$4.1 Million goes missing as Chinese bitcoin trading platform GBL vanishes
Bitcoin is surging in China, but the explosion in digital currency trading has been accompanied by possible fraud and theft. GBL, a Chinese bitcoin trading platform that claimed to be based in Hong Kong, recently shut down - an event that might not be worthy of note had ¥25m ($4.1m) worth of users' money not disappeared with it. The company appears to have launched in May 2013, with its domain btc-glb.com registered on 9th May and a post later that month by Bitcoin Talk forum user zhaoxianpeng promoting the site. Suspicions. Commenters were instantly suspicious, noting that the site's....
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Reports from Zimbabwe suggest that an individual by the name of Martin Mhlanga, who is the mastermind behind the Cryptoshares bitcoin pyramid scheme, has disappeared along with over $6 million in investor funds. In addition to Mhlanga’s disappearance, the individuals thought to be managing Cryptoshares’ social media channels have similarly vanished.
Unrealistic Cryptoshares Promises
As one local report explains, Mhlanga had successfully used a series of unrealistic promises to lure many unsuspecting people into investing. For instance, the report explains that many....
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