Mycoin scam busted by police, mastermind still at large

Malin Keshar

hero member

Activity: 616

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Quote from: Havelivi on March 06, 2015, 12:13:54 PM

any news about victims from other countries, i too lost little part of money in mycoin,
but that is nice sharing the mastermind is arrested in HK. Grin

foreign people would use the most popular exchanges, like OkCoin, not a small one like mycoin.

I doubt any foreigner is among the victims

Havelivi

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Activity: 896

Merit: 1000

any news about victims from other countries, i too lost little part of money in mycoin,
but that is nice sharing the mastermind is arrested in HK. Grin

SargeR33

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Merit: 10

★Bitin.io★ - Instant Exchange

Quote from: SpanishSoldier on March 06, 2015, 05:58:14 AM

Quote from: hl5460 on March 05, 2015, 09:37:31 PM

Core members of Mycoin scam busted by police, mastermind still at large. HK police detained 5 people, who are believed to be core members the Mycoin Scam.
Over 50 victims aged from 20-70 with total loss around 74 million HKD, not 3 billion as previously stated.

full report(in Chinese):
http://www.8btc.com/mycoin-74-millions

Never heard of this exchange. Did they have any operation outside China ?

I don't think this was an exchange. It was a ponzi; pyramid scheme, a scam what ever you like to call it.

SpanishSoldier

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Activity: 728

Merit: 256

Quote from: hl5460 on March 05, 2015, 09:37:31 PM

Core members of Mycoin scam busted by police, mastermind still at large. HK police detained 5 people, who are believed to be core members the Mycoin Scam.
Over 50 victims aged from 20-70 with total loss around 74 million HKD, not 3 billion as previously stated.

full report(in Chinese):
http://www.8btc.com/mycoin-74-millions

Never heard of this exchange. Did they have any operation outside China ?

bri912678

sr. member

Activity: 348

Merit: 250

Have they got any bitcoins back off the scammers? I never found out the ratio of cash to bitcoins they scammed out of people. It's typical the mastermind is still at large, like with Mintpal.

innocent93

legendary

Activity: 896

Merit: 1000

I won't call mycoin a Bitcoin exchange, it's nothing but a pyramid schemes that used Bitcoin to scam.

Some media reported this with the tittles like " Bitcoin exchange mycoin scam " , in my view, Bitcoin is innocent in such cases, and the medias is tarnishing Bitcoin for their
unprofessional conduct.

Onestopbrokers Directory

newbie

Activity: 49

Merit: 0

Five arrested, HK$75m, indeed this is a big scam.

http://www.onestopbrokers.com/2015/03/06/hk75m-hong-kong-bitcoin-investment-scam/

tss

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Activity: 742

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i would like to see some development about mt gox. a year later.

fox19891989

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Activity: 840

Merit: 1000

Quote from: btcreporter on March 05, 2015, 09:39:26 PM

How much was the loss in Dollar or Euro terms?

Can you provide a translation?

74M hk dollar is about 10M usd, a huge ponzi scam. Shocked

Luckily they are arrested by HK police, I hope those HYIP/ponzi owners will be arrested as well.

TheGr33k

hero member

Activity: 518

Merit: 500

Good to know some justice is being served. Like previously stated, I hope they can return some if not all/most of the money lost.

thompete

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Merit: 100

Quote from: valkir on March 05, 2015, 10:19:02 PM

Well that's a really good news. Im wondering if they will be able to recover all the missing bitcoin?

Will for sure follow this story.

Thanks for sharing.

Cheer

Valkir

Hopefully they should be, unless the mastermind is the one who has majority of the share.
Good that they finally have been caught.

valkir

legendary

Activity: 1484

Merit: 1004

Well that's a really good news. Im wondering if they will be able to recover all the missing bitcoin?

Will for sure follow this story.

Thanks for sharing.

Cheer

Valkir

Chef Ramsay

legendary

Activity: 1568

Merit: 1001

I'm glad to see this being flushed out of the system once and for all. Never knew about this scam until recently but I certainly wish people will learn like we all have and allow this entire market to mature from the depths of bullcrap. I can't believe these people fell for this crap-show on this sideshow of crypto.

btcreporter

newbie

Activity: 3

Merit: 0

How much was the loss in Dollar or Euro terms?

Can you provide a translation?

hl5460

legendary

Activity: 1621

Merit: 1000

news.8btc.com

Core members of Mycoin scam busted by police, mastermind still at large. HK police detained 5 people, who are believed to be core members the Mycoin Scam.
Over 50 victims aged from 20-70 with total loss around 74 million HKD, not 3 billion as previously stated.

full report(in Chinese):
http://www.8btc.com/mycoin-74-millions

Topic: Mycoin scam busted by police, mastermind still at large (Read 1226 times)