2 Suspects in MyCoin Bitcoin Ponzi Scheme Reportedly Arrested in Thailand

Two suspects in the Hong Kong-based MyCoin Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Ponzi scam have reportedly been arrested in Thailand.

Chen Yun-fei and former president of the Taoyuan Junior Chamber of Commerce Lu Kuan-wei are believed to have hosted several events for investors. Want China Times reports that according to the Criminal Investigation Bureau in Taipei, numerous local investors reported fraud after investing in the scheme.

At the events, investors were convinced to invest NT$1.62 million ($49,600), or 90 bitcoins. They were to receive a return of 0.63 BTC per day, and they would get back their entire principal after 4 1/2 months- yielding an effective annual return of 255%.

News of the scam first surfaced in February when it was reported that the operation ceased and its managers were nowhere to be found. As many as 150 alleged victims came forward: 60 from Hong Kong and another 90 from mainland China, Thailand and elsewhere.

In March, five were arrested in connection with the scheme in Hong Kong. Still at large is William Dennis Atwood, who had been listed as the sole director of Rich Might Investment, MyCoin’s operator.

Investors were wooed by lavish events and impressive Marketing Marketing Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t Read this Term materials. A Hong Kong legislator had commented, “The packaging is very intelligent, colorful and authoritative. Even people who think they are smart would fall into the trap… I have rarely seen such a tactic as this in 20 years or so as a legislator.”

Based on complaints submitted thus far, investors lost a total of roughly $18-20 million. One woman reportedly invested NT$14 million ($428,700).