Bitcoin ponzi Mycoin in China goes bust!~ 500 mil.$ lost. Prepare for a crash! - page 6.

mayax

legendary

Activity: 1470

Merit: 1004

Quote from: Grand_Voyageur on February 08, 2015, 01:08:05 PM

Quote from: fonzie on February 08, 2015, 12:31:28 PM

Quote from: JorgeStolfi on February 08, 2015, 12:13:04 PM

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins. Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear. It apparently involved mining, and perhaps some Ponzi-like scheme. I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

Quote

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread. One comment in there claims that the report is incorrect.

If this turns out to be true then China or the PBOC will probably ban Bitcoin in China once and forever. With all the chinese money disappearing Bitcoin will probably crash to ~50$ according to financial bitcoin experts. Sad

500 US$ million is more than 2 BTC million at actual price. I remember MtGox scammed only 850k BTC but at the price of the time it was 450 US$ million so quite similar in value. Not sure how to rate impact since MtGox affected more adopters than this Hong Kongese 'exchange' (it apparently affected only 30 people).

30 people with over 10 mil each lost but I am sure there are MANY others

Bitstamp is losing its bank account, another exchange "hacked"...bad news for BTC

Grand_Voyageur

sr. member

Activity: 322

Merit: 250

https://dadice.com | Click my signature to join!

Quote from: fonzie on February 08, 2015, 12:31:28 PM

Quote from: JorgeStolfi on February 08, 2015, 12:13:04 PM

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins. Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear. It apparently involved mining, and perhaps some Ponzi-like scheme. I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

Quote

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread. One comment in there claims that the report is incorrect.

If this turns out to be true then China or the PBOC will probably ban Bitcoin in China once and forever. With all the chinese money disappearing Bitcoin will probably crash to ~50$ according to financial bitcoin experts. Sad

500 US$ million is more than 2 BTC million at actual price. I remember MtGox scammed only 850k BTC but at the price of the time it was 450 US$ million so quite similar in value. Not sure how to rate impact since MtGox affected more adopters than this Hong Kongese 'exchange' (it apparently affected only 30 people).

leopard2

legendary

Activity: 1372

Merit: 1014

oh NO!! China ban Bitcoin!! Sell, sell, sell!!! Fonzie is right:

http://imgur.com/a/KDwtE

...btw nobody banned USD when the Maddoff ponzi collapsed Cheesy

camolist

hero member

Activity: 896

Merit: 1000

an exchange no one has heard of has 500 million of the 3 billion dollar market cap

someone ban the troll / scamming OP for posting this shit

manfred

legendary

Activity: 966

Merit: 1001

Energy is Wealth

In the past several Hong Kong exchanges have run away with costomer funds (GBL, 796, mycoin, ANX.....),
basicaly anyone dealing with a hong kong registered exchange deserves to get goxed

pawel7777

legendary

Activity: 2436

Merit: 1561

site seems up atm:

https://www.mycoin.hk/

Hope it's a false alarm...

Madness

hero member

Activity: 644

Merit: 500

My goal is becaming a billionaire.

Lel , only difference between Mtgox and those I guess that those people are dumb . How they can simply dissapear with the money and hope they won't get catched . even if the goverment have no proof or evidence that those people own the Bitcoins they should be afraid . They had to play it smart , even smarter then "We got hacked , bye bye " .

~ Madness

Remember remember the 5th of November

legendary

Activity: 1862

Merit: 1011

Reverse engineer from time to time

Can't believe this happens again.. Hopefully the report is fake.

fonzie

hero member

Activity: 504

Merit: 500

Moderator

Quote from: JorgeStolfi on February 08, 2015, 12:13:04 PM

"Mycoin.hk", a bitcoin thing in Hong Kong, apparenly closed without warning and owners disappeared with all clients coins. Losses seem to be about 3 billion yuan, or 500 million USD -- on the same level as the MtGOX collapse.

The nature of mycoin.hk's business was not clear. It apparently involved mining, and perhaps some Ponzi-like scheme. I could not tell whether it also worked as a live exchange.

Article in Chinese:
http://hk.apple.nextmedia.com/news/art/20150208/19034053

Google translation:

Quote

WASHINGTON virtual currency Bitcoin (Bitcoin) once touted, Hong Kong discovered bust incident involving three billion yuan. Legislative Councillor Leung Yiu-chung received nearly ten investors in Bitcoin for help, said the suspect was a bit currency trading scams and storage platform, the largest loss of over $ 10 million estimate amounted to 30 the number of people affected, involving an amount or up to three billion yuan, victims today collective police. […]

EDIT: See also the reddit thread. One comment in there claims that the report is incorrect.

If this turns out to be true then China or the PBOC will probably ban Bitcoin in China once and forever. With all the chinese money disappearing Bitcoin will probably crash to ~50$ according to financial bitcoin experts. Sad

Topic: Bitcoin ponzi Mycoin in China goes bust!~ 500 mil.$ lost. Prepare for a crash! - page 6. (Read 5853 times)