Crypto publicity stunt ends in suspended prison sentence

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This past December, Hong Kong’s own “cryptocurrency playboy” let fly around $765 from a high-rise in the Sham Shui Po district, even though he subsequently denied doing anything wrong. The publicity stunt resulted in an arrest for disorderly conduct while allegations of investment fraud began percolating. A short time later, he was arrested again, this time for fraud. However, while those accusations are still being investigated, the flamboyant crypto promoter had to stand before a judge on the disorderly conduct charges and has now learned his fate.

According to the South China Morning Post, Wong Ching-kit, aka Coin Young Master, aka the Bitcoin Playboy, finally admitted to his participation in the publicity stunt, which a judge warned could have turned ugly as individuals clamored to grab the cash. He pleaded guilty to one count of “nuisances committed in a public place” and has been given a 10-day sentence. However, the sentence was suspended for two years provided he can stay out of trouble. 

In launching the publicity stunt, Wong was seen in a video he uploaded to his Facebook page stepping out of a bright orange Lamborghini in Sham Shui Po. He looked up at the sky and exclaimed, “In the future there will be money falling from the skies across different parts of Hong Kong” as HK$100 bills starting raining down. 

He later posted another video to his Facebook page, asserting, “In the future there will be money falling from the skies across different parts of Hong Kong.”

Wong could have faced as much as three months in prison and a fine of about $64.02 — a small price considering how much he has allegedly fleeced from investors. His mining operation reportedly offered returns of as much as 70% once the business took off, which it still hasn’t done. At least 20 complaints of fraud have been levied against him and over $383,000 in investment funds have allegedly gone missing. 

He has previously said in response to the fraud allegations, “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.” Wong is still the subject of that alleged fraud investigation.