Bitcoiners are trying to claim that "it has nothing to do with bitcoin". But they are not innocent:
* Bitcoiners keep talking about price "going to the moon", "gains of 1000% per year" because of the "exponential trend" etc. Because of these claims, when MyCoin promised 300% returns per year, people believed it.
* MyCoin has been operating for some time. The real bitcoiners in HongKong must have known of its existence, and must have seen that it was a ponzi. Why didn't they alert the police? Because "anything bitcoin is good"?
Topic: FAKE news: "3 billion HKD lost" in Mycoin.hk bitcoin exchange runoff (Read 4477 times)
February 12, 2015, 10:56:50 PM
February 12, 2015, 10:47:45 PM
A new Reuters video about MyCoin.hk:
http://www.reuters.com/video/2015/02/12/hong-kong-bitcoin-scandal-leaves-investo?videoId=363168348
The previous video (convention in Thailand) was MyCoin.hk allright, the same logo.
They say "about 400 million US dollars"
Why don't they mention the names of the scammers?
http://www.reuters.com/video/2015/02/12/hong-kong-bitcoin-scandal-leaves-investo?videoId=363168348
The previous video (convention in Thailand) was MyCoin.hk allright, the same logo.
They say "about 400 million US dollars"
Why don't they mention the names of the scammers?
February 12, 2015, 04:15:16 PM
After watching the video, I was like... what the heck were they smoking?
Probably most of the people were paid actors, common tactics used by ponzi schemers.
There are a lot more than 30 (or 43) people there.
Probably most of the people were paid actors, common tactics used by ponzi schemers.
February 12, 2015, 03:23:20 PM
This video has been posted to reddit as being another MyCoin.hk convention:
https://www.youtube.com/watch?v=SGT3QL5VWPk
It says "MyBitCoin" in the opening shots and many places, but on T-Shirts (mostly in the second half) it says "MyCoin" only.
There are a lot more than 30 (or 43) people there. One of the overhead shots shows some large amounts, over 300 M (HKD, USD, CNY, or what?)
If it is MyCoin.hk, there may be a lot more than 43 victims.
If it is not MyCoin.hk, what venture is that? The overhead texts are in Chinese...
February 12, 2015, 04:14:56 AM
http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/
$8millions loss estimated and not >$300millions
$8millions loss estimated and not >$300millions
i can confirm it...
i have read this news in other place too!
we will finally find that it was not stolen anything!!!
February 11, 2015, 07:25:33 PM
http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/
$8millions loss estimated and not >$300millions
$8millions loss estimated and not >$300millions
Yeah, 43 victims so far, may not get to 100.
Mark claimed that MtGOX had more than a million users, but when the leaked database was analyzed, it was found that only 70'000 accounts were minimally active. So his numbers were bloated by a factor of 15 at least. If the same factor holds here, it would be 200 accounts.
By the way, here is a video that seems to be a 2014-03-12 congress of MyCoin.hk clients:
http://my.tv.sohu.com/us/201860874/69946081.shtml
The Westerner with grey hair presumably is William Dennis Atwood, the vanished CEO of MyCoin.kh's parent company.
EDIT: I counted 7x8 tables with 8-10 chairs each, so there were about 450 people in that event.
February 11, 2015, 06:14:32 PM
http://www.coindesk.com/mycoin-hong-kong-police-8-1-million/
$8millions loss estimated and not >$300millions
$8millions loss estimated and not >$300millions
February 11, 2015, 03:16:05 AM
Even at today's exchange rate, they would need 1.5 million coins to get those number, definitely a scam.
I guess this is a planned money laundering scheme: Make money transfer to mycoin.hk account and claim the money is lost, get some tax return from government and later receive transfered money at an offshore bank account
I guess this is a planned money laundering scheme: Make money transfer to mycoin.hk account and claim the money is lost, get some tax return from government and later receive transfered money at an offshore bank account
February 10, 2015, 06:52:10 AM
http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/
I wonder if mycoin claimed they had 30,000 clients, would all the news portals dumbly announce 'one of the biggest frauds in the history' or would they do their homework and present some reliable info.
