Hong Kong crypto mining scheme accused of misleading investors for $500k

07 Jan, 2019
by David Robb
Hong Kong crypto mining scheme accused of misleading investors for $500k

The head of a crypto mining scheme based in Hong Kong is being accused of conning investors out of their money. Combined losses worth around $500,000 are being reported by around 30 affected parties.

South China Morning Post reports that the investors bought mining equipment from Wong Ching-Kit, for a crypto token called Filecoin. They were promised significant profits within three months, but the crypto is still not tradeable.

Investors started to come forward with complaints back in October 2018. Some went to the police, while others took their issue to the local Democratic Party, the second-largest in the nation. They are demanding a full refund from the 24-year old entrepreneur, who was recently arrested in connection with a public order incident where a large amount of cash was thrown from the top of a tall building on a busy street in Hong Kong.

Read more: Man claims as Coin Young Master airdrops lots of money on the street of Hong Kong

According to Wong, "I sell mining machines only but am treated as if I have killed people. When they make money, there is no thank you. When they lose money, they call it a scam. When they make money, they won’t share their profits with me. But when they lose money, they ask me for money back."

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