Author

Topic: [2014-06-04] Red Flags Raised Over Hong Kong Bitcoin Exchange HKCex (Read 1064 times)

legendary
Activity: 3766
Merit: 1217
Luckily the old west days with exchanges seem to be ending. If anything good came out of the GOX debacle it is that exchanges started doing external audits and proving that they are solvent. Hopefully more follow suit. 

Talking about the external audits, the BTC-E admins had promised a few months ago that they will start publishing financial statements, verified by an external audit, on a regular basis. Any progress on this?
sr. member
Activity: 406
Merit: 250
Well he sould have used btc-e
I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.

You know, for the most part of 2013, there was a vocal campaign here against BTC-E. A lot of people were saying that the BTC-E owners are anonymous, and they will runoff with all their users' coins, if given a chance. But it seems that the critics have fallen silent, after their trusted exchange (Mt Gox) crashed and its owner ran away with all the coins.  Grin

Luckily the old west days with exchanges seem to be ending. If anything good came out of the GOX debacle it is that exchanges started doing external audits and proving that they are solvent. Hopefully more follow suit. 
legendary
Activity: 3766
Merit: 1217
Well he sould have used btc-e
I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.

You know, for the most part of 2013, there was a vocal campaign here against BTC-E. A lot of people were saying that the BTC-E owners are anonymous, and they will runoff with all their users' coins, if given a chance. But it seems that the critics have fallen silent, after their trusted exchange (Mt Gox) crashed and its owner ran away with all the coins.  Grin
legendary
Activity: 2212
Merit: 1199

Well he sould have used btc-e


I agree Smiley I dunno why he choose some worth nothing scammy exchange ... but well ... people just sometimes are givin' trust Smiley and then regret it.


HKCex .

HolyKrapCex Smiley   Or HerKarpelessCheatingExchange
sr. member
Activity: 406
Merit: 250
Mark? Are you there?


The sooner these bad actors collapse and leave the bit coin economy the better.
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
Mark? Are you there?
sr. member
Activity: 406
Merit: 250
You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


This bait and switch tactic is getting very tiresome. It seems more and more exchanges are letting people deposit their coins without a mention of what they require in order to cash them out. More and more people are getting burned by these requirements. If a site has these requirements that's their prerogative, but they should make it very clear for the depositor what steps will need to be taken in order to have those coins withdrawn.

I make it a habit to read up on exchanges here before using them. There are way to many ugly stories about thefts.
legendary
Activity: 980
Merit: 1000
CryptoTalk.Org - Get Paid for every Post!
Amateurs real welhty btc owners do this.
Bye bye AML laws , bye bye KYC laws ......
And the story that banks / country's will be able to ban bitcoins by closing al exchanges to fiat well forget about it!
Being a bank is owning A license!
Welcome in the offshore world with it's latest products.
By being a offshore bank good chance btc-e does it like this , you are simply exempt of any AML , KYC and tax laws!
 


http://www.aspenassurance.com/offshore-banking-licenses
Our Private Banking License can be achieved in a Quality Caribbean Jurisdiction for as low as $325,000 USD or BITCOIN equivalent which provides all the advantages of Bank ownership  

http://www.offshoreinfo.com/offshore_banks_details.htm




 Some things you can do with your own offshore bank:

    Set up your own banking instruments (e.g. bonds, securities &c).
    These can be used in a variety of ways not to be covered in depth here due to space limitations. You may issue letters of credit for yourself, certificates of deposit, provided funds are indeed there (don't do it otherwise, as this would qualify for fraud in most jurisdictions!), letters of recommendation, etc.

    Boost your corporate image by retaining your very own bank.
    This can facilitate business no end: whether you are involved in import-export trade, in industrial manufacturing, in upmarket financial services, or simply want to impress your business associates and gain a cutting edge against your competitors – an offshore bank is probably the most powerful business tool money can buy.

    Grant yourself constructive credit ratings.
    Fed up with hopping around, currying favor with loan sharks and paying exorbitant sums to “credit repair” agencies that can't really do a thing for you anyway, except sing sweet, harmless odes to deaf ears? Why not do it the banks' way instead? With your own offshore bank, it's a totally new world to explore – grant yourself the credit rating you deserve and make good use of it in your other financial operations.

