DOES BITCOINICA FOUNDER ZHOU TONG HAVE SOME EXPLAINING TO DO?

cryptocoinsnews.com / JOHN WERU MAINA / 10/09/2015

Did Bitcoinica founder Zhou Tong steal funds, return a part of them, then pay someone to keep it quiet? Well that would seem to be the impression created by the latest revelation contained in a Youtube video discussed on Reddit

Bitcoinica – Some Background

Zhou Tong founded Bitcoinica in 2011 at the age of 17. Bitcoinica was an online trading company that enabled users to speculate on contract-for-difference market against the Bitcoin to USD exchange rate.

In March 2012, Bitcoinica reported that they had lost 43,554 BTC after an alleged hacking at web hosting provider Linode’s servers. A second heist happened in May 2012 in which 18,000 BTC was stolen, and lastly in July 2012 when the hacker struck once again and made off with 40,000 BTC in addition to US$ 40,000. It is important to note that Bitcoinica’s money was held with Mt. Gox.

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