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Dear Account Holder,

It is with great deal of sadness and regret that we have to inform you of the closure of Evocash. After nearly five years of trading the owners have reluctantly decided that they cannot carry on running a business that is permanently under attack both financially and physically and by continuing they are just prolonging the inevitable. The reasons for the closure are many and varied but just a few of the main reasons we will list below. In the last two years server and hacking attacks had increased to between 25-40 attacks each day. Although we have managed to deal with most attacks what is becoming unmanageable are the frequent DDoS attacks that are happening to many websites on a daily basis. The last big attack that took Evocash off line for days was so big that it took up all of our lines and even started to affect services in other countries. The daily cost of dealing with hacking and DDoS attacks is way out of proportion to the amount of profits that can be made from this type of business.

Many of our account holders probably know of the problems we have had with a business called Freelandopps during the last few months and this ongoing problem has had a very serious affect on not only Evocash but other exchange businesses that deal with us on a daily basis. There have been so many lies and rumours posted on forums and talked about in chat rooms that even some of our own exchangers have started to attack us and give us problems. This has become so bad that our main exchanger X-Changers has told us that they will no longer service our daily funding and redeems after the 14th October. They have made it clear that the exchange service for Evocash will not resume again until we have reached an amicable agreement with Freelandopps. Any agreement, if in fact one could be reached with Freelandopps, would be months in to the future, there is absolutely no possibility of a quick solution.

The final reasons that made the owners decide to close the business are the problems that exchangers are experiencing on a daily basis. Over the years we have lost track of how many of the exchangers bank accounts have been closed down for no apparent reason and in some cases funds have not even been returned to the exchanger. Within the last two weeks one of our main exchangers CashChange were ordered by their National bank to cease operations immediately and were told they could not operate as an exchanger in Europe. This came almost at the same time that we were informed that Australian exchangers have been advised that they have to apply for a licence to act as an exchanger, which in our opinion will never happen. To add to that we know of two cases where other exchangers have been told they have to produce records of transactions. Evocash does not and never has operated a system that allowed direct funding by an account holder to their Evocash accounts and all account funding must go through an exchanger.

If it is the intention of most governments to close down e-currency exchangers, and we think it probably is because that is the only way they can control the flow of money, then Evocash would not be able to survive without the services of our exchangers.

Payments

All of the existing Evocash accounts and account transactions will have to be thoroughly audited to compile a list of account refunds that need to be issued. This auditing of the whole system is a mammoth task and although we cannot give an exact date for its completion, we will of course endeavour to get this completed as quickly as possible. Once the auditing has been completed Evocash will be sending you a check for your account balance. We are sorry but there will not be any other payment options.

Your contact details

On the application form above we need you to fill the name that is to go on the check and the address it is to be mailed to. This is extremely important because without that we will have to mail the check to the name and address that is listed as your current account information. Please do not use this address panel to send Evocash a message because only contact names and addresses will be dealt with and any message you send will be filtered out.

Contact

During the auditing of all accounts we will not be accepting any emails. We know this will be very frustrating for everyone but if we leave staff answering emails it will not be very productive because they will not be in a position to answer your questions.

All future news and updates will be posted within the account area; please login periodically and check for these updates as this will be your only means of checking progress. Messages that are posted in the account area will be the only official messages that come from Evocash. We would appreciate it if you would ignore anything you read on forums or hear in chat rooms as most of these are people's opinions and usually contain not one grain of truth.

Funding

No further account funding is being accepted and X-Changers have informed us that any funds that they have received after Wednesday 13th October will be returned to the sender. If you have sent funds to any other exchanger then you need to contact them and request a return of the funds.

Redeems/Payment requests

Any redeems that have not been completed by an exchanger will be rejected and sent back to your account and will form part of your refund balance.

Purchase of Evocash

In the last three months Evocash has received four offers to buy the entire Evocash system and take over all of the existing accounts. Although two of these offers had no substance at all the other two do have and were worth considering. The owners are still negotiating with one of the companies at this time. We cannot say at this stage if anything will materialise from these negotiations but please be assured we will keep you up to date with any progress.

We sincerely apologize for the inconvenience this closure may cause to our account holders.

Evocash