12 Nov '13, 4pm

Chinese bitcoin exchange vanishes along with $4.1m in bitcoins

Another bitcoin exchange has shut down, taking approximately $4.1 million worth of its clients' bitcoins with it and, according to CoinDesk , foul play from its operator is suspected. The name of the exchange is Global Bond Limited (GBL), and it was launched in May 2013. Despite being registered in Hong Kong, its server was located in Beijing - a fact that made some users suspicious (justifiably, as it turns out). When it first started functioning, GBL was promoted as having received a licence to operate a digital currency exchange from the Hong Kong authorities. This also turned out to be a lie. But, despite this and other suspicious things (evasive contact information on the site, information copy-pasted from other similar sites), it apparently managed to attract over 1000 users - mostly from mainland China - who have now lost their money, and likely have no legal recour...

Full article: http://www.net-security.org/secworld.php?id=15932

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