Police Arrest Five in MyCoin Bitcoin Exchange Scheme Case

Five individuals have been arrested by Hong Kong police forces in connection with the collapse of MyCoin, an alleged bitcoin trading platform.
The arrests were made as part of a broader hunt for individuals associated with MyCoin, which is believed to have cost investors millions of dollars in losses for fraudulent activities. The five were arrested for conspiracy to defraud, according to the South China Morning Post.
The individuals taken into custody on 5th March were allegedly involved with soliciting funds for the scheme and holding events to attract potential investors. Hong Kong police searched the home of at least one of those arrested the same evening, the newspaper said.
The Morning Post reported those arrested have not been charged with any crimes:

This post was published at Coin Desk on March 5, 2015.

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