Bitcoin in the Headlines: Hong Kong's MyCoin Sparks Global Conversation
Bitcoin in the Headlines is a weekly look at global bitcoin news, analysing media coverage and its impact. Bitcoin has been hung out to dry many times before in the media as part of reports that supporters argue often overemphasise its involvement in criminal activities. Its reputation often suffers due to the lack of information - or misinformation - available. If the Silk Road Trial did not do enough to put bitcoin under scrutiny, the recent scandal at Hong Kong bitcoin exchange MyCoin certainly fueled new skepticism around the digital currency. What was said about bitcoin this week and....
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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 .......
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....
Reports out of Hong Kong indicate that the MyCoin Exchange has just closed, locking out more than three thousand large investors. The closure has occurred almost one year to the day after the world's largest Bitcoin exchange, Mt. Gox, closed off all exchange withdrawals on February 7th, 2014. That took almost 750,000 investor's Bitcoins with it, plus 100k of the exchange's cache. This sudden exchange closure has a potential combined value of three billion Hong Kong Dollars, which is equivalent to about $387 Million USD. MyCoin happens almost exactly one year after Mt. Gox. The investors....
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 $387 million dollars in customer investments after they shut shop overnight earlier this year. Many South East Asian and Chinese investors were victims of this Ponzi scheme, which has got the police forces in multiple countries conducting their own investigations to ensure justice is served. Hong Kong was the first to counter some success in March after the cops there managed to....
When the first major bit-heist, Mt. Gox, happened, many in the crypto community might have been forgiven for thinking that it had been but a minor case of arrhythmia. However with the latest incident involving MyCoin, a bitcoin exchange in Hong Kong, it appears that we might soon have a full-scale coronary. There will have to be stronger guarantees for client funds going forward if we are not going to abandon the promise of Bitcoin altogether. MyCoin went belly up a week ago, disappearing with about US$ 387 million, leaving 3,000 clients out in the cold. This latest incident could not have....