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Virtual Bank Collapse Causes Real Pain

$750K losses in Second Life prompt calls for federal regulation

By Heather McPherson,  Newser User

Posted Aug 15, 2007 2:19 PM CDT

(Newser) – Ginko Financial, an unregulated investment bank that promised returns of up to 60%, collapsed recently, costing its customers 200 million Lindens—the currency of online virtual universe Second Life, where the bank existed. While the bank, managed by a mysterious, anonymous owner, catered only to...   Read full story »

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