$386M allegedly missing, as investors fear bit coin theft

[n2doc]

Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process.

The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors.

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."

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http://www.cnbc.com/id/102410095#.

[VanillaRhapsody]

1. Again with this?

Will they never learn??? Bitcoin is a scam from the word go..

[OilemFirchen]

2. "The reports... would seem to indicate that there may have been a Ponzi scheme at play."

Golly. Who'd a thunk it?

[LiberalAndProud]

3. I don't think anybody could have predicted ...

Sorry. I was just channeling Condoleezza.

[arcane1]

4. "we can get our money back if we find more new clients" No red flags there!