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Another Bitcoin Exchange Fraud
Ellie K writes Bitcoin exchange MyCoin has vanished — leaving $387 million in investor funds unaccounted for. MyCoin is a Hong Kong-based virtual currency trading exchange. Bitcoin exchanges are no stranger to controversy. Mt. Gox closed in February 2014, filing for bankruptcy and leaving investors approximately $500 million out of pocket. Others were 'cyberattacked' including Flexcoin, Poloniex and Bitcurex.
Bank Clerk: How can I help you, young man?
Stan Marsh: I got a hundred-dollar in bitcoin from my grandma and my dad said I need to put it in the bank so it can grow over the years.
Bank Clerk: Well that's fantastic. A really smart decision, young man. We can put that bitcoin in a money market mutual fund, then we'll re-invest the earnings into foreign currency accounts with compounding interest aaaand it's gone.
[Blank stares and silence as it goes from the Bank Clerk, to Stan, to the Bank Clerk, to Stan]
Stan Marsh: Uh... what?
Bank Clerk: It's gone, it's all gone.
Stan Marsh: What's all gone?
Bank Clerk: The money in your account. It didn't do too well, it's gone.
Stan Marsh: What do you mean? I-I have a hundred dollars!
Bank Clerk: Not any more, you don't.
[Gestures]
Bank Clerk: Poof!
Stan Marsh: Well what can I do to get back my...
Bank Clerk: [Interrupts] I'm sorry, sir, but this line is for bank members only.
Stan Marsh: I just opened an account!
Bank Clerk: Do you have any money invested with this bank?
Stan Marsh: No, you just lost it all!
Bank Clerk: Then please stand aside for people who actually have money with us. Next please!