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Chinese Bitcoin Exchange Vanishes, Taking £2.5m of Coins With It

Posted by timothy on from the later-chumps dept.

An anonymous reader writes "A Chinese Bitcoin exchange has vanished without trace, taking more than $4 million of the virtual currency with it and leaving profit-hungry investors out of pocket. GBL, the Chinese Bitcoin exchange was launched in May 2013 and putatively based in Hong Kong, despite its servers being registered in Beijing. However GBL's Hong Kong offices do not exist. GBL mysteriously disappeared in early November taking an estimated $4.1m (£2.6m) of Bitcoins with it." (Beware the auto-playing ads, with sound.)

5 of 346 comments (clear)

  1. Sad Trombone? by Anonymous Coward · · Score: 5, Funny

    Yes. Sad Trombone.

  2. Recurring theme? by jythie · · Score: 5, Funny

    I am assuming it is only a minority of exchanges, but doesn't this seem to be a bit of a recurring problem?

  3. I don't see a problem.. Follow the... by Mitsoid · · Score: 5, Funny

    Why not just follow the bitcoin trail? Perhaps call the local authorities and ask them for help?

    >.>

    Actually, I do feel sorry... Just had to say it.

  4. Re:Current Market Capitalization by Joining+Yet+Again · · Score: 5, Funny

    For those not curious, here's a video of cats knocking shit over.

  5. Re:Who can you trust now? by TWiTfan · · Score: 5, Funny

    It's like my grandpa used to say: "Kid,if you want security, go with U.S. government savings bonds. If you want pussy and meth on the Silk Road, go with Bitcoin." This also explains why my inheritance was mostly in Bitcoins.

    --
    The cow says "Moo." The dog says "Woof." The Timothy says "Thanks, valued customer. We appreciate your input."