GBL EXCHANGE

DESCRIPTION OF EVENTS

"Unfortunately for the GBL investors the exchange turned out to be a con and on October 26 the people behind the scheme absconded with all of the funds"... "Bitcoin reached an all-time high of more than $400 on Wednesday, just weeks after a multimillion-dollar exchange in China disappeared."

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This highlights the importance of mandating transparency and a proper registry for exchanges. The operators claimed to be from Hong Kong, when in fact they were three citizens of mainland China. This actually ended fairly quickly with their arrest within 3 months in December 2013.

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