E-Bullion
Encyclopedia
e-Bullion was a digital gold currency
founded by Jim Fayed, a resident of Moorpark, California, USA. The company was incorporated in December, 2000, and launched on July 4, 2001. Jim Fayed was in United States Federal custody facing felony charges of conducting unlicensed money transactions via e-Bullion and the murder of Pamela Fayed (his estranged wife and business partner), and e-Bullion was closed for business and the website unavailable.
Similar to competing systems such as e-gold
, e-Bullion allowed for the instant transfer of gold
and silver
between user accounts. e-Bullion was a registered legal corporate entity of Panama
.
so as to avoid inflationary risks associated with such currencies.
that allegedly was used to pay for the rental car that fled from the murder scene..
The e-Bullion website was taken down for a 4-hour "maintenance" window at 1PM Pacific, August 5, 2008. it was still unavailable and court papers filed by James Fayed as part of his divorce proceedings indicate that normal website operations would be impossible without his active oversight and direction.
Digital gold currency
Digital gold currency is a form of electronic money based on ounces of gold. It is a kind of representative money, like a US paper gold certificate at the time that these were exchangeable for gold on demand. The typical unit of account for such currency is the gold gram or the troy ounce,...
founded by Jim Fayed, a resident of Moorpark, California, USA. The company was incorporated in December, 2000, and launched on July 4, 2001. Jim Fayed was in United States Federal custody facing felony charges of conducting unlicensed money transactions via e-Bullion and the murder of Pamela Fayed (his estranged wife and business partner), and e-Bullion was closed for business and the website unavailable.
Similar to competing systems such as e-gold
E-gold
e-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and allowed the instant transfer of gold ownership between users until 2009 when transfers were suspended due to legal issues. e-gold Ltd...
, e-Bullion allowed for the instant transfer of gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
between user accounts. e-Bullion was a registered legal corporate entity of Panama
Panama
Panama , officially the Republic of Panama , is the southernmost country of Central America. Situated on the isthmus connecting North and South America, it is bordered by Costa Rica to the northwest, Colombia to the southeast, the Caribbean Sea to the north and the Pacific Ocean to the south. The...
.
Features
As with any digital gold currency, the main focus was keeping assets away from fiat currenciesFiat money
Fiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
so as to avoid inflationary risks associated with such currencies.
- It moved its primary servers to SwitzerlandSwitzerlandSwitzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
. The redundant servers and equipment were also outside United StatesUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
jurisdiction. - Unlike e-goldE-golde-gold is a digital gold currency operated by Gold & Silver Reserve Inc. under e-gold Ltd., and allowed the instant transfer of gold ownership between users until 2009 when transfers were suspended due to legal issues. e-gold Ltd...
, e-Bullion provided its own in-house currency exchange service. An e-Bullion account could be funded directly via wire transferWire transferWire transfer or credit transfer is a method of electronic funds transfer from one person or institution to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office...
from a bank account. - e-Bullion was the first DGC to issue its own debit card linked to an account.
- e-Bullion was the first to use CRYPTOCard technology to physically protect user accounts.
- Goldfinger Bullion Reserve Corporation, a sister company of e-Bullion, held the precious metals in bullion storage vaults located in Los AngelesLos ÁngelesLos Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
, DelawareDelawareDelaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
, ZurichZürichZurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
or AustraliaAustraliaAustralia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. - 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.
2008 murder of e-Bullion principal and federal felony charges
On Monday July 28, 2008 Jim Fayed's estranged wife Pamela Fayed was stabbed to death in a parking structure at 1875 E. Century Park in Century City, California. The crime occurred at 6:30PM in daylight and was overheard by numerous people who responded to the victim's screams. A surveillance camera recorded enough details for a rental car to be identified by license plate and for a suspect description to be announced. She was due to appear that day in one of several ongoing legal meetings in her divorce from Jim Fayed and was reportedly attempting to stop him from moving or hiding some of the joint assets involved in e-Bullion. Fayed was in United States Federal custody facing felony charges of conducting unlicensed money transactions via e-Bullion. Federal authorities seized $60,000 in cash, $3,000,000 in gold bullion and a credit cardCredit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
that allegedly was used to pay for the rental car that fled from the murder scene..
The e-Bullion website was taken down for a 4-hour "maintenance" window at 1PM Pacific, August 5, 2008. it was still unavailable and court papers filed by James Fayed as part of his divorce proceedings indicate that normal website operations would be impossible without his active oversight and direction.