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150 More MyCoin Bitcoin Scheme Victims Step Forward

An additional 150 victims of alleged bitcoin exchange MyCoin have come forward to local police.

Mar 11, 2015 at 9:25 p.m. UTC
Updated Sep 11, 2021 at 11:35 a.m. UTC

An additional 150 victims of the allegedly fraudulent bitcoin exchange MyCoin have come forward to police, according to the South China Morning Post.

Accompanied by Democratic Party legislator James To Kun-sun, 23 victims reported their involvement with the company to police on Wednesday. The development is the latest in the ongoing saga surrounding MyCoin, a platform billed as a bitcoin exchange but that may have never dealt in the digital currency.

SCMP indicated that one victim is said to have lost $HK80,000 ($102,946 at press time), a figure that may be among the highest individual totals so far reported.

Five individuals were arrested last week in connection with MyCoin, though they have been released on bail. The investigation, led by Hong Kong Commercial Crime Bureau, continues to search for individuals involved.

Notably, the report also included revised estimates of the total customer loss experienced when the scheme went offline, with the latest estimates suggesting 80 victims have so far come forward citing losses of HK$150m ($19.3m at press time).

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