Hong Kong's MyCoin Disappears With Up To $387 Million

[ChuckBuck]

So no need for widespread panic?

Nope.  One centralized exchange with bad actors/bad operators having issues does not cause panic.

Just a continuing problem with these centralized overseas exchanges with no rules, laws, or regulatory framework to properly make sure it's customers aren't taken advantage of like Mt. Gox...

[Coinbuddy]

Thats the end of bitcoin

[Coinbuddy]

So no need for widespread panic?

Nope..   say goodbuy to the hopes of freefall and cheap coins.

contact them
https://www.mycoin.hk/en/index.jsp

[Coinbuddy]

RICH MIGHT INVESTMENT LIMITED

Referred: RMI

Company Registered No: 1540861

Address: China, Hong Kong

OfficeBon 23/F, Railway Plaza，No. 39 Chatham Road South, Kowloon，Hong Kong

Customer Service Email: mycoincs@gmail.com

Customer Service Tel：(China) +86 4007772775  (Hong Kong) +852 63509793

Customer Service Office Hours：Monday to Friday 09:00 ─ 18:00    Saturday, Sunday & Public Holiday：Closed

[fenican]

One Hong Kong Dollar is worth .13 US Dollars

[arbitrage001]

Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds.

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

Expected outcomes for most exchanges. Watch out when the major 3-4 major exchanges blow out next time.

[haploid23]

If this so-called exchange was so large (based on the amounts lost), why hasn't anyone mentioned anything about them until now?

[zlatanBorec]

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 ($12,890) each.

Oh my, not again. This is big. If it is true, it will definitely cripple investors confidence that they have towards bitcoin.

people must learn that Bitcoin is good, Centralized exchanges are bad.

...i'm reading you signature...
and i'm thinking!!!

[zlatanBorec]

Thats the end of bitcoin

naaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
but what 'ru saying???

 

LOL!!!!

maybe 'ru shorting btc eh?

[finnile]

If this so-called exchange was so large (based on the amounts lost), why hasn't anyone mentioned anything about them until now?

It wasn't big, its just that they had large amounts from investments, only from a few rich people.

[tins]

Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds.

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

until now..
it seems who the news do not affect the bitcoin price!!!!

hope the bitcoin price trend do not  fall !!!
 

Doubt it will do much of anything. None of the great news of the past year has helped the value, can't see how this would shake the value either.

[Lauda]

If this so-called exchange was so large (based on the amounts lost), why hasn't anyone mentioned anything about them until now?

Because it was a scam operation that actually didn't do anything.

[zlatanBorec]

Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds.

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

until now..
it seems who the news do not affect the bitcoin price!!!!

hope the bitcoin price trend do not  fall !!!
 

Doubt it will do much of anything. None of the great news of the past year has helped the value, can't see how this would shake the value either.

here

https://finance.yahoo.com/news/alleged-bitcoin-scam-leaves-millions-missing-132209213.html

they are talking just aboout fiat...
HK$
kongolese Dollar...

nothing about btc!!!

[redsn0w]

MyCoin was not an exchange.

Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity.

It was also a "Trading center" but at the base it was only a ponzi scheme (always this cloud mining  ). These were the services :

[unsoindovo]

MyCoin was not an exchange.

Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity.

It was also a "Trading center" but at the base it was only a ponzi scheme (always this cloud mining  ). These were the services :

ponzi again!!!

is becoming a must!!!

not so good!

[dsly]

If this so-called exchange was so large (based on the amounts lost), why hasn't anyone mentioned anything about them until now?

Because it was a scam operation that actually didn't do anything.

Why does the title say 387$ million ? Doesn't sound like nothing.

[twister]

Thats the end of bitcoin

Why are you always so negative about Bitcoin?
I remember when the price fell below $200 you made this thread : https://bitcointalk.org/index.php?topic=924379.0 with the title "Who is coming to funeral of Bitcoin |RIP BITCOIN"

It's as if you want it to be dead??

[fonzie]

Thats the end of bitcoin

And there´s nothing we can do about it. I´ll give it 4-5 more months before life support system will be shutdown completly. 

[redsn0w]

Thats the end of bitcoin

And there´s nothing we can do about it. I´ll give it 4-5 more months before life support system will be shutdown completly. 

No , that's not the end.

It is the end if HK$ , they have robbed 3b of HK$  .

[jdebunt]

so many sources are wrong on this story, it's incredible tbh.

Mycoin HK offered a ponzi scheme contract which was paid in FIAT currency, no one ever invested a single Bitcoin into this scam.

All investors were promsied a guaranteed 90 Bitcoin payout when their contract matured.

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