Updated: 06/01/2010 16:56
Reprints/Permissions  Hyip Monitor
I’m sorry, dear investors, but I couldn’t help myself. I’m aware that saying «something scam” is bad manners. This...

I’m sorry, dear investors, but I couldn’t help myself. I’m aware that saying «something scam” is bad manners. This phrase has long been nothing but the way of gaining popularity, that’s it. The thing is any program can be called scam. Yet this time I can’t find another word. After all StrictPay has actually wiped our noses. To be more precise it has wiped the noses of all those trustful investors who neglected the situation and believed in SP, despite its reputation.

I have an idea. What if we launch the project and offer the service of transferring money through the project. We could work for a while and then refuse to return money. The reason makes no difference as the funds would already be gone. They would be derived and cashed out. The main thing is to stop all processes and devaluate the currency. You can now get SP with exchangers’ for peanuts. Then buy this money at low price not fooling anyone. Thus you get 60 % from each dollar instead of 2 % from each operation! You put $10 in StrictPay, and got $4 back! Here is my theory. Or fantasy. And here is the reality.

As we know StrictPay recently announced one of its bank accounts was frozen. They were unable to return cash to its clients (to top-up their bank accounts). Thus cashing out of SP was stopped. You can exchange it but cannot get cash directly. A panic began…

Official representatives of the company announced on June 01, 2010 that all the pending withdrawals have been removed and now you will have to re-submit them with smaller limits allowed. Bank wires were limited to $500 which is really small considering that some investors have thousands there. It is notable that the exact timeframes were not given so you could theoretically wait for months before seeing your money in your bank account.

Reputable critics of the market have already called this event as unprecedented. SP admin is not only neglecting the terms of cooperating with clients, it doesn’t provide security to its customers. Here is what they say:

Please do not buy it as having StrictPay now is like having monopoly money. I believe each e-currency has its own value based on its level of liquidity, i.e. is capable of be bought and sold in large quantities and converted into real spendable cash. It’s an economic law and if an asset loses its liquidity nobody wants it anymore. That’s what is happening with StrictPay now as it’s still accepted by many HYIPs but that will be over pretty soon if StrictPay is not able to find a way out of their banking troubles anytime soon.

In the following update from StrictPay the admin tried to find healing words for all SP members:

As we have always wished this to be a long-term payment option for our customers, we must make decisions that insure that we will still be in business for many years into the future. We have decided that the best options for long-term company success are as follows:

1. Cancel all pending withdraw requests, and all funds go back into customers’ StrictPay account balances
2. New withdraw limits for each different withdraw option we offer
3. Remove the current time frames for withdraw requests
4. Introduce the new average time frame tracking option

There are new withdraw limits in place for each different option we offer, and you can view these limits by clicking on the Withdraw link and choosing each option. You will also notice that on each page we have replaced the expected time frames with the current average time frame for that option of withdraw. We cannot know if the time frames on withdraws are going to be days, weeks, or months, but at least we wanted to give our customers the option of monitoring the time frames as they gradually trend towards improvement. Our funding department will then continue processing withdraw requests in the order they are received as funds become available to us, and this also gives all customers the option to use one of the many exchanger services that accepts StrictPay to withdraw their funds if they wish.

We know this solution is not ideal for anyone involved, but it allows us to continue serving our customers for both the short term and long term. These reduced limits allow us to be able to maximize our available funds in order to help us to process requests for a bigger percentage of our customers. Our customers can also count on being able to either use their funds with merchants that accept StrictPay, or to know that they will be able to withdraw their funds eventually. The only other two options we see available at this time would be to temporarily shut down the StrictPay website until this situation is resolved, or to change our entire system so that we only do deposits and withdraws through the use of exchanger services. We feel that these newest changes will at least give our customers more than one option, where as the other two choices we mentioned really do not.

Over the years we have been very flattered by, and thankful for, the level of support that our customers and merchants have shown us. During these next few months the success of StrictPay is going to be inherently tied to this continued support of our customers and merchants. We are aware that there are certain online information sources that have been making claims of us not doing any withdraws for people, as well as spreading other disparaging rumors that are just not true. Our plea to our customers is a simple one: do not buy into the negative thought processes that seem to be prevalent in many online forums, blogs, and message boards. While it is true that our withdraw request time frames are delayed, and a major inconvenience for our customers, the claims that we are not processing any withdraws are simply false. We truly believe that the changes we have implemented, along with the continued support of our customers and merchants, will insure the long term success of StrictPay. We apologize for the inconvenience this is causing, and we ask for your patience and understanding during this transition period.

Thank you. Team StrictPay”.

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