• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Could Hong Kong Ban Bitcoin after MyCoin Ponzi Scandal?

NewsBTC by NewsBTC
8 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement

It was reported some days ago that the Hong Kong bitcoin company mycoin.hk went away with investors’ money. According to various sources, the total estimate of losses nears $390m. Hong Kong lawmakers are now commenting on a ban on bitcoin. In the meantime, more than 25 people are reportedly flocking police headquarters to complain about the mycoin.hk scam.Mycoin honk kong scam

According to lawmakers Leung Yiu-chung and James To “The government should clamp down on bitcoin.” Leung adds, “The government should not just stand aside, […] It’s simply not enough to just ask people to exercise caution when investing … it has to ban the circulation of such virtual currency in the market.”

Those comments are coming in after Hong Kong’s central bank warned the public against bitcoin, suggesting that people “should exercise extra caution when considering an investment in bitcoin because of the digital currency’s “highly speculative” nature”.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

HongKong Could Ban Bitcoin

The company that is behind all this drama, MyCoin, described itself as a “leading global Bitcoin trading platform and application service provider”. According to South China Morning, MyCoin claimed that 3000 of their customers invested an average of HK$1 million each.

MyCoin advertised returns of HK$1 million over a period of four months, based on investments of HK$400,000 that produced 90 bitcoins when they matured.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

As the unfortunate investors told to Chinese Media, they were lured to join MyCoin’s scheme by real estate brokers, legal clerks and even insurance agents.

An official from the local police declined to make a statement on how many complaints were filed, but mentioned that an official statement would be issued.

In the meantime, there are currently no signs of hope for investors. It was revealed yesterday that MyCoin’s director had quit a month before the incident. Some clients claimed that he had even taken shares of the company offshore to a British Virgin Islands company.

Tags: bitcoinbitcoin exchangeBitcoin Hong Kongmycoinmycoin scamNewsOther
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
NewsBTC

NewsBTC

Related Posts

bitcoin price bull

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

23 mins ago
Solana

What’s Next For Solana As Bulls Face Rejection At $25?

1 hour ago
Polygon MATIC

Polygon (MATIC) Could Rally To $1.30 If It Breaches This Price Level

2 hours ago
Bitcoin Mining

This Level Could Be Crucial For Bitcoin, PoW Pricing Model Suggests

2 hours ago
cream finance

Cream Finance Exploiter Moving Funds Over 16 Months After Hack, Here’s Why

3 hours ago
Gala Games 2023

Gala Games Plans for Mobile Gaming, GALA To Be The Primary Token

5 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

“Gold has been the best performing investment asset over the last two decades”: an interview with Easygold

January 30, 2023

The Crypto Dream Team: Binance Coin (BNB), Polygon (MATIC) and Orbeon Protocol (ORBN)

January 30, 2023

Polygon (MATIC) and Fantom (FTM) Are Losing Favor With Investors As They Turn To Snowfall Protocol (SNW) For 1000x Potential Gains!

January 30, 2023

Tezos (XTZ) shares its 12th protocol upgrade, Twitch Co-Founder’s Gaming NFT Marketplace Expands to Polygon (MATIC) Network while Snowfall Protocol (SNW) Breaks Record Highs

January 30, 2023

Snowfall Protocol Investors Happy After the Release of Snowfall DEX, Twitch Co-Founder’s Solana Gaming Platform Fractal Expands to Polygon, And Majority of Dogecoin Holders Are in Profits Despite the Meme Coin Being Down 87% From Its 2021 ATH

January 30, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.