    Grant your own loans and mortgages.
    A nice way of legally funneling profits offshore and minimizing on taxes! Once you sign up, we will show you a unique insider strategy how to reduce your taxload and even say goodbye to taxes forever.

    Seize your own assets before your creditors do.
    Don't twiddle thumbs while the vultures are blithely hacking away at your life's work: with our insider strategy, you will be able to employ your bank to lay its hands (i.e. yours!) on your assets before anyone else does. Buy out your own debt for a song, stage your own “friendly self-takeover” and make exorbitant profits – absolutely legally, too, provided you know the proper way to do
legendary
Activity: 826
Merit: 1002
amarha
You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


This bait and switch tactic is getting very tiresome. It seems more and more exchanges are letting people deposit their coins without a mention of what they require in order to cash them out. More and more people are getting burned by these requirements. If a site has these requirements that's their prerogative, but they should make it very clear for the depositor what steps will need to be taken in order to have those coins withdrawn.
legendary
Activity: 3766
Merit: 1217
You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.


Smells of fraud. Why can't they allow the BTC withdrawals? If the limitations are just for the fiat withdrawals, then it is understandable. But at a time when most of the other exchanges are allowing instant BTC withdrawals, this is causing added suspicions.
sr. member
Activity: 364
Merit: 250
You can deposit instant but cannot withdraw for any reason be coins or fiat. I tried to withdraw fiat and after 2 days the request was cancelled with reason: invalid payment details.
legendary
Activity: 3766
Merit: 1217
Even earlier people were having problem with these little-known exchanges in Hong Kong. Once an exchange (GBL Trading) closed down, and the owners ran away with all their users' coins (Users lost more than $4 million).
legendary
Activity: 980
Merit: 1000
CryptoTalk.Org - Get Paid for every Post!
A link to an article.

Quote
(...)Claus deposited 1,000 LTC to HKCex on 15th May and was pleasantly surprised when his HKCex account balance showed an extra 88.8 LTC. It turned out that the new exchange was offering a promotional bonus on deposits. Claus hadn’t even noticed the sweetener.

“I thought their prices were inflated due to the abundance of USD deposit methods and low market depth as they were a new exchange,” he said.

Articles announcing HKCex’s $27m worth of investment and chatter on forums like BTC-e allayed some of Claus’ doubts about depositing funds with a new exchange. He had used less well-known platforms without a problem in the past.

“I felt [HKCex] were trustworthy,” he said.

But when Claus flipped his 1,000 LTC for 26 BTC and wanted to withdraw the balance, his pleasant experience soon turned sour. He noticed his withdrawal’s status was changed from ‘processing’ to ‘rejected’. He was then told to send a notarised copy of his passport to HKCex in Hong Kong because his account had been flagged for money laundering. Claus still hasn’t received his funds today.(...)

Damn Smiley Maybe Claus was laundering? Cheesy but read the rest of this article to hear more great stories about HKCex.


Kind regards.

Well he sould have used btc-e
legendary
Activity: 2212
Merit: 1199
A link to an article.

Quote
(...)Claus deposited 1,000 LTC to HKCex on 15th May and was pleasantly surprised when his HKCex account balance showed an extra 88.8 LTC. It turned out that the new exchange was offering a promotional bonus on deposits. Claus hadn’t even noticed the sweetener.

“I thought their prices were inflated due to the abundance of USD deposit methods and low market depth as they were a new exchange,” he said.

Articles announcing HKCex’s $27m worth of investment and chatter on forums like BTC-e allayed some of Claus’ doubts about depositing funds with a new exchange. He had used less well-known platforms without a problem in the past.

“I felt [HKCex] were trustworthy,” he said.

But when Claus flipped his 1,000 LTC for 26 BTC and wanted to withdraw the balance, his pleasant experience soon turned sour. He noticed his withdrawal’s status was changed from ‘processing’ to ‘rejected’. He was then told to send a notarised copy of his passport to HKCex in Hong Kong because his account had been flagged for money laundering. Claus still hasn’t received his funds today.(...)

Damn Smiley Maybe Claus was laundering? Cheesy but read the rest of this article to hear more great stories about HKCex.


Kind regards.
Jump to: