Today I found out that Brandstack, A popular buy & sell logo design service, is closing due to significant fraud. Apparently people were using stolen credit cards to purchase logos and while Brandstack was middle manning the deal and paying out the designers, they ended up getting screwed.

From their home page:

Talk to any successfully entrepreneur about the impact of fraud online and you’ll hear some interesting stories. I have been fighting the impact of this fraud for months. Unfortunately, it’s ripple effects have caused serious waves… I did not have the flexibility or capital to withstand it.

I’ve used their service in the past, thought it was a good concept, very affordable and I feel bad about this.

Tags: brandstack, fraud