Quote
If true, the supposed losses are a staggering amount, although this estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($129,000) each.
I wonder if mycoin claimed they had 30,000 clients, would all the news portals dumbly announce 'one of the biggest frauds in the history' or would they do their homework and present some reliable info.
February 09, 2015, 06:14:40 PM
I'm not sure this story will turn out fake, but I'm pretty confident it has been over-exaggerated with the reported losses.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
Its actually not fake news, but the story involves fiat, and is just simply related to bitcoin. The loss was incurred in fiat, and the company was relted to bitcoin.
is it fake or not?
If it wasn't a fake the price would have crashed a bit..
February 09, 2015, 04:29:55 PM
Thats a pretty large amount scam. How did they get away with this ?
February 09, 2015, 04:10:34 PM
cough cough
Where does it say, that the amount was in bitcoin that was stolen ?
The quote shouldn´t refer to your reply. It was directed @cashtraderuk, and the dozens of other people who tried to deny the figure yesterday and today.
February 09, 2015, 04:06:08 PM
cough cough
Where does it say, that the amount was in bitcoin that was stolen ?
February 09, 2015, 03:23:00 PM
I'm not sure this story will turn out fake, but I'm pretty confident it has been over-exaggerated with the reported losses.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
Its actually not fake news, but the story involves fiat, and is just simply related to bitcoin. The loss was incurred in fiat, and the company was relted to bitcoin.
This is the article on Finance.yahoo.com:
Leung Yiu-chung said his office recently received reports from dozens of investors in Hong Kong who paid a total of HK$40 million ($5.16 million) into the scheme run online by MyCoin, but the total loss may be vastly more.
"The number of cases is increasing. These two days I received calls about more than 30 cases. We estimate more than 3,000 people and HK$3 billion are involved," he told AFP.
https://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html
Leung Yiu-chung said his office recently received reports from dozens of investors in Hong Kong who paid a total of HK$40 million ($5.16 million) into the scheme run online by MyCoin, but the total loss may be vastly more.
"The number of cases is increasing. These two days I received calls about more than 30 cases. We estimate more than 3,000 people and HK$3 billion are involved," he told AFP.
https://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html
cough cough
February 09, 2015, 02:04:20 PM
I'm not sure this story will turn out fake, but I'm pretty confident it has been over-exaggerated with the reported losses.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
Its actually not fake news, but the story involves fiat, and is just simply related to bitcoin. The loss was incurred in fiat, and the company was relted to bitcoin.
February 09, 2015, 01:03:29 PM
I'm not sure this story will turn out fake, but I'm pretty confident it has been over-exaggerated with the reported losses.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
If the figures were true the bitcoin exchanges in China would have re-acted more violently which in itself is a sign that they are not taking the story seriously.
February 09, 2015, 12:07:41 PM
I suspected it was some kind of FAKE news. Or at least misinformed one
If it were totally true prices would be sub 150 by now
If it were totally true prices would be sub 150 by now
The amount is seemingly based on figures that the site gave out which were obviously bullshit. It would be interesting to see how much they actually took in though.
February 09, 2015, 11:37:48 AM
...It's interesting how easily people can be manipulated in the Bitcoin world. There's simply no way of knowing what's true or legitimate...
Bullish!
February 09, 2015, 11:04:14 AM
It is not clear whether mycoin.hk also included an exchange, there are conflicting reports on that. If they did have an exchange, it was a small one. The big scam was their cloud mining operation, which apparently was just a ponzi scheme and had no real bitcoins and no real mining.
Nevertheless, the latest small drop in price (from 1380 CNY to 1350 in a few minutes, with a recovery to 1360) happened just after 8pm in China local time. It may have been a reaction to the news showing on TV, perhaps.
Nevertheless, the latest small drop in price (from 1380 CNY to 1350 in a few minutes, with a recovery to 1360) happened just after 8pm in China local time. It may have been a reaction to the news showing on TV, perhaps.
February 09, 2015, 10:40:18 AM
3 billions HKD? It's nothing more than fake number. if it was real, than this exchange could be the large exchange as MtGox or Bitstamp. But the truth is many people including Chinese do not seem to know about this exchange.
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