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WSE, Second Life, Stock Exchanges and Accountability
It has been an interesting few days in Second Life, a long few days for Mystik Boucher who broke the news about the WSE being “hacked” by Thurston Hallard, and I am sure they will be looking longer to her now that the WSE has liquidated her companies assets, here is how it started, or at least, where I first learned about it.
A few short days ago, it had come to the attention of LukeConnell that the WSE had been hacked and lost over 3.2mil/L.
I come into this story, well, because it was the Chairman of Board @ MDS who has allegedly hacked the WSE.
On Saturday I received an e-mail from Patsy Linden stating that my account was placed on Hold due to an Administrative Review.
This is likely the cause of the transactions between myself and Thurston. Which I’m not the least bit concerned about, but what bothers me is that Linden Lab is failing to contact me regarding any information about the situation that I have to offer. Source: WSE Hacked.
Now, Mystik had nothing to do with the theft of the L3.2 million, but her account at the WSE is gone and her assets have been distributed. She decided to delist from the WSE, saying, “We’re walking from WSE. We’re one of the strongest buys there and our name will not be tarnished due to their lack of security implementation.” In another interview she said, “The WSE first froze my assets in their system, then distributed my protected works to third party individuals with full permissions, while neglecting to even pay for those works. I cannot comment on legal action at this time.”. Mystik also said that the WSE was going to cover the whole thing up and sweep it under the rug.
In my interview yesterday with Mystik Boucher, CEO of Mystik Design (MDS), Mystik stated that LukeConnell Vandeverre, the WSE CEO, intended to cover up the hack and theft. According to Mystik, Luke hoped to “keep a very tight lid on it, like it never happened.” Mystik’s blog entry makes that impossible now. Mystik reports that Luke has frozen her accounts with WSE. Because she had access to the accounts after Luke was aware of Thurston Hallard’s alleged involvement, and did not freeze her accounts until she went public, it seems plausible to infer that this was in retaliation for her decision to report the theft to the SL community. Moreover, WSE has deleted a number of recent announcements by MDS previously posted on www.WSELive.com, including an announcement that MDS is voluntarily delisting from WSE due to a lack of confidence in management. Source: Coverup Accusations Surface in Second Life Financial Scandal
As Wayne Porter so eloquently put it,
LukeConnell needs to learn from his mistakes and build a more secure platform, understand that MOD rights means MOD rights and think about contracts, and protecting the platform and assisting new traders in form, disclosure, etc. It is dicey enough with no Real Word identity and NO REAL accountability let alone goods that don’t exist, a platform that is rocky, and so many security hazards I can’t name them all and I am a security professional. By now some my have guessed who I am (well one of how many avatars?)…out performing strange social experiments, going Indiana Jones style ala Snowcrash and exploring the brave new world. If you have figured it out good for you if not soon enough. You’ll be seeing me, because if Ms Boucher is cleared I want to know why trading is still halted. I think we both know.
The story of this debacle will come and go as all things do, but avatars must learn that without accountability, without repercussions of some sort it really is just a game and the object will always be to “Game the system” and not a better world make. Reward those who are accountable. I do. We all should there is much value in the virtual world and it isn’t all in Lindens relationships, ideas, talent and friendship. Learning, new viewpoints, new cultures, new models for metrics! Here is a tip just like Facebook what you do and say isn’t private. Get that straight my dear avatars. It is an illusion easily understood by reading the Terms of Service. This doesn’t mean it is all bad, but don’t let the ephemeral nature of the medium lull you to sleep. Source: World Stock Exchange- Accountability in a Virtual World: Gaming the Game
Speaking of opening trading again, check out this pic, this is Nobody Fugazi from the same blog as Mystik, and all he is doing is asking when the ATM’s will be back online. What happens? A bunch of guys with GUNS show up to tell him, there is nothing wrong, and the guns are because they are on alert. Please. His post on it here, worth a read.
The CEO of the WSE, LukeConnell Vandeverre is on record saying that SL stock exchanges are “a game”, Maelstrom Baphomet of AVIX has said the same. I guess this could cover them under such circumstances, hey, I’m sorry you lost L$3.2 million, but, its just a game. So, where is the accountability? Why would anyone invest real money in a game? MDS, Mystik Designs, was large company in SL terms, worth about L$13 million or around $50,000 US, pulling in about $80,000 US a year, do you think they were playing a game? How does this compare to real life stock exchanges, and how would they handle a similar situation? I bet their solution wouldn’t even be close to the WSE’s. I leave you with this timely video, that was created before this story broke.
Note: The WSE ATM’s came back online sometime in the past few hours, finally.
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I also said that AVIX and I take the investment seriously. I’m not wasting my investor’s linden that’s for certain. WSE and AVIX, soon to be CAPEX, are entirely different entities of entirely different standards. Before you do a shoddy report that’s incomplete, why don’t you investigate the standards in detail first?