image

Bitcoin

Bitcoin, released to the world in 2009 by a person or people called Satoshi Nakamoto, is not backed by a central bank or a government and is seen as an alternative payment system. In February 2013, Bitcoin went into the mainstream as a monetary crisis threatened to bankrupt Cyprus, seen as a safer bet. Early adopters of Bitcoin have been richly rewarded as the price has soared – in one case, a young Norwegian bought a house from an $850,000 windfall on a US$22 investment.

A bitcoin sign in Hong Kong. The US SEC has filed charges against a Canadian firm for a digital currency investment scam. Photo: EPA-EFE

US files charges on digital currency investment scam

The US Securities and Exchange Commission said on Monday its newly-created Cyber Unit shut down a digital currency investment scam, charging a company that took millions from investors, “falsely promising” a speedy, 13-fold profit.

1