Quote from: biggbox on April 27, 2016, 04:30:58 PM

Quote from: CoinPro* on April 13, 2016, 05:42:22 AM

Quote from: 6strings on March 30, 2016, 12:57:16 AM

E-mail from net-ARB received a few hours ago:

Quote

In just the past few days it has been brought to our attention that BTCjam is distributing counterfeit arbitration awards bearing our name. We regret having to send you this email, but the consequences of trying to enforce a counterfeit arbitration award can be severe, both civilly and criminally. As a former client, it is our duty to inform you.

Any net-ARB arbitration award received from BTCjam is counterfeit (specifically, BTCjam never had a copy of your award). Valid awards come only from net-ARB.

While we are happy to check the validity of your awards if you send us the documents, you can quickly and easily check the validity of all your awards at www.enforcemyarbitrationaward.com, a site run by attorney Kevin Palley. If you provide your BTCjam member number and email address, you can get a complete list of your valid, arbitrated BTCjam loans. The site uses a crowdfunding formula to make enforcement affordable. There is no cost or obligation to sign up.

Best regards,

net-ARB Support
www.net-ARB.com
Online Arbitration

Email from Btcjam received soon after:

Quote

Hello Valued BTCjam Member,

You may have recently received an email from net-arb stating that BTCjam is issuing counterfeit arbitration awards. Please be assured that this is not true. Unfortunately, two months ago we abruptly discovered that Net-Arb had partnered with enforcemyarbitrationaward.com and began spamming our user base. As a result, BTCjam immediately terminated service with Net-Arb. We apologize for any concern that Net-Arb's announcement caused and cannot stress enough that their claims are false.

Our goal is to provide our members with industry-leading technology and services which is why were glad to announce that we will be using a new arbitration award provider The Dhami Law Firm. This transition process will be streamlined for both our investor and borrower members.

All loans whose default date is on or after February 1st, 2016 will be subjected to this change.

Keep in mind that the new arbitration timeline that has been effective since January 27th, 2016 looks like this:
1. Investor receives an email notifying them that the loan will be sent to arbitration in 14-days.
2. Borrower meets 90 days delinquency after first missed payment.
3. The arbitration award is then easily accessible via the investments page on the individual investment of the listing.

Thank you for being a part of the BTCjam community.
We appreciate your continued business.

What does all this crap mean?

This is also being discussed on the official thread:
https://bitcointalk.org/index.php?topic=112447

Ha, it means that someone is lying Tongue

What's the latest saga with BTCJam now? Haha. I wasn't following. There will still be new comers who got sucked in Sad

Even if you don't get caught up in the email scams, you are being scammed simply by investing on the site. There's almost zero due diligence done on borrowers, and the default rate (especially of the highest rated people) is ridiculously high.