Bitcoin trader MyCoin shutters, taking $387M in investor funds

Posted on 2015/02/10 in Business, Google+, Miscellaneous

"As Bitcoin experiences global growth and more widespread adoption in peer-to-peer payment circles, one Asian Bitcoin trading company has swiftly closed its doors, leaving investors facing massive losses."

"South China Morning Post reported the closure of Hong Kong-based MyCoin, which is believed to have left as many as 3,000 investors facing a total of HK$3 billion ($387 million) in losses."

"But while Bitcoin has been hit with its share of issues in the past — including the bankruptcy of the major Japanese Bitcoin exchange Mt. Gox — this latest problem appears to be less to do with the vagaries and fluctuations of the world's most famous cryptocurrency and more due to classic financial fraud."

From +CNET: 

Bitcoin trader MyCoin shutters, taking $387M in investor funds – CNET
Hong Kong-based MyCoin has reportedly closed its doors, with suggestions the operation was a Bitcoin-themed ponzi scheme.

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