Hong Kong Police Arrests Suspects Involved in MyCoin Bitcoin Scam

By March 6, 2015Bitcoin Business
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Hong Kong Police Arrests Suspects Involved in MyCoin Bitcoin Scam

The Hong Kong Police Commercial Crime Bureau (CCB) arrested five suspects that might have been involved in last month’s Bitcoin investment fund scam worth $8 million.

Hongkong police arrests suspects in mycoin Bitcoin scamHongkong police arrests suspects in mycoin Bitcoin scam

According to South China Morning Post (SCMP), the arrested individuals include three women, aged somewhere between 48 and 55, and two brothers, both in their late 30s. While the formers were accused to have had promoted the Ponzi company MyCoin, the latter are being scrutinized for collecting money from some of the victims.

However, none of the arrested individuals have been charged yet, but are likely to go through a strained interrogation. Based on the expected findings from them, CCB is planning to go after the big sharks — the MyCoin’s former and current director, as well as its stakeholders.

Another Firm Involved in a Bitcoin Scam

Meanwhile, one name that is currently circulating around the Bitcoin scam is of an investment firm known as Rich Might Investment. Reportedly, this firm had been entertaining customers’ Bitcoin trading schemes since January last year. However, it subsequently discontinued the withdrawal process somewhere around December, following which customers smelled the scam.

“Companies Registry records show that William Dennis Atwood resigned as director of Rich Might on November 10 last year before it changed trading rules to stop investors cashing in all their bitcoin,” SCMP reported. “Atwood transferred all of his shares on the same day to a British Virgin Islands-based company, Fascinating Horizon Overseas.”

After Atwood resigned, a woman called Lok-yan took over his position as the next director but resigned somewhere in late January.

Bitcoin Still in Trouble?

The last we checked, a Hong Kong lawmaker had asked government to ban Bitcoin entirely. However, the The Hong Kong Monetary Authority simply asked investors to take proper precautions when trading in a highly speculatively currency as Bitcoin.

There has been no follow up to the lawmaker’s request until press time.

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