Not only is this an amazing and fascinating story, but probably the most well thought out scam in mmo history. 
This is a very long read but I would highly recommend that you read it all, the article/blog is a very well written and interesting story that I fucking loved, hope you enjoy it also. 
  

http://www.wirm.net/nightfreeze/part1.html     
 
***EDIT***  
 
Btw this is where he got his guilds name from, 

No kidding, this is a very, very long read. I'm tempted to print it so it'll be easier to read. Hmm...

Up to part 6 mysefl. Pretty good so far. 
 
Thanks for the link, Bucketdeth.

"  In case you haven't deduced by now, mining in Eve Online is about as fun as fucking a fat chick's festering corpse."
 
He's a gifted writer.

I read almost all of it, but got the main parts of what it was saying. Absolutely hilarious, I haven't felt utterly happy and just laughed at something I read about someone explaining something they did in a game ever. Guy is a genius, and its great how it ends.

Finished. Loved the end :D

Epic.
 
I mean stuff like this is known to happen in EVE, so its absolutely believable.

Man, thats banana's.  On one hand it makes me want to play EVE just to see what its like, but on the other it makes me want to stare at it from a far distance, lest I get too close to the waaaaaaay too realistic gameplay stuff (flying somewhere for 5 hours?  God damn) and the super heavily invested players and asshole trolls.
 
A+, would read again, though his isn't big as these
200 billion isk's:  http://eve-scams.blogspot.com/2009/07/ebank-scam-omg.html
and this amazing one for 700 billion isk's :  http://news.softpedia.com/news/Eve-Online-Economy-Suffers-700-billion-ISK-Scam-33737.shtml 
 
Eve online seems like a scary, scary place.

My eyes hurt now, I can't believe I read all of that.

Great read! Thanks for sharing.
 
EVE sounds amazing.

that was a MAD story! epic-ly long, but totally worth it.
 
can't believe how much effort he put into it, then it finally paid off, only for him to quit all together! =O
but the way he screwed that guy over with the library phone number was awesome, epic win.

Unbe-fucking-lievably awesome. I can't remember the last time I read anything half that entertaining. Simply superb.

Possibly the most epic thing i've ever read. Some one should totaly do a short about this.

Wow, I don't think I've ever read an online story that long, but it was totally worth it.  Great writing style, always kept me interested...  Some moments really had a grip on my emotions, which worries me, because I wasn't even aware that I had any of those.  I also really want to start playing EVE now.
 
Thanks for the link.

I dont know. I found it pretty hard to read pretty soon so I skipped to the end and it didnt seem that exciting.

I just finished reading it through 10 minutes ago. 
 
And it's not the scam to give the best profit in MMO history but it sure as hell is the best and most awesome plan in MMO history i have ever heard of. 
 
I loved the ending. ^^

Good story, A little too long tho.
 
 
And its further proof that the EVE crowd is crazy. They all sound like stereotypical computer geeks with huge egos.

That was amazing!

I've seen a lot about Eve Online scams. From what I understand, they aren't encouraged but aren't discouraged either by the community and/or staff. Any Eve gamers confirm that? Anyway - here is the one I heard about, 700 billion ISK (ISK = the in game currency from what I understand) Not sure if this is the same story from the op, don't have time to read that right now!
 
 http://mmorpg.qj.net/Biggest-scam-in-EVE-Online-history/pg/49/aid/62826
 
Here is the video of the dude that supposedly organized the thing, confessing:
 
 http://video.google.com/videoplay?docid=-1993624284569945666

" Eve by all rights should be everything you could hope for in a space faring MMO. Unfortunately, it's just not, it doesnt 'feel' right and it's way too open to scamming. Now, scamming like this I totally support. But scamming like opening contracts with ridiculously high collateral and sending them to a locked starbase so the guy can't complete the transaction and you get to keep the collateral. Bullshit. When you combine that with the fact people can simply run off with your items, also bullshit.  Now, I don't mind the ability to do those things, but its all people do, so essentially a large portion of the game is unusable, not because you 'might' get scammed, but because you will get scammed.   "

" @The_A_Drain said:

" Eve by all rights should be everything you could hope for in a space faring MMO. Unfortunately, it's just not, it doesnt 'feel' right and it's way too open to scamming. Now, scamming like this I totally support. But scamming like opening contracts with ridiculously high collateral and sending them to a locked starbase so the guy can't complete the transaction and you get to keep the collateral. Bullshit. When you combine that with the fact people can simply run off with your items, also bullshit.  Now, I don't mind the ability to do those things, but its all people do, so essentially a large portion of the game is unusable, not because you 'might' get scammed, but because you will get scammed.   "

