Abstract
IntGold was a digital currency platform operated from Texas. The system offered prepaid debit cards linked to IntGold digital currency accounts. Owner Michael Comer marketed several types of prepaid debit cards and various bulk prepaid card programs. The most popular INGoldCard, linked to a digital currency account, was issued on the MasterCard network. Third-party agents widely exchanged the unregulated IntGold digital currency into other popular digital currency. Many significant exchange agents accepted IntGold. The system permitted mass payments (Batch Pay) needed for successful HYIP payouts. The card program paid healthy referral fees. Federal agents closed the business, seized all assets, including the owner’s homes, and Michael Comer pleaded guilty to violating 18 U.S.C. § 1960, Conducting an Unlicensed Money Transmitting Business, and forfeited more than $1.4 million.
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Mullan, P.C. (2016). IntGold. In: A History of Digital Currency in the United States. Palgrave Advances in the Economics of Innovation and Technology. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-56870-0_7
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DOI: https://doi.org/10.1057/978-1-137-56870-0_7
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Publisher Name: Palgrave Macmillan, New York
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