Good news for anyone who lost money with Banx as Mark has announced on a Facebook video that he still has the coins from "Banx Mint" and he will be selling them on Entrepreneur Action!

This is interesting as surely Mark should have handed over any assets to the trustee when he was made bankrupt but it looks like he somehow managed to keep hold of the physical Banx coins and he will be selling them.

As he continues to parrot the line "intention is everything" we can only assume that Mark intends to sell these coins and distribute the proceeds to all the Banx investors.

Unless of course the trustee finds out about them first.

Perhaps someone can explain this because it doesn't make sense:-

Why is Mark Lyford stating in several places that he closed Banx in January 2016 when it is clear from this thread that the announcement came towards the end of April 2016?

Mark Lyford closed off 2016 by going bankrupt for the second time.

You can see the details on the UK's Insolvency Service website:

https://www.insolvencydirect.bis.gov.uk/eiir/

Simply search by his surname.

It is case number 5016588

Not sure what you mean by that. Of course Lyford's best mate in prison never makes daft mistakes. He was only in prison because he had weak links in his organisation.

http://www.edp24.co.uk/news/crime/man_with_rambo_knife_threatened_to_kill_norwich_tenants_one_by_one_1_3588329

The Lyford CV is looking good so far.

Lost hundreds of thousands of pounds of his parents' money dabbling in pornography
Made bankrupt
Grew cannabis but wasn't a drug dealer (only because he got caught before he could sell any)
Sentenced to 4 years in prison, served 2 and therefore banned from entering numerous countries for the rest of his life
Dabbled in get rich quick schemes on the internet
Ripped off by other get rich quick husslers on the internet
Created a digital currency, failed, lost over half a million dollars (US) of investors' money
Made bankrupt for a second time?

Just so you all know, around the same time Mark was taking down all the Banx websites and filming his video (1am on 22th April) he sent me this PM on this forum:

"You appear to know a great deal about me. Would you care to share who you actually really are?"

Glad he has his priorities right.

He disappeared completely for IIRC around 8 weeks around Christmas/New Year and nothing at all happened with the business.

On those videos his son did it showed their offices with at least 6 members of staff - WTF were they all doing? And in what fantasy world did Mark need all those members of staff?

There's a load of money wasted in staff wages for a bunch of wasters who didn't even try to keep Mark's business running whilst he had some kind of nervous breakdown.

All the staff had ridiculous numbers of monitors on their desks for whatever reason which equals more money wasted.

When he did finally manage to come back to work he didn't even bother apologising to his investors for disappearing without a single word for two months.

And what happened to his two bitcoin traders?

This is only a guess but what likely happened is Mark was so impressed with their very limited track record that he said 'here's 20 bitcoins to trade with' and because they were young, impulsive and stupid they lost the lot in no time at all.

Of course if this is true Mark wouldn't have actually admitted to it to his investors, no no. Instead he and Byron would've just randomly increased the value of the Banx shares.

Mark definitely needs another bankruptcy if only to finally stop these damaging fantasies he has that he'll ever be a success.

He deleted his post on Facebook and therefore all the comments that went with it.

I saw four of the comments he got before it was deleted:

*Begin copy/paste from FB*

Commenter number 1
Think you should hold your hands up and be a bit more truthful Mark. Half a million dollers investment and u created fuck all. Most investors are going to be wondering where the money has gone coz i believe you used Banx shares to pay for the exchange and other services etc. It was only one month ago you were mivering me for more money for investment when you know the company had already collapsed. I can honestly say the trolls were 100% correct, you were running a ponzi scheme and u were caught out. Everything they said was true and the worst scenario for investors has come to pass. I think you owe investors some detailed transparency of where the funds have gone coz as i've said u created next to nothing with alot of money. I hate to say this but its true, your monthly updates in videos etc have proven you to be either full of shit or your living in some kind of dreamworld. I hope you do the correct thing and produce some legitimate transparency where investors can see that you have'nt spunked the investment on other things. Most people as you said yourself invested in you, what a mistake this has proven to be

Commenter number 2
I couldn't have put it better myself

Commenter number 3
Well said Commenter number 1! Turns out the so called trolls have been right about this clown all along! He's spanked away half a million dollars and told us nothing but a pack of lies from day 1. My friends and I invested over £100k into this shambles of a company. I wonder how much of our money he actually has left in his bank? That's a nice big house he's sitting in, who's paying for that? (There were a list of names here) where has our money gone? No transparency whatsoever. Just smoke and mirrors!

Commenter number 2
All the bullshit he's been posting on the forum for the last few months as well. Whilst all long knowing this day was coming. What a scumbag of a human he turned out to be.

*End copy/paste from FB*

The offices in Ashby De La Zouch are now available for rent again:

http://www.salloway.com/commercial-property/first-floor-81-market-street-ashby-de-la-zouch-leicestershire-le65-1ah/

Lyford is getting some shit over on Facebook from his investors.

I guess he'll log in from wherever he is hiding and delete those comments soon.

Mark will never be allowed into the US due to his drug conviction. I guess that means he is barred for life from other countries like Australia too.

I would be surprised if he managed to pay any money back to his parents.

A realistic guess would be that the money went on staff wages, office rents and costs, Lyford's personal expenses like rent and utiities etc, foolish capital investments (physical coins, out-of-date mining equipment and daft 6-monitor setups) and the greatest leak of all - paying 'profits' back to early investors.

This was a ponzi scheme all along and DeMartino was spot on with pretty much everything he said.

DeMartino completely outwitted Lyford and Lyford had no real answers to any of DeMartino's questions.

