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Another Bitcoin Exchange Fraud

Posted by timothy on from the whereas-governments-debase-the-money-instead dept.

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.

1 of 53 comments (clear)

  1. Bitcoin exchange != bank by Anonymous Coward · · Score: 3, Informative

    Yet more proof (as if you needed it) that storing your financial assets with unregulated "financial institutions" is a bad idea. Until Bitcoin exchanges are insured and regulated they will continue to be hacked and people will continue to lose bitcoins, this just damages bitcoin's reputation. It's a fantastic idea that is getting a bad wrap because of the wild west situation of exchanges.