1 vote

Intrade shut down

I went to see what markets were open on Intrade [intrade.com] and found a pair of messages dated March 10th and March 24th respectively:

"March 10, 2013
With sincere regret we must inform you that due to circumstances recently discovered we must immediately cease trading activity on www.intrade.com.

These circumstances require immediate further investigation, and may include financial irregularities which in accordance with Irish law oblige the directors to take the following actions:
• Cease exchange trading on the website immediately.
• Settle all open positions and calculate the settled account value of all Member accounts immediately.
• Cease all banking transactions for all existing Company accounts immediately.

During the upcoming weeks, we will investigate these circumstances further and determine the necessary course of action.

To mitigate any further risk to members’ accounts, we have closed and settled all open contracts at fair market value as of the close of business on March 10, 2013, in accordance with the Terms and Conditions of our customers’ use of the website. You may view your account details and settled account balances by logging into the website.

At this time and until further notice, it is not possible to make any payments to members in accordance with their settled account balance until the investigations have concluded.

The Company will continue the maintenance and technology operations of the exchange system so that all information is preserved properly.

We are not able to provide telephone support or live help services at this time, please contact the company by email at: accountservices@intrade.com

We appreciate your custom and support over the years. We are committed to reporting faithfully the status of things as they are clarified and hope you will bear with us as we do all we can to resume operations as promptly as possible.

Sincerely,

The Board of Directors of Intrade the Prediction Market Limited"

then,
"March 24, 2013

There is little new information to that provided previously on March 10, 2013. We believe our continuing investigations will be concluded no later than April 5, 2013.

With the advice of counsel, the Directors will determine the appropriate further course(s) of action required. Formal legal inquiries have already been undertaken. To fully protect the Company’s legal positions, we are unable to comment further at this time.

We are also in the process of retaining new accountants and auditors. Company bank accounts remain frozen until such time as we clearly understand the financial position of the Company. Therefore it is still not possible to make any payments to members before the investigations have been concluded.

The Company will continue the maintenance and technology operations of the exchange system so that all information is preserved properly.

We are not able to provide telephone support or live help services at this time; please contact the Company for all inquiries by email at: accountservices@intrade.com

Sincerely,

The Directors of Intrade the Prediction Market Limited"

I wonder what's up.




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Darn! I bet $1 million on

Darn! I bet $1 million on Complete and Total Worldwide Economic Collapse. That was my whole retirement fund.

Ha!!

I remember, there was a market for 'The visitation of an alien lifeform on or before Dec, 31 2016'

I realized that was an excellent market to go short on, since if it cames true, you wouldn't be around long enough to collect your money.

For those who don't know:

Intrade is an online markets trading website based out of Ireland. You could long or short outcomes of various events (a popular market in 2012 was: "Will Mitt Romney win the Republican National Convention nomination for President of the U.S.?"

The odds of events fluctuated based on which markets were selling, and (probably) among other things. So say the event listed was given odds of 60%, you could pay 6 dollars for a share and earn $10 when the event proves true, or $0 when the event proves false. Alternatively you could 'sell' a share, and earn an immediate $6 credit, and only pay out if the event proved true.
(It's glorified gambling ;) )