You can't get blood out of a stone, Lyford is completely broke but this whole Banx episode needs to be investigated by the relevant authorities.

We've just witnessed a load of money going up in smoke.

I am surprised Lyford continued with this for so long. The pressure of keeping up a brave face when it was obvious long ago that Banx was dead must've taken a real toll.

The huge sign that Banx was worthless came when whoever had the option for 1 million shares declined to exercise it. Anyone taking out that kind of option must surely have asked lots of questions about the financials of Lyford's business. When they didn't end up taking the shares it was a big sign that the investment wasn't worth making.

Anyone who has lost money needs to get in touch with Leicestershire Trading Standards.

It is very, very important that the cash flows of this Banx business are looked at by the relevant authorities. It appears that Lyford was misrepresenting the business in order to attract outside money.

If he were in any other country I imagine Mark may get in trouble but this is Britain so he'll probably walk away scot free.

The most punishment for him is the fact that yet again he has lost his friends and family money.

Lyford's gone dark again, wonder if it will be for several weeks like before Christmas?

Banx was always a huge pipe dream and his claims of thousands of bitcoins from mining were truly ridiculous.

He mentioned that some of his staff worked on the basis they were paid in Banx.

All that work for nothing.

Am I right in assuming that the offices are gone, the staff is now gone and Lyford is only clinging on to the one member of staff, his PA?

I hope the PA is getting paid in real money. If I were her I would get another job and still 'work' for Lyford, I imagine she has plenty of spare time during the day.

I am sorry for upsetting you but considering you posted it to a public blog and also drew attention to it on social media I figured it was public knowledge.

The point is you disappeared for many weeks and there was no word from anyone in your company. Then you reappeared but didn’t even say sorry to investors.

As for calling this a troll thread, not everyone that disagrees with you is a troll Mark.

And while we are talking about it, De Martino was right about everything in that first article.

The market cap was artificially pumped as has been discovered since you opened it up to free trade.

The volume was coming from a source that couldn’t be verified.

The enforced floor price made selling it all but impossible.

He can keep fighting all he likes but the sad truth is that Banx is finished and the best thing for him to do would be to wash his hands of it and start fresh with something completely different.

bigmanintown was smart, he got out last year. He probably saw what was coming and decided to leave before it all blew up.

Now Banx can be freely traded but the market is very illiquid. There's barely anyone buying although I believe you are averaging down which I hope you've read up about because it often causes more problems than it solves.

bizzyb I'm afraid you have lost your money.

Mark is clinging on but eventually he'll give up.

Most likely he'll disappear into a depressive funk for a few months like the end of last year.

It's a shame but that's how he is. He continues to make the same mistakes over and over.

More worryingly he has been having thoughts about ending it all yet doesn't seem to be seeking professional help for it:

http://marklyford.com/personal/maybe-the-world-would-be-better-off-without-me

Where did the money go?

Office rental for office that Mark doesn't appear to have anymore
Wages for various staff at above offices
Multiple unnecessary monitors for various staff
Living expenses and wages for Mark Lyford
Dividend payments to existing Banx holders (taken from capital/investment funds rather than profit)
Foolish early investments i.e. physical coins (before the demand had been established) and Bitcoin mining equipment
One solitary ATM collecting dust somewhere
Trips to Web Summit
Payment to Web Summit organisers in return for Remittio award

Also someone should ask Mark who he reimbursed because some people did have their Banxshares repurchased.

Ouch, Banx at $0.00408966 currently according to Capfeed.

Taking into account the expansion from 12m to 120m that's $0.04 per share in the old structure. I remember Mark saying that he thought they should be at around $3.

Looking at banx.io I could buy 100,000 for 1 BTC today.

Hopefully you'll be able to increase their price by the 7000% or so needed to get them to $3 (or $0.30 in the new Banx world)

It has been confirmed that banx.io will be closing at the end of this month.

Byron, the developer at banx.io, has stated he lost $18,000 in this venture.

No confirmation on Mark leaving the Remittio team yet.

I can just imagine how that would go:

ecotone: Hi Mark, please could you show me a wallet which contains either your bitcoin or Banx Capital's bitcoin?

Lyford: You're a troll! We've been plagued by trolls asking questions about out business. If you want to get involved, buy Banx. If you want to ask questions then you are a troll. I don't have time for this I am building a business. If you want to buy then hit me up. Otherwise you are a troll.

ecotone: Perhaps we got off on the wrong foot. Listen, I just want to do my due diligence before I invest. I would do the same if I was looking to buy IBM or Facebook or BT shares. I need to know there is a profit-making business with some money in reserve before I risk my hard-earned on an investment in your company.

Lyford: You know, this is starting to sound like a paid-for campaign against myself and Banx. Who paid you to troll? Who are you? Where do you live? We are a real business in real offices. Come to the office and see us instead of asking ridiculous questions about earnings and cash reserves, that's a trollish thing to do.

ecotone: Mark I would be a fool to blindly buy Banx shares without finding out if there is any chance of losing my money. Please can I see some evidence that your company is earning profits and not simply paying the existing shareholders with more shares.

Lyford: I've had enough of your trolling. Karma is a bitch. Hit me up if you're serious. I'm working 20 hour days to get this company moving (apart from when I disappear for two months). We've got real offices. I used to have 32000 porn sites. Hit me up on Skype.

ecotone: Are you still involved with Remittio? Your picture has disappeared from the website.

Lyford: Troll! Karma! Hit me up!

I have yet to be convinced that Mark Lyford holds any bitcoin.

I have also yet to be convinced that Banx Capital has any bitcoin anymore.

It would not surprise me if the monthly bitcoin payouts ceased because Banx burned through all their bitcoin.