MyCoin clients were promised returns on initial investments. However, the company reportedly changed its terms of service in December 2014, preventing customers from withdrawing their funds. In addition, clients were offered rewards for recruiting new customers to invest in the company.
When it comes to who is behind the collapse, there has been silence from MyCoin. Reports have emerged from online media outlet South China Morning Post stating that MyCoin’s sole listed director left the company one month before the non-withdrawal terms came into effect, only to be replaced by a woman who is listed as director for a further 167 companies.
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