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 60+ yrs old uncle living in HDB heartland who has retired @ 60 on 30 Sep 2016.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 and now becoming full-time retail investor. So I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I have two sons and one daughter; two working adult children and the youngest son is currently in his 1st year SUTD.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2038
Last updated: 16 Oct 2016
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