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Title: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: Cryptology on February 09, 2015, 01:40:57 PM And another exchange goes down the drain...
http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/ Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: Dogedigital on February 09, 2015, 02:53:56 PM Damnnnnnnn.
There honestly needs to be some type of organization that is able to effectively police cryptocurrency. Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: BRE on February 09, 2015, 03:15:03 PM What The Hell :'(
$150 is near again guys ..... $387 Million will give bad impact for btc price Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: Quickseller on February 09, 2015, 03:22:05 PM I have my doubts that they had that much in customer funds but they did probably run away with customer money.
Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: dudex22 on February 09, 2015, 11:30:04 PM Other articles say more like $5 million.......
http://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: jc01480 on February 10, 2015, 12:45:51 AM Waiting for $10 BTC again. Only way to starve a thief is to devalue his loot.
Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: monbux on February 10, 2015, 12:52:13 AM sucks, yet another exchange gone. Oh well, tbh they weren't really built to last! :-/
Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: Abbey_j on February 10, 2015, 02:36:37 AM "$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. Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: koshgel on February 10, 2015, 03:48:04 AM Just crazy. Holding your coin on any of these exchanges is risky as hell.
Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: Smack That Ace on February 10, 2015, 03:51:16 AM 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 Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: medUSA on February 10, 2015, 05:47:42 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:
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. Title: Hong Kong warns over digital currencies amid alleged bitcoin fraud Post by: Cryptology on February 10, 2015, 08:09:14 AM Some additional info on this topic.
http://www.cnbc.com/id/102411100 Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: redsn0w on February 10, 2015, 08:58:01 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 Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: redsn0w on February 10, 2015, 11:21:36 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 Title: Re: Hong Kong's MyCoin Disappears With Up To $387 Million, Reports Claim Post by: mayax on February 10, 2015, 08:31:52 PM nothing new.someone had a ponzi and ran with the money :)
Title: Police Arrest Five in MyCoin Bitcoin Exchange Scheme Case Post by: Cryptology on March 09, 2015, 07:15:33 AM http://www.coindesk.com/police-arrest-mycoin-bitcoin-exchange/
Title: Re: Police Arrest Five in MyCoin Bitcoin Exchange Scheme Case Post by: waterpile on March 09, 2015, 12:27:32 PM http://www.coindesk.com/police-arrest-mycoin-bitcoin-exchange/ 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. |