OKCoin: Ponzi Schemes Target Chinese Bitcoin Investors

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Earlier this month, bitcoin had one of a best weeks given Aug 2014, as a cost of bitcoin appearance US$500 in general exchanges, including OKCoin, BTCC, BitFinex and Bitstamp.

However, bitcoin cost immediately began to plummet, descending behind down to US$356 during today’s low, recording a scarcely 30% decrease given a rise on Nov 5. As a result, a trade volume of distinguished Chinese bitcoin exchanges including OKCoin have roughly halved over a past week.

OKCoin, a world’s largest bitcoin sell (by trade volume) suspects that a slack in bitcoin trade activity in a Chinese bitcoin marketplace is caused by a shrinking hype of several ponzi schemes that emerged over a past few weeks.

According to OKCoin Corporate Development Associate Alfred Lin, an augmenting series of ponzi schemes have begun to aim bitcoin investors and traders in China, fueling many of a bitcoin activity in a market.

“Recently there’s been a ponzi intrigue regulating bitcoin privately targeting Chinese people. This has fueled a lot of a uptick in bitcoin activity. we think a hype of a Ponzi intrigue competence have been dwindled down causing a slack in bitcoin trade activity,” Lin told newsBTC in an disdainful interview.

Financial experts and Chinese bitcoin exchanges including BTCC

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