From Surf Wiki (app.surf) — the open knowledge base
Ginko Financial
Ginko Financial was an alleged Ponzi scheme on the social networking video game Second Life. It offered accounts denominated in Linden Dollars, which would be paid extremely high interest rates (at one point 0.145% per day or 69.7% per year), ostensibly funded by undisclosed investments.
Many of the bank's investments were believed to be in in-game casinos. In 2007, after Linden Labs placed restrictions on in-world gambling, there was a run on the bank which caused it to collapse. All remaining accounts (by then worth 200 million Linden Dollars) were compulsorily converted into perpetual bonds.
After the collapse, Linden Labs introduced a rule that interest-paying accounts in Second Life could only be offered by organisations with real-life banking licenses.
References
References
- [http://secondthoughts.typepad.com/second_thoughts/2007/08/ginkos-goinggoi.html "Ginko's Going...Going?"]
- [[The Alphaville Herald]], [http://alphavilleherald.com/2007/08/ginko-financial-2.html "Ginko Financial’s End-Game"], August 6, 2007
- [[Linden Labs]], [http://wiki.secondlife.com/wiki/Linden_Lab_Official:New_Policy_Regarding_Inworld_Banks "New Policy Regarding Inworld Banks"], January 2008
This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.
Ask Mako anything about Ginko Financial — get instant answers, deeper analysis, and related topics.
Research with MakoFree with your Surf account
Create a free account to save articles, ask Mako questions, and organize your research.
Sign up freeThis content may have been generated or modified by AI. CloudSurf Software LLC is not responsible for the accuracy, completeness, or reliability of AI-generated content. Always verify important information from primary sources.
Report