12 Nov '13, 7am

$4.1 million missing after a Bitcoin trading site in China goes dark

$4.1 million missing after a Bitcoin trading site in China goes dark

Chinese Bitcoin exchange website GBL seems to have fallen off the face of the planet, along with RMB 25 million ($4.1 million) of its users’ money, according to CoinDesk . The site went down on October 26, and the case is currently under investigation by the Hong Kong police. The company first appeared in May of this year and managed to garner about 1,000 Chinese investors. GBL claimed to be based in Hong Kong, but the site’s servers were actually in Beijing. A Chinese Bitcoin forum where the website was introduced received feedback questioning its credibility. Commenters noted the location irregularity, the lack of a professional company email address, and a general lack of relevant information. The swindled investors probably should have been more careful in their due diligence. Clues hinting at the heist were clearly overlooked. GBL never received a license for financia...

Full article: http://www.techinasia.com/41-million-missing-bitcoin-trad...

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