Hong Kong-based crypto currency exchange HKCEx announced that some private funds from mainland and Hong Kong planned to purchase $25 million worth of Bitcoins in the exchange within next 6 months. The company noted that these funds are not intended to HKCEx, but targeted and designed for the purchase of crypto-currency.

However, the news is complicated by complaints from users and the story developed toward a different direction. HKCEx is questioned by several users who complained that it is impossible for them to redeem funds, as well as several other security and transaction problems of the exchange. The enraged Bitcoin investors went so far to doubt that the news of receiving $25 million orders is an ill-intended maneuver to trick users to invest money in the platform. Moreover, the domain of HKCEx, hkcex.net, is now vacant.

The exchange responded that the accounts of these readers are suspended for suspicious activities and it is instructing them to unlock the fund. But the problem is not solved as of press time.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.