Hong Kong's Newest Bitcoin Exchange Goes Dark, Fraud Suspected
Hong Kong police are investigating the disappearance of tens of thousands of dollars worth of Bitcoins at the HKCex exchange, which could open the doors for more victims to come forward. Everyone is familiar with Mt. Gox which lost hundreds of millions of dollars worth of Bicoins in client money forcing the company to close its doors. But while Mt. Gox was probably a victim of hackers or inside malfeasance, the recent incidents at the Hong Kong Crypto Exchange seems from all indications to have been a ponzi scheme from the beginning. Investigations by the South China Morning Post revealed....
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In the wake of recent fraud allegations against a Bitcoin investment company, Hong Kong Central Bank asked people to take extra precautions while investing in speculative investments such as cryptocurrencies. "Such investments may involve fraud or pyramid schemes," The Hong Kong Monetary Authority (HKMA) stated in its statement. "Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin." On Monday, Chinese news website SCMP had published a report about a Hong Kong Bitcoin....
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....