MyCoin Bitcoin Scam - The Sequel to a Bitcoin Nightmare

MyCoin Bitcoin Scam - The Sequel to a Bitcoin Nightmare

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....


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Alleged Bitcoin Scam Organizers Arrested in Taiwan

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....

Hong Kong Police Arrests Suspects Involved in MyCoin Bitcoin Scam

The Hong Kong Police Commercial Crime Bureau (CCB) arrested five suspects that might have been involved in last month's Bitcoin investment fund scam worth $8 million. According to South China Morning Post (SCMP), the arrested individuals include three women, aged somewhere between 48 and 55, and two brothers, both in their late 30s. While the formers were accused to have had promoted the Ponzi company MyCoin, the latter are being scrutinized for collecting money from some of the victims. However, none of the arrested individuals have been charged yet, but are likely to go through a....

MyCoin Ponzi Scheme, Taiwan Cops Net Two More

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....

Could Hong Kong Ban Bitcoin after MyCoin Ponzi Scandal?

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 .......

Bitcoin Scam MyCoin Investigation Yields Multiple Arrests in Hong Kong

One of the largest stories in the Bitcoin universe in February was the bitcoin exchange that wasn't. The MyCoin pyramid scheme in Hong Kong defrauded a small number of very high rollers; people who were investing millions of US Dollars each. This created a reported cache of almost $400 million before the computer bandits made their getaway. Now, it seems that some headway has been made in the investigation, and the arrests are starting to come in. And some adjustments to the actual level of theft have also been made. Five arrests made related to the MyCoin Scam. The arrest made by....

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