11 Nov '13, 3pm

Hong Kong bitcoin platform shuts down abruptly, taking investors' $4 million with it. via @jonmatonis

A local firm operating a bitcoin trading platform for mainlanders was shut suddenly last week, with investors losing up to 25 million yuan (HK$31.8 million). GBL, a local firm which set up the trading platform for bitcoin in June, attracted nearly 1,000 mainland investors. However, many users held off from trading in September as the bitcoin price kept surging and the firm suffered from a lack of cash flow. Its sudden closure on October 26 led to the disappearance of all its staff as well as the investors' 25 million yuan. Some mainlanders went to the IFC office listed on its website, but this turned out to be a false address. ADVERTISEMENT Fourteen of them made a report to the Hong Kong police. Bitcoin is a virtual currency invented in Japan in 2008. It is generated by a software program and not regulated by any government or central bank. Its value relies on participants...

Full article: http://thestandard.com.hk/news_detail.asp?pp_cat=1&art_id...

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