2015-02-09 CA - Mycoin.HK packages Ponzi Scheme As Guaranteed Bitcoin Payout

[jdebunt]

http://www.cryptoarticles.com/crypto-news/mycoinhk-packages-fiat-currency-ponzi-scheme-as-guaranteed-bitcoin-payout

Over the course of this past weekend, we have received several reports regarding the Hong-Kong based Mycoin.hk, which apparently closed its doors without warning and ran away with a lot of users’ funds. The reason why this is important is because the Mycoin.hk platform packaged their investment plan so that customers would receive Bitcoin in return for a fiat currency investment. While the scheme itself looks a lot like a ponzi scheme, they did manage to collect a ton of money from unsuspecting investors, and give Bitcoin an even worse reputation at the same time.

[1714761968]

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[1714761968]

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[1714761968]

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[Arnab biswas]

ponzie sceams are just ponzie......they will surely someday run away

[Sefton]

ponzie sceams are just ponzie......they will surely someday run away

But the case in point here is I don't think people knew this was a ponzi and were genuinely duped into investing believing it to be genuine.

[ujka]

ponzie sceams are just ponzie......they will surely someday run away

But the case in point here is I don't think people knew this was a ponzi and were genuinely duped into investing believing it to be genuine.

"One local woman was quoted as saying:"

"We were told by those at higher tiers [of the scheme] that we can get our money back if we find more new clients."

Sure smells like some ponzi.

http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/

[btcshiner]

I think this article is about the same company.  200% to 300% return on your money?  Were they investing in CryptoDouble?

http://news.yahoo.com/alleged-bitcoin-scam-leaves-millions-missing-132209213.html;_ylt=AwrBJR_V59hU9DwAkHXQtDMD