MyCoin Ponzi Scheme, Taiwan Cops Net Two More

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....

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Alleged Scammers Behind Bitcoin Exchange Ponzi, MyCoin, Arrested in Taiwan

The Chinese newspaper, China Times, has reported that on August 20, 2015, Taiwanese police arrested two suspects who allegedly scammed investors out of $1 billion NT, equivalent to $30.6 million USD. Lu Kuan-wei and Chen Yun-fei were arrested after the Criminal Investigation Bureau in Taipei received a number of complaints about fraud from victims. Editor’s Note: To be clear, Mycoin was a ponzi scheme that fronted as a Bitcoin exchange. Additionally, it needs to be noted that MyCoin is not Maicoin, a legal Taiwanese Bitcoin exchange.

Alleged Bitcoin Ponzi Scheme Organizers Arrested in Taiwan

Authorities in Taiwan have reportedly arrested two individuals in connection with MyCoin, an alleged Ponzi scheme targeting bitcoin users. News service China Times reports that Taipei's Criminal Investigation Bureau announced on 20th August that Lu Kuan-wei and Chen Yun-fei were apprehended and charged with their involvement in the scam. Lu and Chen reportedly held a number of MyCoin-related events. The scam resulted in millions of dollars in losses in various Asian countries. Victims were duped into investing in the bitcoin investment platform, which promised outsized returns. The China....

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....

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....

Correction: Ponzi Scheme MyCoin Customers' Losses were Exaggerated

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....


Money at its core is simply a ledger for keeping track of debts, and bitcoin is truly the best iteration of a universal ledger we’ve ever seen.

John Reed, former chairman and CEO of Citibank