff at these organizations should completely open the books to inspection on a google doc and provide it as evidence and immediately resign from all positions with in the e-US gov't.
I lost 160 gold. ;____;
I have nothing nice to say about this topic.
o.o
It´s awfull, but i don´t know how to say i´m sorry and wanna know what will happend with our gold
Its ridiculous, you just stole several players. How could you have more deposits than gold in your account? I dont get it, unless you took the money for yourself. Its easy to come here now with one just Im sorry.
I was neither into the bank or the ERX, however, I considered doing so at one point but decided against it for this very reason. It sounds very much like you've all been had.
-400 Golds FAIL
i want my gold
I thought my deposit was guaranteed? WTF! why tell people that their investment is safe when it CLEARLY is NOT?! Somebody is sitting on +7000 gold and I damn well want some answers!!!!
wow, too many golds in there mate, better spare some when you still can 😛
V2 did you guys in. It was all downhill after that.