Hong Kong Crypto Currency Exchange HKCEx Collapses with Founding Team Suspected Fled

The domain of Hong Kong-based crypto currency exchange HKCEx, hkcex.net, becomes vacant this week. Before the site is down, many investors reflected that they can’t withdraw their funds from the platform. The founding team is suspected fled, as reported by 3-coin.com.

In addition to the redemption problem, several investors also complained about the security and transaction problems of the exchange.

It is worth noting that the Bitcoin trading price in HKCEx is around $150 higher as compared with other exchanges and its trading volume stands at about 500 Bitcoins per day, according to an industry insider. The high transaction price attracted a large number of Bitcoin investors to charge money and move bricks to earn arbitrage and lead funding cheated.

HKCEx has announced $2 million of seed funding last year and recently claimed that some private funds from mainland and Hong Kong planned to purchase $25 million worth of Bitcoins on the platform within next 6 months. It also announced to have opened a network of 10 Bitcoin ATMs in 10 shopping and financial centers in Hong Kong earlier this year.

Some investors think that the funding news is only ill-intended maneuver to trick users to invest money in the platform. They also said that the ATMs are nowhere to be seen in Hong Kong.