Young entrepreneur of Hong Kong suspected of cheating people in a crypto investment scheme. This is the not the only time he is facing the trouble time. Last month he was imprisoned for the money-throwing stunt. Wong Ching-Kit was popularly known as “Coin Young Master,” made his fortune from investing in Bitcoin. He is accused of misleading people for buying crypto mining machine.
The investors are reported to lose HK$3 million, among these four investors are demanding a full refund of their money from the alleged entrepreneur. The Democratic party of the country, helping the victims stated that they had received almost 20 complaints from the people since last October.
Investors who believed in Wong’s words and invested in his scheme has lost about HK$ 20,000 to HK$ 1million each. The victims are mostly in the age bracket of 20 to 49, who suffered the loss. They include college pass outs and professionals from finance and accounting background.
the suspected entrepreneur is said to run several Facebook pages to promote cryptocurrency and is a member of several groups including “File Coin Cash.” The victims complained that they brought the mining machine from “File Cash” and later on found that the said cryptocurrency is not tradeable.
Wong promised half refund to the victim who demanded the refund of the money. But he did not keep his promise as stated by the victims. The suspect is in his 20s and is a person without any integrity.
The Democratic party of the country is helping the victims to file police complaints. The party is also demanding actions so that the victim gets the refund as early as possible. One of the party members has strongly criticized the government for not taking steps strong enough to regulate digital currencies. The party members are getting threating phone calls and have reported the same to the police.
The police have said that they will do an all-round investigation into Wong case, and will find out the reality behind the money laundering case. Wong was released earlier on bail for the money throwing stunt.
The suspect was born in Tsz-kit and was a swimming instructor by profession. He got convicted for theft case and was sentenced for 160 hours. Later he changed his name.
A similar kind of incidence was reported in the US back in September 2018, the CEO of a crypto mining hardware firm got sentenced for 21 months for defrauding investors, by selling scam coins.