Virtual banking crisis

Linden Labs has responded to a financial crisis that erupted in its virtual world - Second Life.

Ginko Financial temporarily closed down after it...

Linden Labs has responded to a financial crisis that erupted in its virtual world - Second Life.

Ginko Financial temporarily closed down after it couldn't make good on withdrawal requests of L$50, 000,000 (Linden dollars). The floundering bank blames Second Life's recent gambling ban for the surge of withdrawals. While the virtual bank sells its assets, it is converting all customer deposits into bonds. But sit tight - Ginko urges customers in a statement:
Ginko Financial will bounce back from this and if you stick with us, you wll not lose anything. If you must sell the bonds, then you must sell, but I advise against accepting low prices.

Today Linden Life responded with its own blog post attempting to clarify its virtual economy. And with these words to investors:
We caution our residents to be wary of anyone offering extremely high interest rates at no risk, either in the real world or in Second Life — if it sounds too good to be true, it probably is.

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