There is more bad news for those with chips stuck on Lock Poker. We reported last week that players that received player to player transfers were seeing their cashout requests reversed by Lock Poker security when it came time to process them a month later. Some of these issues were reported by smaller players or those that had won more than they had received in transfers. Many had even met the previously advertised wager requirement on transfers. That caused Lock Poker chip prices to fall to $.50 on the dollar.
Prices held at that level over the weekend until Two Plus Two member kilowatt made a post in the Lock Poker sponsored forum. The post starts with this:
Lock Poker is broke. Player funds are gone.
Kilowatt goes on to state that an inside source had confirmed that Lock Poker had lost a substantial sum of money in the Cyprus bank debacle. Some individuals and companies that invested and deposited in Cyprus banks lost as much as 60% of their deposits due to the Greek banking crisis, which is where many Cypriot banks invested their money.
Funds were locked by the banks for 12 days and large depositors were the ones that took most of the losses. Many banks in other countries sell bonds to generate cash to make investments. Banks in Cyprus used customer deposits so there was nobody left to pay the losses besides those that had perhaps unknowingly made a risky investment. This situation contributed to the run up of Bitcoin prices.
Lock Poker was not the only online poker room affected by the Cyprus banking scandal. Other online poker rooms experienced delays while the country’s banking system was shut down. The difference is that no other poker room was already in a dire cashout situation before the crisis.
To put the value of Lock Poker chips into perspective, Absolute Poker and Ultimate Bet chips were trading at around $.50 on the dollar in the weeks after Black Friday when US players could not cashout and rest of world players could only cashout about $1,000 each month. The price of Cereus chips did not fall into the $.30’s until about 6 weeks after Black Friday. It appears that the market is trying to compare today’s Lock Poker situation to the Cereus implosion. The fact that buyers of Lock Poker chips will have few or no ways to withdraw their money could put further pressure on Lock Poker chip values. This may affect the entire network, even financially strong skins, due to the possibility of chip dumping.
4Flush has been unable to independently verify this rumor. We are simply reporting the further collapse of Lock Poker chip values. Lock Poker has not responded to the accusation made 24 hours ago. They have posted in other threads within their forum since that time.
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