No, its not. Its the way games like this should be for those that want this type of thing. If someone is going to get into any mmo completely hardcore, something like EVE, where casual players really don't exist in it, having the staff completely let this stuff happen is the best possible outcome for that kind of shit. If I could kill a player and take all their money on WoW, or scam them somehow and not have Blizz care a single bit, I would genuinely still love that game. MMo's got extremely carebear for a long time though now, so hearing EVE stories again, one that has always been one of the greats and lets this stuff happen, is really refreshing. "

That was one of the best things I've ever heard.  It's 2 a.m. and I spent it reading this.  Thank you Bucket.  It's a true story of business and what we're taught in school.  It was awesome.

Great read, thanks for the link!

gah blocked by my work firewall, read it over the weekend.

" gah blocked by my work firewall, read it over the weekend. "

Spoilers Below*

That... was fucking awesome.

 Good read

This is why Eve (or EVE?) is the most interesting MMO out there.  Other games might have better mechanics but as a social thing Eve is boss.

Wow..I have serious tunnel vision now, but that was a good read.  I think that the part that made me smile most was just thinking about the poor librarians who had to deal with that god-damn phone for possibly months on end, and the poor people who would actually pick the phone up only to get this irate wheezing fat-ass screaming at the top of his lungs into their ear.  I wasn't aware how emotionally attached I could become to a narrator so quickly either...I mean looking back that guy was a scumbag, yet his charm caught hold of me.  Again, good read.

EVE online is like a condensed version of real-life capitalism... on crack. How awesome is that?

I only finished the first page, and I am liking this so far. Really love the way this guy wrote it.

" I've seen a lot about Eve Online scams. From what I understand, they aren't encouraged but aren't discouraged either by the community and/or staff. Any Eve gamers confirm that? "

Yeah, i heard of this...some time ago. That's seriously a sweet'n'awesome scam. Well deserved.

 http://eve-history.net/wiki/index.php/Great_Scam

" @pureguava76 said:

" I've seen a lot about Eve Online scams. From what I understand, they aren't encouraged but aren't discouraged either by the community and/or staff. Any Eve gamers confirm that? "

  That is quite correct.  There are the typical scams A_Drain refers to, contract scamming etc, although those are really the small fish as far as scams go, a couple billion here and there (this story is from early eve times, before a lot of the inflation.  A 400M ISK scam wouldn't even make a forums post anymore, its worth approx $15-20 USD).   Basically, anything you can do that has not been declared a direct exploit can be used(in-game means only, hacking someones account for example is not allowed or condoned and will earn you a ban and possibly more).  There are Multitudes of contract scammers, and as such, contract scams are less successful than they were.  As the game grows, more and more of the social engineering aspect comes into play.  A great example was the fall of one of the larger alliances early this year, in which they were dismantled nearly overnight by a single person (possibly) mistakenly given too much power over the alliance.  He basically disbanded them after either being flipped or just disgruntled with the alliance.    One of the hooks of eve is the sandbox, and the 'butterfly effect' trailer demonstrates some of that quite nicely.  Its very much a kill or be killed type MMO, and the friends you make/dont make can mean a world of difference in how you play. "

Great read, I loved the ending.

Christ, that was amazing. My MMO-loving friend will dig the SHIT out of this

Just finished reading the whole thing. Holy shit, this guy really had me gripped. Loved that he had the Thoggins guy stuck constantly calling the library phone, yet was sad when he broke the news to HardHead that he scammed them all. 
 
But an excellent read over all, definetely.

awesome and well written. I never want to play EVE but I'm fucking happy that it exsists

it was a crazy story. it was a great story.

That was a fun read.  Kind of makes me interested in EVE, though it sounds like a mad amount of dedication. Not so sure I'm into that aspect.
 
Reminds me of the days my friends and I used to run a small scam ring in Habbo Hotel. Nothing as elaborate as this though haha!

Just read the whole thing and it was excellent. You never hear about the who, why, and how about scams. I never realized how much planning and luck it takes to pull a scam of that caliber. The ending was amazing. I wish I could have seen the look on that Frostssss face.

Ha, reads a lot like Bernie Madoff's biography.

Funny thing is I've done some of this stuff for other clans. Back when I was twelve :\

I must say, great tales come from eve online