Topic: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim (Read 2396 times)
March 09, 2015, 07:27:32 AM
well the sad part of the article is: The Morning Post reported those arrested have not been charged with any crimes
IMO they're going to walk away as if nothing happened.
February 10, 2015, 03:31:52 PM
nothing new.someone had a ponzi and ran with the money 
February 10, 2015, 06:21:36 AM
The New York times article about the situation :
||"Hong Kong’s central bank has warned against investing in virtual currencies, amid local media reports that a Bitcoin exchange may have run off with $387 million in client funds in what could be the biggest Bitcoin scandal after last year’s bankruptcy at the Mt. Gox exchange, based in Tokyo."
and
The Hong Kong Monetary Authority said in a statement late Monday that the case “may involve fraud or pyramid schemes,” adding: “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”||
http://www.nytimes.com/2015/02/11/business/international/hong-kong-issues-warning-about-bitcoin.html?_r=2
||"Hong Kong’s central bank has warned against investing in virtual currencies, amid local media reports that a Bitcoin exchange may have run off with $387 million in client funds in what could be the biggest Bitcoin scandal after last year’s bankruptcy at the Mt. Gox exchange, based in Tokyo."
and
The Hong Kong Monetary Authority said in a statement late Monday that the case “may involve fraud or pyramid schemes,” adding: “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”||
http://www.nytimes.com/2015/02/11/business/international/hong-kong-issues-warning-about-bitcoin.html?_r=2
February 10, 2015, 03:58:01 AM
An interesting article also on cryptoArticles.com :
"Original sources report that Mycoin.hk has been involved in some sort of mining contract ponzi scheme-esque deal, where users are promised a daily 0.64 Bitcoin payout after they make a massive upfront investment. It has to be said however that there are conflicting reports out there in regards to how much money has officially been stolen by Mycoin.hk."
http://www.cryptoarticles.com/crypto-news/mycoinhk-packages-fiat-currency-ponzi-scheme-as-guaranteed-bitcoin-payout
"Original sources report that Mycoin.hk has been involved in some sort of mining contract ponzi scheme-esque deal, where users are promised a daily 0.64 Bitcoin payout after they make a massive upfront investment. It has to be said however that there are conflicting reports out there in regards to how much money has officially been stolen by Mycoin.hk."
http://www.cryptoarticles.com/crypto-news/mycoinhk-packages-fiat-currency-ponzi-scheme-as-guaranteed-bitcoin-payout
February 10, 2015, 03:09:14 AM
February 10, 2015, 12:47:42 AM
The article said it wasn't an exchange, not even a business, it was a ponzi. Not likely to affect bitcoin price at all:
Classic ponzi scheme where people can only get their money back by bring in greater fools:
Adding to the mystery are reports the company never operated as a genuine bitcoin business at all. Testimonies from customers describe an operation more like a Ponzi scheme that used the veneer of bitcoin trading as its lure.
Classic ponzi scheme where people can only get their money back by bring in greater fools:
We were told by those at higher tiers [of the scheme] that we can get our money back if we find more new clients.
February 09, 2015, 10:51:16 PM
This news should not affect the price of bitcoin as such.
Firstly this news is not verified yet
Secondly the money was taken from people and never put into btc. The contracts were fake.
They were just making people invest using bitcoin as bait.
Lets see what happens
Regards
Duke
Firstly this news is not verified yet
Secondly the money was taken from people and never put into btc. The contracts were fake.
They were just making people invest using bitcoin as bait.
Lets see what happens
Regards
Duke
February 09, 2015, 10:48:04 PM
Just crazy. Holding your coin on any of these exchanges is risky as hell.
February 09, 2015, 09:36:37 PM
"$387 Million" is believe to be fake, Mycoin is more than a scam instead of an exchange.
But whatever, another exchange gone and people lost their money.
But whatever, another exchange gone and people lost their money.
February 09, 2015, 07:52:13 PM
sucks, yet another exchange gone. Oh well, tbh they weren't really built to last! :-/
February 09, 2015, 07:45:51 PM
Waiting for $10 BTC again. Only way to starve a thief is to devalue his loot.
February 09, 2015, 06:30:04 PM
Other articles say more like $5 million.......
http://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html
http://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html
February 09, 2015, 10:22:05 AM
I have my doubts that they had that much in customer funds but they did probably run away with customer money.
February 09, 2015, 10:15:03 AM
What The Hell 
$150 is near again guys ..... $387 Million will give bad impact for btc price
$150 is near again guys ..... $387 Million will give bad impact for btc price
February 09, 2015, 09:53:56 AM
Damnnnnnnn.
There honestly needs to be some type of organization that is able to effectively police cryptocurrency.
There honestly needs to be some type of organization that is able to effectively police cryptocurrency.
February 09, 2015, 08:40:57 AM
And another exchange goes down the drain...
http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/
http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/
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