Stolen domain gets peddled for $1,000,000 bucks.
Someone just flushed $1,000,000 dollars down the drain, after buying an apparently stolen domain name.
Member “Dong Yuan” posted in a NamePros thread:
“I have big problem i have buy domain for $1 Million USD on 8 May 2017 and transfer it to PDR Ltd. d/b/a PublicDomainRegistry.com then in 20 June 2017, My registrar sent me message inform me the Domain name was locked due to Pending TDRP Complaint, i have sent him the proof of payment show that i have paid for this domain via bank transfer to the seller, but they not yet reply to me guys any one can help me how to protect my domain from revert back to the Loosing Registrar and unlock my domain.”
Subsequent posts and responses to comments do not disclose the domain, but IP attorney John Berryhill has an indication it’s a NNN .com.
The domain buyer who wired the $1,000,000 dollar amount via an expedient wire, says they did so because the seller transferred the domain to them first; no escrow or any other formal agreement has been utilized.
Whether the domain is stolen or it’s a scheme by the seller to keep both the domain and the $1,000,000 dollars remains to be seen.
Always use a reputable domain escrow, such as Escrow.com, to ensure buyer and seller stick to their agreement and that there is a track record of the exchange.
John Berryhill summarized the transaction thus:
“What stands out from this story is the seller’s willingness to transfer a valuable domain name of this magnitude before receiving payment, and without using escrow. I’m further going to guess that there was no sales agreement of any kind. It would be interesting to know in what country is the bank to which the payment was sent.”
For updates on this ongoing incident visit NamePros.
Update 6/27/2017 : The seller states that the domain wasn’t stolen; more details about the alleged sale.
Update 6/30/2017 : 988.com is confirmed stolen.
