The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play.
"No one seems to know who is behind this," a woman
surnamed Lau, who said she lost HKD 1.3 million, told the paper.
"Everyone says they, too, are victims … but we were told by those at
higher tiers [of the scheme] that we can get our money back if we find
more new clients."
One warning sign of a pending collapse could have been that when
the company changed its trading rules to bar people from exchanging all
of their bitcoins unless they solicited new investors for the firm.
As bitcoin-focused site CoinDesk reasons,
the incident may lead to new regulations for the cryptocurrency
industry in Hong Kong, "which has so far operated with little
According to the SCMP, MyCoin had hosted events at luxury hotels and a roadshow in Macau in 2014.
MyCoin did not immediately return a request for comment.
I am 61 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and retired @ 60 from full-time job as employee.
Single household income since 1995 with three children. Eldest son and daughter are now working and youngest son still in his 2nd year uni in SUTD.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I am now executing my Three Taps solution model to maintain sustainable retirement income for life till 2038.
Last updated: 3 Sep 2017
Disclaimer: Stock trading involves significant risks. Create Wealth trader is not a licensed Investment Adviser and will not be responsible for any losses which you incurred. You are advised to always do your own homework before making any trading decision.