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 $387 million that was earlier reported by Hong Kong press. The estimate has clearly been....
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When the first major bit-heist, Mt. Gox, happened, many in the crypto community might have been forgiven for thinking that it had been but a minor case of arrhythmia. However with the latest incident involving MyCoin, a bitcoin exchange in Hong Kong, it appears that we might soon have a full-scale coronary. There will have to be stronger guarantees for client funds going forward if we are not going to abandon the promise of Bitcoin altogether. MyCoin went belly up a week ago, disappearing with about US$ 387 million, leaving 3,000 clients out in the cold. This latest incident could not have....
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....
Reports are emerging from Hong Kong that local bitcoin exchange MyCoin has shut its doors, taking with it possibly as much as HK$3bn ($386.9m) in investor funds. If true, the supposed losses are a staggering amount, although this estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($129,000) each. For perspective, bitcoin's entire market cap today stands at around USD$3bn. The issue came to light on Friday when about 30 people claiming to be victims of the company's actions petitioned a local member of the Legislative Council, Leung....
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.
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....