Unable to process its countless cashouts, disgraced online poker site Lock Poker is still trying to lure people into its web.
After launching version 2.0 that had absolutely no effect on the site’s ability to process withdrawals, Lock Poker has come up with other ideas to boost their nearly-dead traffic: a new poker site by the name of Superwins.eu joined the Lock network, plus a new rake and bonus promotion – REKOLLECT – that promises a 200% deposit bonus and a rake chase “with a chance for even more cash prizes.”
Of course, whoever reads the 2+2 forums already knows about the serious accusations Lock is facing and definitely won’t take the bait. According to the latest 2+2 report updated through March 19, 2014, a total of 362 players are still waiting to get their money back while only 47 players have been paid since January 11, 2013. Lock owes those players over $936,000 and the number could be even higher if we count the users that didn’t have the opportunity to get in touch with the author of this report – ‘IHasTehNutz.’
Even the former sponsored pros are turning their backs on the disgraced site. Recently, a former Lock pro who wished to remain anonymous shared some insights on Lock’s business and how some of the players made quite a small fortune just “by working the system.”
In an Online Poker Report interview, the former Lock pro talked about a rumor that was going around. “I heard of one non-pro getting biweekly Skrill withdrawals for $10k. He would purposely drive the price down on 2+2 by as much as he could on the site, then he would rake $20k or more per month to keep getting the expedited cashouts. He was making $20k just by working the system,” he explained.
He launched a full-out attack on the way the 2+2 community handled the situation – the negative PR via word of mouth with no real proof. However, the reality is the real proof and shows that the community was actually right.
The poker pro also explained how things were done early to mid-2013. He talked about certain active 2+2 users lying about their withdrawal times, launching unsustainable rumors about frozen bank accounts and shut-down processors, and trying to lower the market value for every Lock dollar.
Since the poker site was becoming more and more unstable, the poker players were trying to get their money back and sold every Lock dollar in their bankroll for less than 70 ($0.70) cents to start with.
IHasTehNuts, who also recorded these particular trades, shared with the community how the value of a Lock dollar plummeted into mere oblivion. For example, in January 2013, 72 trades were made at an average rate of 68.86, meaning for every Lock dollar, the user received 68.86 cents. In June, 51 trades were reported at an average rate of 37.97 cents on the dollar, while in the last month of 2013, only 3 trades were made at an average rate of 17.25. Since nobody is getting paid anymore, in 2014 the market value of a Lock dollar has decreased to 10.92 cents.
However all the trades and rumors doesn’t justify at all Lock Poker’s faulty business and the lack of communication with its customers. If the players’ funds had been segregated, all those 2+2 trades and rumors shouldn’t have had any real effect on those funds. “Even if someone was able to ’unfairly manipulate’ the price of Lock to .10, and millions of Lock dollars are being bought and sold on a secondary market, it doesn’t change their liabilities. They still owe millions, and received millions in deposits,” user ‘JimAfternoon’ pointed out.
In fact, it is likely that Lock didn’t have a segregated pool with the players’ funds in the first place. Now, in spite of all their promotions and network extensions, all the signals show that the funds are not there anymore. Less and less cashouts are being processed and the waiting time is increasing rapidly and will soon reach the 100,000-days mark (total days from the cash-out requests from all the 362 players combined waiting for their money). Will they ever get their money back?