What a shocker! I was beginning to write up the article on the planned HYIP Battles #4 and went to the FexFund website for more information. And, there it was, the announcement that the program had closed. Many investors, myself invcluded, had pegged FexFund as a program that would be around for a long time to come. It only goes to show how risky the HYIP business is. A person can do their very best to understand an HYIP. However, the unexpected can and does happen. I will give the Admin of FexFund credit for providing a plausible explanation for closing the program. A while back, we published an HYIP Insights article on honesty that was directed at Admins and operators of HYIP monitors (you can read it here). From this point of view, the Admin of FexFund could not have done better with respect to the way he handled closing the program. Typically, what happens is that a program silently vanishes without a word from the Admin — who most likely decided to go on vacation and enjoy the deposits of his investors where he will probably design another program to repeat the process.
Here’s the announcement from FexFund…
Dear Investors Unfortunately, the latest BTC-E exchange collapse had an enormous impact on our site. Recently we were spreading our portfolio between different trades, and we put about 80% of our resources on BTC-E exchange. We also did take a huge hit by getting scammed by coinpayments.net while they closed our wallet without any notification, holding investor’s money. This night we just run out of the money… I’ve cashed out all the money from the markets (whatever was left) to cover all withdrawals, but demands were much higher than deposits coming in. And we have no money in the markets so we cannot make any profit now. We are sorry, but in this situation, we cannot do anything else but terminate FexFund.net. We understand that this leaves some investors on loss, which couldn’t get their ROI and we are sorry for that. But we were HYIP site after all, and our ToS was clear enough about the risk: “Each user must be aware that any investment in the Company carries an investment risk.” Congratulations for those which made three full 30-day cycles getting large income. We are very disappointed that our history ends like that, but we got the lesson out of it, and I hope we will meet in some future when BTC settles down, and markets will be much more stable. With respect George Soleos CEO of FexFund.net
As I indicated in the previous news item, I was starting to put the article together for HYIP Battles #4 when I learned that one of the contestants died! So, FexFund vs. Castle-Inv isn’t going to happen! I suppose you could say that Castle-Inv won by default (the way FexFund won the two Battles it participated in). However, since we didn’t even publish a first part for this Battle, cancelling is probably the right way to go.
In these Battles, I try hard to match two programs that have a great deal of similarity — programs where the investor might have a hard time trying to decide which is the best place to put his hard-earned money. This is fun to do and sometimes we come up with some surprising results. Along that line, in case you’ve forgotten, take a look at HYIP Battles #2 (that you can read here). I almost fainted as it became clear where the article was going.
So, I guess I have to look for a new pair of contestants…
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