Police Arrest Five in MyCoin Bitcoin Exchange Scheme Case
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....
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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....
An additional 150 victims of the allegedly fraudulent bitcoin exchange MyCoin have come forward to police, according to the South China Morning Post. Accompanied by Democratic Party legislator James To Kun-sun, 23 victims reported their involvement with the company to police on Wednesday. The development is the latest in the ongoing saga surrounding MyCoin, a platform billed as a bitcoin exchange but that may have never dealt in the digital currency. SCMP indicated that one victim is said to have lost $HK80,000 ($102,946 at press time), a figure that may be among the highest individual....
When the first major bit-heist, Mt. Gox, happened, many in the crypto community might have been forgiven for thinking that it had been but a minor case of arrhythmia. However with the latest incident involving MyCoin, a bitcoin exchange in Hong Kong, it appears that we might soon have a full-scale coronary. There will have to be stronger guarantees for client funds going forward if we are not going to abandon the promise of Bitcoin altogether. MyCoin went belly up a week ago, disappearing with about US$ 387 million, leaving 3,000 clients out in the cold. This latest incident could not have....
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.