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

[NotAPonzi]

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/

[sgk]

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/

WHOAA....  $387 Million...!  That's a lot of money!   

[rollingMyCar]

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 !!!
 

[Q7]

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.

[gbianchi]

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.

[Newar]

[...] taking with it possibly as much as HK$3bn ($386.9m) in investor funds.[...]

That was the claim of the site. Now, why would you trust that number in any way?

[HarmonLi]

Are we talking about investments in the form of money people put on the exchange in order to trade or other investments in term of capital support? The amount seems so incredibly high and puts BitStamps fiasco in perspective. I've never heard of that exchange before, how can they be such a big deal?

[GermanGiant]

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 !!!
 

Bitcoin price will always show the reverse trend than the expected.

[ujka]

Right, we need one more thread on this.

Please go to https://bitcointalk.org/index.php?topic=949452.msg10402916#msg10402916

[dsly]

Didn't the article following up say the amount was wrong and the correct amount was lower ?

[rememberme]

38MIll not 380

[chanz]

That's some Gox shit right there again, rekt  

[Mewtwo]

Why does this keep happening to the bitcoin community? Wasn't 2014 enough of a shitty year... expecting the price to drop even lower now after this... should try and get some cheap coins after that.

[LiteCoinGuy]

$386.9m? i doubt that.  



@rememberme

that would be more realistic.

[ujka]

$386.9m? i doubt that.  

As known so far, 30 victims seek help and they claim loss of 1 million HKD on average. The legislative councillor speculates that there are 3000 victims and ALL OF THEM lost 1 million HKD. That's how the 3 billion HKD got calculated.

[manselr]

Why does this keep happening to the bitcoin community? Wasn't 2014 enough of a shitty year... expecting the price to drop even lower now after this... should try and get some cheap coins after that.

Why do you expect your bitcoins to magically be safe when you give them to other people and there isn't any kind of regulation that forces them to keep them safely? it's people fault for putting their coins at exchanges. At least wait for the Winklevii one ffs.

[sgk]

Right, we need one more thread on this.

Please go to https://bitcointalk.org/index.php?topic=949452.msg10402916#msg10402916

Thanks, that pretty much sums it up. No reason to panic, guys.
Here's the TL;DR version of that post:

[...]These news are ALL USING THE FAKE NUMBER[...]

[...]Most people in Mainland China and Hong Kong SAR know about this situation at long long time ago (people talked about this at many Chinese bitcoin forum since the end of 2014), Now today the exchanger finally gone down as everyone's expected.[...]

[...]A really small exchanger gone down, less than may be let's say half million HKD(including real bitcoins deposited at there) is lost [...]

[...]If you are waiting for Chinese market to panic, give it up, most Chinese know the mycoin.hk exchanger would runoff at a half year ago[...]

[ujka]

Very low number of coins were lost in this scam. It operated in HKD. Ppl sent in their fiat money, in return got an account at the exchange, and a number of IOU coins they could not withdraw.

[Alty]

So no need for widespread panic?

[sgk]

So no need for widespread panic?

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