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....
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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....
Hong Kong police arrested five suspects on Thursday, March 5 in connection to the MyCoin alleged Bitcoin scam. Authorities are still searching for the directors and shareholders of the investment company involved in the case. The arrests follow the sudden bankruptcy of Hong Kong-based Bitcoin trading and investment outfit MyCoin last month, taking with it a possible total of HK$3bn (or US$386.9m at press time), in investors funds. The company, which claimed it was serving 3,000 clients that had invested as much as HK$1m (US$129,000) each, had been accused by both clients and lawmakers of....
Five individuals have been arrested by Hong Kong police forces in connection with the collapse of MyCoin, an alleged bitcoin trading platform. The arrests were made as part of a broader hunt for individuals associated with MyCoin, which is believed to have cost investors millions of dollars in losses for fraudulent activities. The five were arrested for conspiracy to defraud, according to the South China Morning Post. The individuals taken into custody on 5th March were allegedly involved with soliciting funds for the scheme and holding events to attract potential investors. 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....
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....