Flooz is officially dead

[mysterX]

We regret to inform you that Flooz.com, Inc. has ceased operations. The offices are closed and the company will file for bankruptcy protection.

Flooz.com has been adversely affected by dramatic changes in capital markets and the general slowdown in the economy. Flooz.com had been in merger discussions with a number of companies but was unable to find a suitable partner.

We wish to thank all of our customers, merchant partners, service providers, employees and investors for their support.

[TheLoneGunman]

Originally posted by mysterX
We regret to inform you that Flooz.com, Inc. has ceased operations

Flooz.com had been in merger discussions with a number of companies but was unable to find a suitable partner.


Yeah...

I'm sure companies were just lining up around the block to invest in a company that prints its own currency.

Perhaps Brazil would be interested. They run a similar operation down there.

[jason_j_a]

Yeah.... I could see the guys brainstorming about starting a company, "hey lets invent a form of online currency, so people can buy stuff online.". Genius 2, "how will they pay for this online currency we are selling." Genius 1,"why credit cards of course... how else do you buy stuff online." Genius 2, "great... but why not just use credit cards instead of our product." Genuis 1, "Shut up... you're fired."

[GlassHopper]

I'm surprised that Joel/"CYBER-RIPOFF" didn't buy up FLOOZ. He probably could have gotten it 'cheap' and would not have had to dip deeply into his ill-gotten gains. Then he could have paid off all of the people he still owes rebates to with FloozBucks.

[Sir_Froggy]

wut is flooz.com anyways? (besides a web site) and wut does it do?
sorry i'm not that up to date on stuff like this...

[Cheesypuff]

Flooz is like online money...use it on other websites like regular money...too bad though. I had like 50 bajillion flooz to spend.

[blueberry muffin]

The New York Times reports:

The company had unknowingly sold $300,000 of its currency, known as flooz, over the last three months to a ring of credit card thieves in Russia and the Philippines, before being alerted by the F.B.I.

Stolen credit card numbers were used online to buy the flooz currency, which could be used as gift certificates at retail Web site like J. Crew, Barnes & Noble (news/quote) and Tower Records.

Flooz.com's credit card processing company also alerted the company about the fraud, after the Flooz.com charges showed up on the monthly statements of people whose credit cards, or card numbers, had been stolen.

To cover any future refund requests from those credit card customers, the processor withheld daily reimbursements to Flooz.com from credit card sales and froze other accounts until it held $1 million of Flooz.com's money by the second week of August, the person close to the company said.