E-gold

eGoldDouglas Jackson
E-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under e-gold Ltd. that allowed users to open an account on their web site denominated in grams of gold (or other precious metals) and the ability to make instant transfers of value ("spends") to other e-gold accounts.wikipedia
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Digital gold currency

digital gold currenciesbelowdigital
E-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under e-gold Ltd. that allowed users to open an account on their web site denominated in grams of gold (or other precious metals) and the ability to make instant transfers of value ("spends") to other e-gold accounts.
e-gold was a digital gold currency founded in 1996.

Phishing

spear phishingspear-phishinganti-phishing
E-gold's store of value and large user base made it an early target of financial malware and phishing scams by increasingly organized criminal syndicates.
The first known direct attempt against a payment system affected E-gold in June 2001, which was followed up by a "post-9/11 id check" shortly after the September 11 attacks on the World Trade Center.

Digital currency

electronic moneydigital currencieselectronic purse
Digital currency
Other systems followed suit, such as e-gold, but it faced issues because it was used by criminals and was closed by U.S Department of Justice in 2005.

Cryptocurrency exchange

bitcoin exchangeexchangedigital currency exchange
Digital currency exchanger
In April 2007, the US government ordered E-Gold administration to lock/block approximately 58 E-Gold accounts owned and used by The Bullion Exchange, AnyGoldNow, IceGold, GitGold, The Denver Gold Exchange, GoldPouch Express, 1MDC (a Digital Gold Currency, based on e-gold) and others, forcing G&SR (owner of OmniPay) to liquidate the seized assets.

Precious metal

precious metalsbullionprecious
E-gold was a digital gold currency operated by Gold & Silver Reserve Inc. (G&SR) under e-gold Ltd. that allowed users to open an account on their web site denominated in grams of gold (or other precious metals) and the ability to make instant transfers of value ("spends") to other e-gold accounts.

Nevis

Island of NevisCharlestownColony of Nevis
e-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis with operations conducted out of Florida, USA.

Saint Kitts and Nevis

🇰🇳KittitianParish
e-gold Ltd. was incorporated in Nevis, Saint Kitts and Nevis with operations conducted out of Florida, USA.

Oncology

oncologistmedical oncologyoncological
E-gold was founded by oncologist Douglas Jackson and attorney Barry Downey in 1996.

Safe deposit box

safety deposit boxsafe depositdepositories
The pair originally backed the services accounts with gold coins stored in a bank safe deposit box in Melbourne, Florida.

Melbourne, Florida

MelbourneMelbourne, FLCocoa Beach
The pair originally backed the services accounts with gold coins stored in a bank safe deposit box in Melbourne, Florida.

NACHA

NACHA - The Electronic Payments Association
By 1998, G&SR (the system operator) was an Affiliate Member of NACHA and a Full Member of NACHA's The Internet Council.

PayPal

PayPal Holdings PayPal Inc.breakup of eBay
The company was launched two years before PayPal but did not manifest exponential growth until 2000.

Payment service provider

Payment Servicespayment providerPSP
It was also the first non-credit-card payment service provider to offer an application programming interface (API) enabling other services and e-commerce transactions to be built on top of it.

Application programming interface

APIAPIsapplication programming interfaces
It was also the first non-credit-card payment service provider to offer an application programming interface (API) enabling other services and e-commerce transactions to be built on top of it.

E-commerce

eCommerceelectronic commerceonline
It was also the first non-credit-card payment service provider to offer an application programming interface (API) enabling other services and e-commerce transactions to be built on top of it.

Online auction

online auctionsAuctioninternet auction
E-gold was used by both individuals and merchants for services including metals trading, online merchants, online auctions, online casinos, political organizations, and non-profit organizations.

Online casino

online casinoscasinocasino games
E-gold was used by both individuals and merchants for services including metals trading, online merchants, online auctions, online casinos, political organizations, and non-profit organizations.

List of currencies

national currencies
By 2001, several dozen companies and individuals from around the world were offering third party exchange services between national currencies and e-gold, further extending e-gold's international user base.

Micropayment

micropaymentsmicrotransactionsmicro-transactions
E-gold, which allowed transactions as small as one ten-thousandth of a gram of gold, was also the world's only successful micropayment system.

Bullion

silver bulliongold and silveractual gold weight
E-gold was unique at the time in that they created the "e-gold Special Purpose Trust" which held title to the physical bullion on behalf of the users.

Gold bar

gold bullionbarsgold bars
They also created a real-time statistical reports page that showed the total holdings of each metal in the trust account, list of gold bars with serial numbers, the total number of accounts, as well as the total number and value of transactions in the previous 24 hours.

Malware

malicious softwaremaliciousmalicious code
E-gold's store of value and large user base made it an early target of financial malware and phishing scams by increasingly organized criminal syndicates.

Microsoft Windows

WindowsPCWin
In addition to phishing, the attackers made widespread use of flaws in the Microsoft Windows operating systems and Internet Explorer web browser to collect account details from millions of computers to compromise e-gold accounts.

Internet Explorer

IEMicrosoft Internet ExplorerExplorer
In addition to phishing, the attackers made widespread use of flaws in the Microsoft Windows operating systems and Internet Explorer web browser to collect account details from millions of computers to compromise e-gold accounts.