Hong Kong Bitcoin Trader Robbed of $180,000

Hong Kong man was given an offer to buy 5 bitcoin at a 5% discount off the market price
19 January 2018   485

A citywide police search was under way on Friday for five men after a local bitcoin trader was lured to a bogus business meeting and robbed of HK$1.4 million (US$180,000) on a busy street in Hong Kong. This is reported by South China Morning Post.

The victim is a 34-year-old Hong Kong man surnamed Lee, who was given an offer to buy 5 bitcoin at a 5% discount off the market price, but was instructed that the transaction would be conducted in cash, the source said.

Two men met Lee in the coffee shop, but the transaction was not completed. The victim was told that the pair wanted to trade more bitcoin, and another meeting was arranged at a McDonald’s outlet in North Point at 9.30pm the same day.

Lee took a bag containing HK$1.4 million to the fast food outlet on King’s Road, North Point at 9.40pm but failed to find the two “sellers”. At about 10pm, he received a phone call from one of the men, who claimed they got lost and instructed Lee to meet them outside the State Theatre Building on King’s Road – about 100 metres away – instead.

Soon after the victim left the outlet, he was attacked from behind by three masked menю One of them pushed him to the floor, and the others snatched his bag containing the cash and a mobile phone, source said. Police said no weapon was used in the incident.

According to police, officers scouted the area, but no arrests were made. The victim suffered minor hand and leg injuries.

SEC Suspends Trading in 3 Companies

On Friday The U.S. Securities and Exchange Commission temporarily suspended the trading of three companies as they made the purchase of cryptocurrency and blockchain-related assets
17 February 2018   126

According to the announcement, the trade of  Cherubim Investments, Inc., PDX Partners, Inc., and Victura Construction Group, Inc. will be suspended between 9:30 a.m. EST Friday and March 2. The notice was dated Feb. 15.

SEC stated that its trading suspension orders state that recent press releases issued by CHIT, PDXP, and VICT claimed that the companies acquired AAA-rated assets from a subsidiary of a private equity investor in cryptocurrency and blockchain technology, among other things.

The release also indicates additional reasons for the suspensions. The agency’s orders also say there are questions regarding the nature of the company's business operations. In case of CHIT, the Commission suspended trading in the securities because of its delinquency in filing annual and quarterly reports.

In August 2017, the SEC  issued a warning for investors about the companies that may publicly announce ICO or coin-related events to affect the price of the company’s common stock.

Fraudsters often try to use the lure of new and emerging technologies to convince potential victims to invest their money in scams. 

U.S. Securities and Exchange Commission