Monday, February 9, 2015

WOW Report From Hong Kong: Bitcoin Exchange Disappears with $386 Million

A Hong Kong bitcoin exchange has allegedly shut its doors with as much as £254 million ($386 million) of investors' funds missing, according to a report from CoinDesk.

From Coin Desk:
If true, the supposed losses are a staggering amount, although this estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($129,000) each.

For perspective, bitcoin's entire market cap today stands at around USD$3bn.

The issue came to light on Friday when about 30 people claiming to be victims of the company's actions petitioned a local member of the Legislative Council, Leung Yiu-chung.

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