Two Members Of MyCoin Bitcoin Ponzi Scheme Arrested

Bitcoin has a bad reputation all over the world, as the virtual currency is often associated with scams, hacking and Ponzi schemes.  Several financial experts went as far as calling Bitcoin – “the biggest Ponzi scheme of all times” – a few years ago.  Unfortunately, the latest arrest of people allegedly associated with the MyCoin Bitcoin Ponzi in Taiwan will only fuel the fire.

The MyCoin Scam – Millions Of Losses Across Multiple Countries

Earlier this year, the Bitcoin world received another major blow when the Mycoin investment platform turned out to be a major Ponzi scheme.  Formerly known as a major Bitcoin exchange in Hong Kong, MyCoin ceased operations earlier this year for undisclosed reasons.  One thing the company failed to mention is how they held quite a chunk of customer funds, without ever planning to repay them.

The Hong Kong Commercial Crime Bureau received multiple complaints from various MyCoin users.  When all was said and done, a total of 43 claims against MyCoin were noted down, with every individual reporting losses between HK$50,000 and HK$15m.  Needless to say, the total amount was staggering!

At the time of these reports, back in February of

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