Cryptocurrency ‘entrepreneur’ accused of conning investors

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A Hong Kong-based entrepreneur named Wong Ching-kit has been accused of fooling many investors in a cryptocurrency mining hardware investment scheme. A local English-language newspaper South China Morning Post (SCMP) reported the news Jan. 6. Following numerous complaints by the general public, Wong was detained by the police. Moreover, he behaved in violent conduct in a public place.

The Democratic Party — presently the 2nd-largest political party in the Legislative Council of Hong Kong — has allegedly received got over 20 complaints since October 2018 in respect to the scheme, supposedly led by a 24-year old businessman.

Wong is accused of having deceived investors into buying mining hardware for a crypto token called “Filecoin,”. He supposedly promised his customers profits on their investments within three months.

Filecoin, though, was allegedly not yet noticeable, and investors claim that Wong’s promises to repay have not been privileged.

Account of Wong

As far as the losses by financing in ‘filecoin’ are concerned, Wong says that he merely sells the machine. And, individuals in business can either earn money or lose money. Nevertheless, the task force in Hong Kong have got numerous complaints against Wong, specially, there were 9 men. These people reported police on the losses they incurred by investing in Wong’s crypto business.  Police said that they’re investigating into Wong and his business activities.

Democratic Party's Ramon Yuen (extreme left) and Shum Wan-wa (far right) accompany some of the alleged victims of a crypto-related scam to a police station to file complaints. Photo: HKEJ

Wong is not charged, however he will supposedly face a police investigation. This will comprise likely money laundering, according to an unidentified police source quoted by SCMP. He has allegedly fortified himself on social media, posting

Authorities should study amending the Securities and Futures Ordinance as soon as possible so that it covers matters related to virtual currencies and protect investor rights, he said.

The arrest came after someone threw cash from a building in Sham Shui Po on Dec. 15, resulting in the notes to rain down onto a street. This set off a scramble among walkers. Wong is supposed to have hatched this operation.

 

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