Establishing Digital Trust: Don't Sacrifice Security for Convenience
Xinhua reports that Chinese police have detained three people who allegedly operated a Bitcoin trading platform that they shut down without warning, walking away with all investors' assets (h/t The Register).
The GBL trading platform was launched on May 27, 2013, claiming to be based in Hong Kong, and eventually began the fourth-largest in the country with 4,493 registered users.
The platform was shut down without warning on October 26, 2013. The Web site was defaced as if it had been hacked, and none of the site's operators could be reached.
An investor who had lost almost $15,000 contacted the police, and the three suspects, surnamed Liu, Jin and Huang, were arrested in mid-November.https://o1.qnsr.com/log/p.gif?;n=203;c=204650394;s=9477;x=7936;f=201801171506010;u=j;z=TIMESTAMP;a=20392931;e=i
While it's not clear exactly how much money was lost, The Standard reports that the total may have been as much as 25 million Yuan, or $4.1 million.