Hong Kong investors filed complaints to police involving Bitmain Antminer S9

29 Jul, 2018
by Fifi Arisandi
Hong Kong investors filed complaints to police involving Bitmain Antminer S9

Five Hong Kong investors filed complaints for fraud involving Bitmain Antminer S9 after each losing about US$7,647.

Five investors in Hong Kong filed complaints to the police after each of them losing around US$7,467 over an alleged fraud involving Bitmain Antminer S9. All of them were participants in an investment seminar hosted by online investment channel, Hilton Yuen last December.

They all claimed to be misled by the speakers in the seminar who said that they could earn approximately US$ 36 per day if they use Bitcoin mining equipment, Bitmain Antminer S9. 

The aforementioned mining equipment was sold for US$ 3,800 and the seminar participants were suggested to buy 2 units. One of the speakers at the seminar, Phemey Poon, a well-known financial analyst in the country said they could achieve break-even point within four months period only. It was estimated that around 50 participants bought the mining equipment during the seminar. 

One of the buyers claimed to have only earned about US$ 6 in her first mining activity before it dropped. After multiple mining activities, she only managed to earn a total of US$ 3,000 as of complaint filing time. 

Poon, one of the speakers, explained that the agreements signed by investors on the units purchased during the seminar were "future contracts", which are affected by various factors, such as Bitcoin market price, other mining equipment there are in the market, as well as the number of Bitcoin investors. 

On the fraud allegations, he said that he had nothing to do with Bitmain, which is the mining machine producer and was "only a speaker" for the seminar. Furthermore, he added he also lost about US$127,400 after investing in 100 mining machines.

According to Asia Times, the Hong Kong authorities categorized the reports as "requests for police investigations" and no arrests have been made thus far.  

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