1mdc

1mdc was a <a href="/facts/Digital_gold_currency/IvhqFL6T">digital gold currency</a> (DGC) that existed from 2001 to 2007 in which users traded digital currency backed by reserves of <a href="/facts/E-gold/6vEl0HaG">e-gold</a>, rather than physical bullion reserves.
The website appeared to switch between various offshore hosting locations, and used software designed by Interesting Software Ltd, an <a href="/facts/Anguilla/FUQnwcFa">Anguilla</a> company.
As of April 27, 2007, a US court order has forced e-gold to liquidate a large number of e-gold accounts totalling some 10 to 20 million US dollars' worth of gold. A small part of this seizure was 1mdc's accounts and assets <a href="https://www.usdoj.gov/opa/pr/2007/April/07_crm_301.html">[1]</a>. If the court order in the USA is reversed, a user's e-gold grams remaining in 1mdc will "unbail" normally to the user's e-gold account. Ultimately e-gold is owned and operated by US citizens, so, 1mdc users must respect the decisions of US courts and the US authorities regarding the disposition of e-gold and the safety and security of US citizens. Even though 1mdc has no connection whatsoever to the US, and most 1mdc users are non-USA, ultimately e-gold is operated from the USA.

1mdc open-in-new

1mdc