Business 8 January 2019

Erik Gibbs

“Money falling from sky” stunt creator running a crypto scam?

Last month, a flamboyant businessman in Hong Kong, Wong Ching-kit, made money rain from the heavens. He reportedly tossed the Hong Kong equivalent of $765 from a high-rise building in Sham Shui Po, a stunt in which he denies participating. Now, a number of investors have come forward, claiming he duped them out of over almost $400,000 in in investments in his cryptocurrency mining equipment.

This past Sunday, four investors claimed that Wong had convinced them into purchasing equipment to mine a digital currency he called “filecoin.” They assert that Wong had promised that they would see returns in as little as three months; however, it was later revealed that the coin is not yet available for trading on markets. 

One investor stated, “At first, I was told I could get a refund if filecoin could not be launched in time. But when we asked for a refund, [Wong] used delaying tactics and made different excuses to turn us down.”

There are reportedly more than 20 individuals that have been affected by the alleged fraud. The government is providing assistance and trying to find a peaceful resolution. 

Wong has somewhat of a shady past and doesn’t have much experience in the crypto industry. He was previously employed as a swimming instructor and, in 2012, was convicted of theft. He served 160 hours of community service and subsequently changed his name from his birth name, Kwan Tsz-kit to its current form. 

Wong has defended himself against the allegations, stating on Facebook, “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.”

The police are currently investigating the activity and have said that Wong will have to prove whether or not he was involved in money laundering. It is reported that a review of his bank accounts revealed an eight-digit sum – not bad for a 24-year-old former swimming instructor. The police added, “The 24-year-old has to explain how he ended up with that large sum of money. It could be considered money laundering if one fails to explain the source of income.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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