Centralised Exchanges Are Terrible At Holding Your Money ...

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Hong Kong’s top regulator, Securities and Futures Commission (SFC) is expected to introduce new crypto regulation in the Special Chinese Zone to protect investors from fraud and insecure platforms according to chairman Carlson Tong Ka-Shing in a recent interview with South China Morning Post (SCMP). The interview that took place earlier today saw the outgoing chairman Carlson Tong Ka-shing ... BitCoinica Hack BitCoinica is an BitCoin exchange site which allow users to gamble on USD/BTC exchange rate movement. From BitCoin wiki, An exchange that enables leveraged speculation in its contract-for-difference (CFD) market against the Bitcoin to USD (BTC/USD) exchange rate. It started trading on September 3rd 2011, and has suffered 2 huge losses due to… In response, Zhou Tong said that his “previous business associate” Chen Jianhai was the hacker. According to Zhou Tong (a.k.a. Ryan Zhou), his mysterious multi-millionaire friend miraculously admitted to stealing from Bitcoinica and promised to return the stolen Bitcoin “under the condition that Bitcoinica will no longer pursue the case”. Remember Zhou Tong? His name was later made into a verb, like in, "I have been Zhou-Tonged." One of the Bitfinex admins who is still very active today used to be a shill for the [email protected] Ponzi scheme. You can still read that on bitcointalk.org. Remember that episode? The operator with the nickname [email protected] was a Trendon Shavers from Texas ... A hacker attacked a popular bitcoin exchange to steal at least 46,703 BTC (bitcoin units), which was worth about $228,000 at the time. Almost all of those bitcoins belonged to Bitcoinica, a bitcoin trading platform developed and managed by 17-year-old Zhou Tong. Shortly thereafter, Bitcoinica was in the midst of a sale during a second successful hack, and the thief emptied out Bitcoinica’s ...

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