e-Bullion: From its Inception to its Early Demise
For almost a decade, e-Bullion was an internationally renowned digital gold currency service provider chosen by numerous traders and online investors because of the convenience it gave to its account holders. After its incorporation in December 2000, it was launched formally on July 4, 2001. Soon enough, it garnered its own band of followers in different parts of the world.
e-Bullion was owned and founded by Jim Fayed from Moonpark, California, USA. He and his wife, Pamela Fayed, his business partner, worked hard to develop the company in spite of the existence of different competitions arising in the market. The business was registered as a legal corporation entity in Panama. The idea behind their company is it allowed instant transfer of any amount of gold and silver between different users of the services. Therefore, exchanges and payments can be easily done in a convenient and secured environment.
But the fame of e-Bullion was halted when Pamela Fayed was found dead in Century Park, California. On August 4, 2008, her husband was arrested and under the US Federal Custody for felony charges, or conducting transactions in e-Bullion using unlicensed money and for the murder of his wife. Since then, the activity of e-Bullion was frozen and later on closed for business. Until now, its website is still unavailable.
Features of e-Bullion
The use of digital gold currency is to save assets from suffering to the inflationary risks brought upon by fiat currencies, or currencies affected by the value set by government law or regulation. By using e-Bullion, the value of the asset is maintained to the original appraisal value and the probability of losing money.
Other features of e-Bullion are:
- Its primary servers are moved to Switzerland, known for its anonymous banking regulations unparalleled in any part of the world. Also, those redundant equipment and servers were put outside the Jurisdiction of the United States avoiding possible law conflicts.
- Unlike other Digital Gold Currency services, e-Bullion has its own in-house currency exchange service. Therefore, any e-Bullion account can be funded by the owner through wire transfers from his personal bank account.
- e-Bullion revolutionized further the DGC services by issuing its own debit card that can be linked to the owners account paving way for more convenience and faster transactions.
- e-Bullion also was the first to use CRYPTOCard technology in order to physically protect the accounts of the users.
- The Goldfinger Bullion Reserve Corporation, a sister company of e-Bullion, held the precious metals in safe bullion storage vaults located in Los Angeles, Delaware, Zurich or Australia.
- Users could hold and transfer value in gold, silver, or US dollars which they designate as e-Currency. The amount of bullion or US dollars held in the e-Bullion system was undisclosed.
The End of e-Bullion
The fall of e-Bullion is closely related to the death of the estranged wife of Jim Fayed, Pamela Fayed on July 28, 2008. She was stabbed to death in the parking lot of Century Park in Century City California. There are a number of witnesses who heard the screams of Pamela and a surveillance camera was able to record the license plate of the rental car used. It happened when she was about to attend a legal meeting to divorce his husband Jim Fayed and to stop him from hiding or moving some of their joint assets in e-Bullion.
When Jim Fayed was taken into custody by the US Federal, the authorities seized $3,000,000 in gold bullion, $60,000 cash and a credit card that was allegedly used in to pay the car that was used in Pamela’s murder.
The aftermath of that incident resulted to the taking down of the website. Up until now, the site is still unavailable primarily because it is impossible to return to normal operations without the direction and active oversight of Jim Fayed.