NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

As Investors Bite Dust, Hong Kong Central Bank Releases st Bitcoin

Yashu Gola
Yashu Gola
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

In the wake of recent fraud allegations against a Bitcoin investment company, Hong Kong Central Bank asked people to take extra precautions while investing in speculative investments such as cryptocurrencies.

HongKong Monetary Authority Bitcoin Advice

“Such investments may involve fraud or pyramid schemes,” The Hong Kong Monetary Authority (HKMA) stated in its statement. “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”

On Monday, Chinese news website SCMP had published a report about a Hong Kong Bitcoin exchange MyCoin that reportedly swept away its investors’ $US387 million (equivalent to $HK3 billion). The report thoroughly noted the prima facie accounts of victims, describing how MyCoin tricked them into investing an average sum of $400,000 by promising attractive returns, but later disappeared into thin air; along with their money.

After getting hit by this “Ponzi” bullet, some of these investors narrated their experience to Leung Yiu-Chung — an assistant to Legislative Council member. The lawmaker further passed this complaint to police and ensured to discuss the matter further with HKMA.

What’s Next in Hong Kong Bitcoin Climate?

Before this unfortunate incidence, Hong Kong was looking like a liberal place to experiment with Bitcoin, especially with the PBOC starting to take strict action against cryptocurrency businesses. Even since, Hong Kong has hosted a series of Bitcoin startups, including debit card provider Cryptex and virtual currency exchange The Asia Nexgen (ANX).

At this hour, it would be difficult to say whether HKMA will push towards proper regularity of Bitcoin businesses in Hong Kong. The warning, though, seems like the tip of the iceberg.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Comments 1

  1. Ken Stutt says:
    11 years ago

    Never invest in anything but YOURSELF! Bitcoin is a designed scam, a technology, an idea backed by a software program. Forever exploited and manipulated to profit very few. Since the inception of Bitcoin, close to 1 Billion has gone “missing”?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. Ken Stutt says:
    11 years ago

    Never invest in anything but YOURSELF! Bitcoin is a designed scam, a technology, an idea backed by a software program. Forever exploited and manipulated to profit very few. Since the inception of Bitcoin, close to 1 Billion has gone “missing”?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Is ‘Digital Capital’ That Outpaces Traditional Assets—Michael Saylor

Strategy’s long-running bet on Bitcoin remains at the heart of the debate over the asset’s place in finance. Based on...

Christian Encila 5 hours ago
XRP

Pundit Predicts XRP Price Crash Below $3, Here’s Why

Crypto pundit and legal expert Bill Morgan has humorously predicted that the XRP price will drop below $3. He ironically...

Scott Matherson 7 hours ago
X

X Blows The Lid Off Bribe Scandal In Crypto Account Restorations

The Elon Musk-owned X social media platform has gone public with claims that a bribery network tried to pay its...

Christian Encila 8 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Litecoin

Litecoin Price Compresses In Tight Falling Wedge, Breakout Ahead?

Godspower Owie 47 minutes ago
Bitcoin

Bitcoin Network Activity Hits New 2025 Peak — What This Means For Price

Opeyemi Sule 1 hour ago
Bitcoin

Total Illiquid Bitcoin Has Reached 72% Of Supply, What Does This Mean For Price?

Scott Matherson 3 hours ago

Premium Sponsors

Press Releases

  • パイネットワーク...

    9 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Cele mai bune altcoin-uri de cumpărat, pe măsură ce...

    10 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Cele mai bune meme coin-uri de cumpărat acum, pe măsură...

    10 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Nejlepší meme coiny k nákupu nyní, když se tržní...

    10 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Nejlepší altcoiny k nákupu, když se cena Solany...

    11 hours ago

Newsletter

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.