MyCoin Customers Report $8.1 Million in Losses to Hong Kong Police
The Hong Kong Commercial Crime Bureau (CCB) is conducting a preliminary investigation into alleged unlawful activities that may have occurred at defunct bitcoin exchange MyCoin. The CCB reports that 43 investors between the ages of 21 and 71 years old lost anywhere between HK$50,000 to HK$15m each when the exchange ceased operations. Such estimates would place the total consumer loss at HK$63m, or $8.12m at press time. Local media reported Monday that the total losses could have been as high as $387m, however, these figures were based on the exchange's own estimates of its business volume.....
Related News
MyCoin is currently under investigation for running a Ponzi bitcoin scam, and two of its organizers were recently arrested in Taiwan. According to Taipei's Criminal Investigation Bureau, individuals Lu Kuan-wei and Chen Yun-fei were apprehended since they have held a few events for MyCoin. "Chen and Lu held several events for investors convincing each one to spend NT$1.62 million (US$49,600) for 90 BTC and an account with MyCoin's parent company, which would distribute 0.63 of a bitcoin every day for a total value of NT$11,000 (US$337). The investors were told that their investment would....
When the Chinese Ponzi scheme MyCoin vanished without a trace, stealing investment money from patrons across the board, many people went to the Hong Kong police first and foremost. MyCoin stole their money, and they want it back. Also Read: Hong Kong Bitcoin Exchange MyCoin "Lost" $387 Million of Customers' Money. MyCoin was supposed to be a bitcoin exchange and gathered enough interest to claim 3,000 customers investing $128,966 each. They made sure to leave no paper trail, as often happens with bitcoin scams. When they left, citizens of Hong Kong that invested were without any recourse....
It has been found out that the losses faced by the MyCoin customers were exaggerated in their initial estimates of $300m+ USD. According to The Hong Kong Commercial Crime Bureau (CCB), the earlier reported amount was entirely miscalculated. The agency issued fresh reports that spoke of 43 victimized investors that might have tapped out between $HK50,000 to $HK1.5 million before the oldfangled Ponzi company disappeared. That estimates the total loss amount to be near $8 million, versus the whopping $387 million that was earlier reported by Hong Kong press. The estimate has clearly been....
It was reported some days ago that the Hong Kong bitcoin company mycoin.hk went away with investors' money. According to various sources, the total estimate of losses nears $390m. Hong Kong lawmakers are now commenting on a ban on bitcoin. In the meantime, more than 25 people are reportedly flocking police headquarters to complain about the mycoin.hk scam. According to lawmakers Leung Yiu-chung and James To "The government should clamp down on bitcoin." Leung adds, "The government should not just stand aside, It's simply not enough to just ask people to exercise caution when investing .......
MyCoin was one of the biggest scams to hit the shores of Hong Kong this year. The alleged bitcoin exchange based out of Hong Kong was in fact an elaborate Ponzi scheme that successfully managed to rip off over $387 million dollars in customer investments after they shut shop overnight earlier this year. Many South East Asian and Chinese investors were victims of this Ponzi scheme, which has got the police forces in multiple countries conducting their own investigations to ensure justice is served. Hong Kong was the first to counter some success in March after the cops there managed to....