As documented in some of the clients who lost funds in this particular latest MyCoin scandal, it appears that the company operated a Ponzi scheme.
MyCoin clients were promised huge returns on investment, more than an ROI of HK$ 1 million for a mining contract worth HK$ 400,000. Clients were also promised additional prizes such as cars or cash if investors recruited others.
In December 2014, the company changed its terms of service, prohibiting clients from withdrawing their funds. Clients were also promised their funds back on condition the player recruit new clients for that company. In January 2015, the company announced they had closed for renovations.
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