TechNode’s recent report on Hong Kong crypto currency exchange HKCEx evoked much concerns from the crypto currency community, as HKCEx is suspected as a scam. Here we write this post to expound on the whole process of the story and express our deepest apologies to those who have been affected by the spread of the news.

TechNode published a press release from HKCEx in 5/15/14, which claimed that the company has received $25 million of funding from some private funds to purchase Bitcoins on the platform. We shortly discovered that it is not appropriate to position the funds as investment or funding and revised the post.

However, the matter grew worse when the domain of HKCEx, hkcex.net, becomes vacant a few days later and we received a lot of complaints from HKCEx users who can’t withdraw funds from the platform. In addition to the redemption problem, investors also complained about the security and transaction problems of the exchange.

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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.