BitcoinRegulation

Hong Kong MyCoin Head Resigned Back in November Before Exchange Rules Changed

The only director of troubled Hong Kong bitcoin exchange MyCoin, William Dennis Atwood, resigned back in November 2014, according to Hong Kong Companies Registry records.

The South China Morning was the first to break the story on the collapse of MyCoin, which had closed its online exchange and its Hong Kong offices.

The resignation was approximately one month before the exchange changed its trading rules making it difficult to withdraw funds.

More than 3000 bitcoin investors lost a total of around HK$3 billion. Thirty of them have approached Legislative Council Member Leung Yiu-chung and were planning to report to the Hong Kong Police today.

Attwood was sole director of Hong Kong registered Rich Might Investment Limited but he transferred his shares to a British Virgin Islands firm, named Fascinating Horizon Overseas Limited.

In response, the Hong Kong Monetary Authority issued this warning statement:

Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.

We would like to remind members of the public to stay vigilant and guard against unscrupulous practices when participating in any investment plan, regardless of whether the products are bitcoin … or any type of financial or non-financial assets.

Writes for Asia Tech Media Limited's publications, bigdataphile.com and allcoinsnews.com. Experienced blogger and freelance IT/business writer for Chinese and English magazines and newspapers. Studied journalism at Indiana University Bloomington.
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